How CrowdStrike Is Securing the Cloud
CrowdStrike's (NASDAQ: CRWD) Falcon platform protects its customers by securing endpoints (devices) against hackers. This includes physical endpoints like on-premise servers and workstations, as well as virtual endpoints that run remote workloads in the cloud. According to the International Data Company (IDC), cloud environments are currently under-protected, leaving many enterprises vulnerable to attack. But CrowdStrike has a solution. Here's what investors should know.
Cloud computing has become mainstream, as many enterprises have moved away from traditional on-site data centers to cut infrastructure costs and improve scalability. However, the rapid adoption of the cloud has left gaps in defense. According to the IDC, companies should spend roughly 5% to 10% of their IT budgets on security. But currently, only 1% of cloud IT spend goes to cloud security. CrowdStrike sees this as an opportunity. In fact, management believes cloud-security spend will jump from $1.2 billion in 2020 to $12.4 billion in 2023 -- a tenfold increase. That's a big leap, and as an industry leader, CrowdStrike is well positioned to capture market share.
CrowdStrike offers software modules purposely built for cloud security. Falcon Cloud Workload Protection secures remote applications and services across all cloud environments, including public clouds like Amazon Web Services, Microsoft Azure, and Google Cloud Platform. This solution is designed to protect workloads like web servers and databases from external attacks. But there's still a problem: It does nothing to prevent internal errors, like misconfigurations, which cause 95% of all cloud-security breaches, according to Gartner, a leading research and advisory company.
Source Fool.com
