Venafi’s Trust Protection Platform recognized as “Identity Management Platform of the Year”
SALT LAKE CITY--Venafi, the inventor and leading provider of machine identity management, today announced that the company’s Trust Protection Platform won the “Identity Management Platform of the Year” award in the 2021 CyberSecurity Breakthrough Awards. The Venafi Trust Protection Platform was recognized as the only solution on the market that provides full lifecycle machine identity management for all machine identity types from the data center to the cloud at internet scale. More than 3,500 of the most security-conscious brands in the world depend on Venafi to manage and secure their machine identities against today’s evolving threat landscape. “We are honored to be recognized by the CyberSecurity Breakthrough Awards for our innovative work establishing machine identity management as one of the most important cybersecurity breakthroughs of this decade,” said Jeff Hudson, CEO of Venafi, “These awards validate the mission Venafi has been laser-focused on for years—delivering solutions that allow all machines to connect and communicate securely and be trusted, so they can do amazing things to improve our quality of life.”
There are two actors on every network: people and machines. People rely on unique identities, like usernames, passwords and two-factor authentication, to get access to network data and services. Machines—which include everything from physical and virtual devices to APIs, applications and containers—also need unique identities, such as TLS and SSH keys and certificates, to connect and communicate securely. Digital transformation initiatives have caused the number of machines on enterprise networks to grow exponentially, while the number of people on enterprise networks is growing quite slowly. Today, organizations spend over $11 billion protecting and managing human identities, yet they spend a tiny fraction of their identity management budgets protecting and managing machine identities. Cybercriminals know this, which is why they target machine identities in many attacks.
Venafi is the creator and inventor of the machine identity management category, which has a total addressable market of $8 billion. Earlier this year, the company surpassed $100 million in annual recurring revenue, cementing its place as the category leader.
The CyberSecurity Breakthrough Awards recognize innovation, hard work and success in a range of information security categories. This year’s awards received over 4,000 nominations from companies all over the world and across the information security industry.