Establishing Digital Trust: Don't Sacrifice Security for Convenience
For security vendor Qualys, the recent WannaCry ransomware worm and the upcoming General Data Protection Regulations (GDPR) are "godsends" that will help propel the company's fortunes higher, according to CEO Philippe Courtot.
Courtot made the comments during his company's second quarter fiscal 2017 earnings call. For the quarter, Qualys generated $55.3 million in revenue, a 14 percent year-over-year gain. Net income was reported at $7.2 million, up sharply from the $3.5 million reported in the second quarter of fiscal 2016.
Qualys is also particularly optimistic about its future, providing third quarter 2017 guidance for revenues to be in the range of $58.2 million to $58.9 million, representing an estimated growth rate of 17 percent to 18 percent. As a result of the optimism, Qualys has also raised its full year revenue guidance to be in the range of $226.8 million to $228.3 million, up from the prior range of $225 million to $228 million.
"Recent attacks like WannaCry and Petya have made it clear that the days of scanning the network perimeter and a few critical servers are over," Courtot said during his company's earnings call. "Enterprises now require scalability, accuracy and speed in order to identify assets that are vulnerable and ensure they are rapidly and properly remediated, which is something traditional enterprise IT and IT security solutions cannot deliver effectively and at which Qualys excels."
Qualys' cloud platform provides a host of expanding capabilities that help enterprises with vulnerability and security management tasks. At the Black Hat USA conference last week, Qualys announced new SSL/TLS certificate and cloud visibility technologies that further augment the cloud security platform.
Among the factors helping to drive new business to Qualys is the upcoming GDPR regulation, which comes into effect in May 2018 across the European Union (EU). GDPR mandates that companyies do everything possible to ensure the security and the privacy of customer data.
"We see that GDPR is in fact a godsend for Qualys and we see the effect of that because specifically it is now accelerating the digital transformation of many of the large European companies," Courtot said.
Concerns about ransomware, and specifically the WannaCry ransomware worm, have also been a boost for Qualys' business.
"WannaCry has been also a godsend for Qualys," Courtot said. "People finally realize that instead of having to buy solutions that supposedly protect them, that in fact they better try to identify all of their assets and also identify the vulnerabilities on those assets because this is what WannaCry and then NotPetya absolutely demonstrated."
Sean Michael Kerner is a senior editor at eSecurityPlanet and InternetNews.com. Follow him on Twitter @TechJournalist.