Company Spotlight: Netskope

On October 15, 2024, Netskope announced it has broadened its data protection capabilities. The company is integrating data security posture management (DSPM) technology into its Netskope One Platform via its acquisition of Dasera. The integration will help deliver advanced security across a variety of use cases—now including structured, semi-structured, and unstructured data stores and data lakes.

Netskope Company Background

Netskope Inc. is a prominent player in the cybersecurity industry, specializing in cloud security solutions. Founded in 2012, its headquarters is in Santa Clara, California. The company has quickly established itself as a leader in the Secure Access Service Edge and Zero Trust security markets.

Netskope seeks to address the evolving challenges of cloud security as organizations increasingly migrate their operations to cloud environments. The company’s flagship product is the Netskope One platform, which integrates various security services. These services include Security Service Edge (SSE), Cloud Access Security Broker (CASB), Next Generation Secure Web Gateway (SWG), and Data Loss Prevention (DLP) solutions. This comprehensive approach allows organizations to secure data and applications across multiple environments, ensuring visibility and protection against threats while maintaining user experience.

The company has raised approximately $1.441 billion in funding from notable investors. This reflects strong market confidence in its business model and growth potential. Netskope’s capabilities in providing robust security solutions that adapt to modern hybrid work environments gave it recognition from various industry reports.

Industry Overview

Netskope operates within the broader cybersecurity industry, which has seen exponential growth due to increasing digital transformation initiatives and the rise of remote work. The industry's focus has shifted towards protecting data across various platforms, including cloud services and mobile applications. The emergence of ransomware and data breaches has heightened the demand for advanced security solutions that provide real-time visibility and protection.

Netskope champions the SASE model that combines networking and security functions into a unified service. It allows organizations to enforce security policies consistently across all users, devices, and locations. This model is particularly relevant as businesses navigate complex IT infrastructures that include on-premises systems, cloud services, and remote workforces.

Competitive Landscape

Netskope competes with several key players in the cybersecurity space. Its unique offerings set it apart by focusing on integrating multiple security capabilities into a single platform that supports Zero Trust principles. Zero Trust means verifying every access request regardless of location. The company's partnerships with major technology firms like Microsoft and Google further enhance its market position by facilitating seamless integrations with widely used enterprise applications.

Netskope Business Description

Netskope Inc. is a leading technology company specializing in cloud security solutions through its innovative Secure Access Service Edge (SASE) and Zero Trust security models. Founded in 2012 by Sanjay Beri, the company has rapidly grown to become a key player in the cybersecurity landscape.

Company History and Founding

Netskope aims to address the increasing complexities of securing cloud environments as organizations transition to cloud-based services. The company's focus has been on providing visibility and protection for data across cloud services, websites, and private applications. Over the years, Netskope has expanded its offerings significantly and has gained recognition for its advanced security solutions.

The company has attracted substantial investment, raising approximately $1.441 billion. The investments come from notable venture capital firms such as Goldman Sachs and CPP Investments. These have fueled its growth and innovation. In October 2024, Netskope further strengthened its position in the market by acquiring Dasera, a data security firm, enhancing its capabilities in data protection.

Mission and Values

Netskope's mission is to empower organizations to securely access data and applications from anywhere while applying Zero Trust principles to protect sensitive information. The company values innovation, collaboration, and customer-centricity, striving to deliver solutions that not only enhance security but also improve user experience.

Products and Services

Netskope offers a comprehensive suite of products designed to meet the diverse needs of organizations navigating the complexities of modern cybersecurity threats.

Key offerings include:

• Netskope One SASE: A converged platform that integrates networking and security services.

• Intelligent Security Service Edge (SSE): Provides real-time visibility and protection for users accessing cloud services.

• Cloud Access Security Broker (CASB): Secures data across various cloud applications.

• Next-Generation Secure Web Gateway (SWG): Protects users from web-based threats while ensuring safe internet access.

• Data Loss Prevention (DLP): Monitors and protects sensitive data from unauthorized access or transfer.

