NEW YORK, June 13, 2018 (GLOBE NEWSWIRE) -- Varonis Systems, Inc. (NASDAQ:VRNS), a pioneer in data security and analytics, today released the findings of Forrester's Total Economic Impact™ (TEI) -- a May 2018 commissioned study conducted by Forrester Consulting on behalf of Varonis to evaluate the return on investment of the Varonis Data Security Platform.
The study, based on in-depth interviews and financial analysis of a Varonis customer, found that the interviewed organization realized $5.9 million in total benefits over three years and a return on investment (ROI) of 346% with payback in less than six months.
Additional benefits of implementing the Varonis platform included:
- Remediation and permissions management time savings and cost avoidance totaling $3,966,948.
- Risk reduction benefits totaling $1,893,648.
- Audit investigation time savings totaling $44,651. The Varonis platform made it possible to complete audits and investigations of user behavior with 90% less effort, saving 420 hours of security analysts’ time annually.
- Time savings for provisioning file access totaling $36,767. After deploying Varonis, provisioning file access — a common task for security analysts — took 75% less time, leading to annual time savings of more than 300 hours.
For this study, Forrester interviewed the director of cybersecurity and a security analyst for a 3,000-employee, multibillion-dollar health insurance provider. Like many large enterprises, the organization’s file stores and Active Directory had grown significantly, and they turned to Varonis to gain visibility, monitor permissions and alert on suspicious user activity. Upon engagement, Varonis identified several high-risk concerns for immediate remediation – including 1.5 million folders with global permissions; 160,000 files containing sensitive data; 14,000 files with global permissions containing sensitive files; 3,000 stale users with enabled permissions; and other critical issues.
According to the director of cybersecurity at the insurance provider, “If we receive an alert and we start seeing certain behaviors of a particular malware, and we know that this person has full control over a particular directory or set of directories, we can take action immediately to contain the threat. In the past we had nothing. It would have to be reported by someone, and by that time half of our files were encrypted.”
“Organizations know they are under attack from all angles, but it can be difficult to separate the signal from the noise in a crowded security marketplace,” said Varonis CMO David Gibson. “Fortunately, as we believe the Forrester TEI analysis shows, there can be quantifiable advantages – including cost savings, time savings and reduced risk – that can help decision makers cut through the hype and uncover real solutions to their security challenges. With Varonis, it’s possible to see what you are missing when it comes to your sensitive information, gain control and secure access to a least-privilege model with automation.”
The Total Economic Impact is a methodology developed by Forrester. It helps companies demonstrate and realize the tangible value of IT initiatives to both senior management and other key business stakeholders.
Varonis is a pioneer in data security and analytics, fighting a different battle than conventional cybersecurity companies. Varonis focuses on protecting enterprise data: sensitive files and emails; confidential customer, patient and employee data; financial records; strategic and product plans; and other intellectual property. The Varonis Data Security Platform detects insider threats and cyberattacks by analyzing data, account activity and user behavior; prevents and limits disaster by locking down sensitive and stale data; and efficiently sustains a secure state with automation. With a focus on data security, Varonis serves a variety of use cases including governance, compliance, classification, and threat analytics. Varonis started operations in 2005 and, as of March 31, 2018, had approximately 6,000 customers worldwide — comprised of industry leaders in many sectors including financial services, healthcare, public, industrial, insurance, energy and utilities, consumer and retail, education, media and entertainment and technology.
News Media Contacts:
Rachel HuntVaronis Systems, Inc.
877-292-8767 (ext. 4247)
email@example.comMia DamianoMerritt Group
Source: Varonis Systems, Inc.