Snowflake (SNOW) Unveils Cybersecurity Workload for Data Cloud
Snowflake SNOW recently launched its new Cybersecurity workload that enables cyber security teams to protect their enterprises within the Data cloud.
Snowflake’s newly launched workload is specifically focused on providing a unified, secure and scalable data platform to aid security teams in identifying cyber-attacks and responding accordingly.
Per Gartner, 81% of organizations have a multi-cloud strategy. Organizations are utilizing cloud services for everything from hosting data centers to enterprise applications.
Concurrent with this rising proliferation of hybrid work environments and rapid growth of the Internet of Things (IoT), cyber threats have also been increasing.
Per Snowflake, who have cited Forrester, 55% of organizations operating in the cloud have experienced security breaches specifically involving supply chains or third-party providers in the past 12 months. This has resulted in a growing demand for securities cloud platforms. Organizations are investing heavily to protect their IT ecosystem.
Consequently, Snowflake has launched the new cyber security workload for the cloud platform in sync with its strategic vision to cater to the growing need for end-to-end security across hybrid multi-cloud environments.
The launch of the recent workload is in line with Snowflake’s strategic focus to enable every single workload required to govern data efficiently, reduce operational complexity and minimize the cost of handling data as data volume is increasing immensely every day.
Snowflake Inc. Price and Consensus
Snowflake’s Partnerships Drive Adoption of Cybersecurity
Snowflake has partnered with companies like Hunters, Panther Labs and Securonix to deliver their Cybersecurity offerings to customers using the Data cloud. The partnerships with these companies have helped Snowflake drive product alignment by eliminating security silos and providing customers access to joint companies.
Snowflake has recently partnered with Dell Technologies DELL that will allow joint customers to access data stored on Dell object storage with Snowflake data cloud. With Snowflake’s new Cybersecurity workload offerings, the joint customers can safely move from premise data to public clouds.
Dell has recently introduced Project Alpine which brings enterprise class data services into the public cloud for cloud bursting. The partnership with Snowflake will allow Dell to introduce cyber security as private cloud gains access to the public cloud through this project.
Another key technology partner for Snowflake is Amazon AMZN.
Amazon’s cloud division, AWS, is helping SNOW to provide seamless integration across different cloud platforms to help customers store and analyze data in the Healthcare and Life sciences industry. With the introduction of cyber security workload by Snowflake, the healthcare and life sciences industry customers can transfer data to cloud with reduced cyber threat.
Rising demand for cyber security offerings has resulted in Snowflake encountering escalating competition from the likes of Cisco Systems CSCO in cloud securities solutions.
Amid tough competition, Snowflake’s rich ecosystem of partners has helped the company drive top-line growth.
This Zacks Rank #3 (Hold) company reported first-quarter fiscal 2023 revenues of $422.4 million, which beat the consensus mark by 3.11% and soared 84.5% year over year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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