Industry Forecasts Indicate Higher Priority and Increased Spend for Data-Centric Security
WASHINGTON, Dec. 14, 2023 (GLOBE NEWSWIRE) - Virtru, a provider of data-centric security products for email, file, and SaaS workflows, posted strong operating results and delivered key product innovations in 2023. These foundational advancements, paired with exponential growth in key customer markets, position Virtru for explosive growth in 2024.
As cybersecurity budgets grow, spending is shifting from traditional perimeter-centric controls to cloud-native and data-centric capabilities that provide granular controls over sensitive information. Gartner forecasts the global cybersecurity market will grow from $186B to $289B by 2027, representing a 11.9% CAGR (compound annual growth rate). Within the macro cyber market, cloud-native and data-centric security are projected to be the fastest growing subcategories at 22.3% and 15.8% CAGR, respectively.1
Virtru today serves 6,700 customers globally, adding 1,000 new customers in 2023 while achieving 25% year-over-year growth in annual recurring revenue (ARR). In the public-sector market, Virtru introduced its next-generation Data Security Platform and generated 200% YoY growth while successfully demonstrating its ability to serve critical needs within national defense and intelligence communities. The company’s average sales price (ASP) for new logos increased 37% YoY, driven by key enterprise wins and multi-product sales enabled by Virtru Gateway and new products including Virtru Secure Share and Virtru Private Keystore.
Demand for Virtru’s data-centric security capabilities is driven by four tectonic forces, including:
- IT perimeters are dissolving and Zero Trust is paramount: With remote work and broad-scale cloud adoption, sensitive data is now readily flowing beyond traditional network boundaries. Organizations can no longer rely on perimeter-centric defenses alone. Granular policy controls applied to structured and unstructured data are a fundamental component of all Zero Trust security initiatives.
- Data volumes are skyrocketing, and sacrificing collaboration is not an option: The amount of sensitive data organizations store and share is growing exponentially. There's too much sensitive data and too many collaborators and mission partners who need access. Scalable Zero Trust governance demands granular data-level controls that empower teams of people to collaborate efficiently across domain boundaries.
- Data constantly moves: Between internal users, remote workers, external partners, and SaaS apps, sensitive data is constantly flowing in and out of the modern enterprise. Static perimeter defenses cannot track data as it moves or enforce controls as data is accessed across disparate environments. Policy must reside with the data itself, wherever it goes, for as long as it lives.
- Data regulations are pervasive and compliance is painful: Regulatory frameworks like HIPAA, ITAR, CMMC, CJIS, GLBA, FTC Safeguards, and GDPR make organizations legally accountable for securing sensitive information. Encrypting the data itself and controlling access with strong, yet simple to use, identity policies helps organizations of all sizes meet compliance requirements.
“As the inventors of Trusted Data Format (TDF), Virtru has long advocated for an open, standard-based, and data-first approach to cybersecurity. We are now seeing foundational market shifts that put dollars and prioritization behind this approach. Privacy regulations are driving more complex data security requirements, and Virtru's differentiated platform and portfolio of products allow our customers across every industry to stay ahead," said CEO and Co-Founder of Virtru, John Ackerly. "Virtru’s growth underscores how data-centric security is becoming equally important to other security practices, including identity, endpoint, network, and application."
With data breaches and ransomware attacks steadily rising in frequency and sophistication, enterprises are realizing that just securing networks is not sufficient to minimize risk. Virtru's data-first approach to security lets organizations collaborate efficiently across boundaries while simultaneously protecting sensitive information as it flows in and out of cloud collaboration platforms including Google Workspace, Microsoft Office 365, Zendesk, and Salesforce.
Other key Virtru highlights from 2023 include:
To learn more about Virtru’s portfolio of data-centric security products, visit virtru.com. For more on Virtru’s achievements in 2023, read Virtru's 2023 Year In Review.
1. Gartner Forecast: Information Security and Risk Management, Worldwide, 2021-2027
About Virtru
At Virtru, we empower organizations to easily unlock the power of data while maintaining control everywhere it’s stored and shared. More than 6,700 global customers trust Virtru to power their data-centric, Zero Trust strategies and safeguard their most sensitive data in accordance with the world’s strictest security standards. Creators of the TDF (Trusted Data Format) open standard, Virtru provides simple to use policy controls for data shared through email, collaboration tools, cloud environments, and enterprise SaaS applications. For more information, visit virtru.com.
