Barracuda Networks has announced accelerated growth for its email protection business for FY2019 with a $200 million annual revenue run rate and accelerating growth for Barracuda Sentinel, the company’s advanced technology that leverages API integration to protect businesses from spear phishing, account takeover, business email compromise, and fraud.
Driven by innovations in detection, response, and automated cleanup to counter the increased sophistication of email threats that occur beyond the gateway, Sentinel sales bookings grew 440 per cent year-over-year at the end of Q1 FY2020.
Email protection is a notable growth vector in the managed service provider market as well. Barracuda MSP, the MSP-dedicated business unit of Barracuda, saw annual recurring revenue for its email protection business grow 122 percent year-over-year for Q1 FY2020.
“We are excited to see this solid momentum across our email protection business. Our product pipeline is strong, offering customers email protection beyond traditional gateways to safeguard employees and organizations. We are focused on continuing to expand our award-winning portfolio with comprehensive, easy-to-use solutions to protect against socially-engineered, targeted attacks like business email compromise and account takeover,” said B J Jenkins, CEO, Barracuda.
According to Gartner, “The email security market is starting to adopt a continuous adaptive risk and trust assessment (CARTA) mindset and acknowledge that perfect protection is not possible. As a result, vendors are evolving or emerging to support new detect and response capabilities by integrating directly with the email system via API.”
Market conditions are also a significant factor in the growing demand for email protection as threats continue to proliferate and have a major impact on businesses of all sizes. A Barracuda report found that 82 per cent of surveyed IT security professionals have faced email attacks over the past year. 74 per cent of those surveyed advised that these attacks are having a direct business impact in the form of lost productivity (48 per cent), downtime (36 per cent), damage to ITs reputation (28 per cent), recovery costs (20 per cent), and more.