• Cloud Firewall: Offers advanced security for cloud environments.

• Borderless SD-WAN: Enhances network performance and security for remote users.

Additionally, Netskope provides services such as advanced threat protection, compliance solutions, and security modernization services tailored for industries including retail, finance, healthcare, and government.

Industry Position

As a recognized leader in the cybersecurity sector, Netskope was among the leaders in the 2024 Gartner Magic Quadrant for Security Service Edge. This reflects its strong execution capabilities and comprehensive vision for secure access solutions. The company partners with major technology providers like Microsoft, Google, and Okta to enhance its service offerings and expand its market reach.

What does Netskope do for cybersecurity teams?

Netskope provides cybersecurity teams with a comprehensive platform to secure cloud environments and protect sensitive data across various applications and services. By leveraging its Netskope Security Cloud, the company integrates several key functionalities, including CASB, SWG, and DLP, into a single solution. This approach allows security teams to gain unprecedented visibility into user activities, manage risks associated with cloud applications, and enforce security policies effectively.

The platform uses advanced technologies like Netskope Cloud XD, which offers deep analytics and real-time insights into data movement. It enables teams to identify anomalies and respond swiftly to potential threats.

In addition to enhancing visibility and control, Netskope's solutions support the implementation of Zero Trust principles. It ensures access grants to applications based on strict verification criteria rather than location or device. This is particularly crucial in today's hybrid work environments, where employees access corporate resources from various locations and devices. By adopting Netskope’s services, organizations can streamline their security operations, reduce reliance on legacy systems, and improve user experience without compromising security.

Targeted Customers

Netskope targets a diverse range of customers, primarily focusing on large enterprises and organizations that require robust cloud security solutions. The company's primary customer base includes businesses with over 1,000 employees, representing approximately 46% of its clientele. About 35% fall into the medium-sized category (between 50 and 1,000 employees) and 18% are small businesses with fewer than 50 employees.

Geographically, the majority of Netskope's customers are in the United States, which accounts for about 54% of its user base. Following are countries like India (6%) and Brazil (5%). Key industries served by Netskope include Information Technology and Services, Computer Software, and Financial Services. A significant portion of their clients are part of the Fortune 100 companies.

In terms of marketing and advertising strategies, Netskope employs a multi-faceted approach that includes content marketing, thought leadership, and partnerships with industry leaders. The company focuses on educating potential customers about the importance of cloud security through webinars, whitepapers, and case studies that showcase successful implementations of solutions.

Additionally, Netskope actively participates in industry events and conferences to enhance brand visibility and engage with potential clients. Their strategy also involves leveraging customer testimonials and peer reviews to build trust and credibility in the market. By emphasizing its innovative technology and comprehensive security offerings, Netskope aims to position itself as a leader in the rapidly evolving cybersecurity landscape.

Current Netskope Competitors

Netskope faces competition from several key players in the cybersecurity and cloud security markets. Major competitors include Zscaler, Palo Alto Networks, Cloudflare, and Cisco, each offering their solutions in the SASE and CASB domains. Zscaler, for instance, has comprehensive security capabilities and a strong market presence. Palo Alto Networks, on the other hand, provides a wide range of security products, including advanced firewall solutions. Other notable competitors like iboss and Okta also vie for market share, particularly in identity and access management.

Netskope's competitive advantages lie in its user-friendly features, effective customer support, and a strong focus on Zero Trust architecture. Recognized as a leader in multiple industry reports, Netskope received high scores for both execution and vision. However, it faces challenges such as improving its reporting and analytics capabilities. It also needs to enhance its feature depth compared to competitors like Zscaler, which is often favored for its extensive security portfolio.

Currently, Netskope ranks #15 in the Forbes Cloud 100 list and holds a significant position in the CASB market. It scored an average rating of 8.4, which indicates strong customer satisfaction. Overall, Netskope is well-regarded within the industry. But, it must continue to innovate and address its challenges to maintain and enhance its competitive position against other leading cybersecurity firms.

Read also: Secure Access Service Edge (SASE)