Expanding its data loss prevention infrastructure, the acquisition is anticipated to close by the end of Q4 2019.
Proofpoint (NASDAQ:PFPT), a cybersecurity company focused on a people-centric model announced that it plans to acquire threat management firm, ObserveIT for US$225 million in cash. As a result of the deal, Proofpoint will be expanding its data loss prevention services through integrating ObserveIT’s data analytics and endpoint technology.
As quoted in the press release:
More than 99% of today’s cyberattacks require human interaction to work, making individual users the last line of defense as cyber criminals increasingly targeting companies through their employees. With more and more users accessing data from endpoints off the corporate network in both sanctioned and unsanctioned cloud apps, organizations need to ensure they have the most effective people-centric security controls in place to understand how, when, and where users interact with critical data and intellectual property. As highlighted in the 2019 Verizon Data Breach Investigation report, this is particularly critical to avoid data breaches that leverage compromised credentials (29% of total breaches), compromised endpoints (32%), or are perpetrated by malicious insiders (34%).1
Further, as more companies are encouraging their employees to work from anywhere, on any device, enterprise data loss prevention (DLP) must evolve from a legacy, perimeter-based control and compliance checkbox to an intelligent, activity-based solution to detect and respond to risks to data across cloud apps, email, and lightweight endpoint agents.