New Research From Absolute Software Underscores Security and Compliance Challenges Remain Across Distributed Workforces
Vancouver, BC, April 27, 2023--(T-Net)--Absolute Software (NASDAQ: ABST) (TSX: ABST), a provider of self-healing, intelligent security solutions, today announced new research revealing the increasing complexity in enterprise device environments, including operating system (OS) fragmentation and volume of applications, is impacting security and compliance posture.
The findings in Absolute's '2023 Resilience Index' contradict the long-held belief that having more security solutions directly equates to more protection. Leveraging the analysis of anonymized data from millions of customer devices across the globe, this report provides insights and benchmarks for organizations looking to strengthen cyber resilience in today's widely distributed, hybrid workplaces.
The work-from-anywhere model is exacerbating the strain on IT and security teams - compounding existing device health and security challenges with a broad mix of networks, hardware, OS versions, and patches.
More than 80 percent of devices analyzed use the Microsoft® Windows® OS, with the large majority on Windows 10 - and within that device population, there are 14 different versions and more than 800 builds and patches to manage.
Absolute's telemetry data also shows there are 67 applications installed on the average enterprise device, with 10 percent of those devices having more than 100 applications installed.
While many of these tools enable employees to be productive, they also contribute to increased complexity. This complexity can create conflict among applications; impede the patching and maintenance of devices and applications, especially if those devices are remote; and lead to software failing or going offline over time.
In this report, Absolute looks at common security applications deployed for hybrid workers and assessed the health of leading vendors within the categories of: Endpoint Protection (EPP), Endpoint Detection and Response (EDR), and secure access.
The data shows seven of the 10 apps analyzed across these categories were installed and healthy on less than 80 percent of devices, on average - and in some cases, as low as 47 percent. When self-healing capabilities via Absolute Application Resilience ™ were enabled, application health and efficacy rates across these same vendors increased significantly, as much as 52 percentage points.
Christy Wyatt, Chief Executive Officer, Absolute
"Security that is not installed or working effectively cannot protect you," said Christy Wyatt, President and CEO of Absolute Software. "The criticality of these security controls, especially among remote and hybrid workers, cannot be overstated and the ability to keep them healthy is often oversimplified. Even market-leading, world-class software requires repairing for many reasons: changes in the environment around it, or new forms of risk introduced by adversaries or even by the user. By applying intelligence and automation to heal them, we can remediate the risk, restore the user experience, and ensure compliance."
Other key insights from the '2023 Resilience Index' include:
Distributed, highly mobile users compound complexity: The average number of enterprise device locations across Absolute customers has grown 15 percent year-over-year, with an average of four locations per device observed in February 2023.
Hybrid working means heavy reliance on third-party networks: In hybrid work models, critical applications like Virtual Private Networks (VPNs) and Zero Trust Network Access (ZTNA) need to be deployed, installed, and up to date. However, Absolute data shows this critical tool is either not installed or is not at the required version level on more than 30 percent of devices.
Embedded in the firmware of more than 600 million devices, Absolute enables visibility and control across endpoints, applications, and network connections. Leveraging our unique self-healing capability, customers can protect devices, data, and users and ensure that critical security controls operate at maximum effectiveness, while also delivering an optimal remote and mobile user experience.
Leveraging our patented Absolute Persistence® technology and Absolute Application Resilience capabilities, both enterprises and security vendors can optimize application efficacy and strengthen security and compliance posture.
Read the full '2023 Resilience Index' here. To learn more about Absolute Software and the company's intelligent, self-healing security solutions, visit here.
Report Methodology
This report was developed using anonymized data from 14 million Absolute-enabled devices active during the period of February to April 2023, across customer organizations in North America, Europe, and APAC, as well as data and information from trusted third-party sources.
About Absolute Software
Absolute Software (NASDAQ: ABST) (TSX: ABST) is the only provider of self-healing, intelligent security solutions. Embedded in more than 600 million devices, Absolute is the only platform offering a permanent digital connection that intelligently and dynamically applies visibility, control and self-healing capabilities to endpoints, applications, and network connections - helping customers to strengthen cyber resilience against the escalating threat of ransomware and malicious attacks. Trusted by nearly 20,000 customers, G2 recognized Absolute as a Leader for the thirteenth consecutive quarter in the Spring 2023 Grid® Report for Endpoint Management and as a Leader for the third consecutive quarter in the Grid Report for Zero Trust Networking.
©2023 Absolute Software Corporation. All rights reserved. ABSOLUTE, the ABSOLUTE logo, and NETMOTION are registered trademarks of Absolute Software Corporation or its subsidiaries. Other names or logos mentioned herein may be the trademarks of Absolute or their respective owners. The absence of the symbols ™ and ® in proximity to each trademark, or at all, herein is not a disclaimer of ownership of the related trademark.
Forward-Looking Statements
This press release contains certain forward-looking statements and forward-looking information, as defined under applicable securities laws, including, without limitation, the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"), which relate to future events or Absolute's future business, operations, and financial performance and condition. [ MORE ]
Forward-Looking Statements
This press release contains certain forward-looking statements and forward-looking information, as defined under applicable securities laws, including, without limitation, the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"), which relate to future events or Absolute's future business, operations, and financial performance and condition.
Forward-looking statements normally contain words like "will", "intend", "anticipate", "could", "should", "may", "might", "expect", "estimate", "forecast", "plan", "potential", "project", "assume", "contemplate", "believe", "shall", "scheduled", and similar terms and, within this press release, include, without limitation: the information under the heading "F2022 Financial Outlook", statements regarding the NetMotion acquisition and integration, statements regarding Absolute's market opportunity and ability to accelerate growth, and any statements (express or implied) respecting: Absolute's future plans, strategies, and objectives, including plans, strategies, and objectives arising out of the COVID-19 pandemic and the NetMotion acquisition; projected revenues, expenses, margins, and profitability; anticipated strategic, operational, and financial benefits and synergies of the NetMotion acquisition and integration; future trends, opportunities, challenges, and growth in Absolute's industry; the impacts of the COVID-19 pandemic on Absolute's business, operations, prospects, and financial results; Absolute's ability to grow revenue by selling to new customers and increasing subscriptions with existing customers; Absolute's ability to renew customers' subscriptions; Absolute's ability to maintain and enhance its competitive advantages within its industry and in certain markets; the maintenance and development of Absolute's PC OEM and other partner networks; existing and new product functionality and suitability; Absolute's product and research and development strategies and plans; increases to brand awareness and market penetration; foreign operations and growth; and other aspects of Absolute's operations or operating results.
Forward-looking statements, including the F2022 Financial Outlook, are provided as of the date hereof for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of our anticipated financial position, results of operations, and operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances. The material expectations, assumptions, and other factors used in developing the forward-looking statements set out herein include or relate to the following, without limitation: Absolute will be able to successfully execute its plans, strategies, and objectives; Absolute will be able to successfully manage cash flow, operating expenses, interest expenses, capital expenditures, and working capital and credit, liquidity, and market risks; Absolute will be able to leverage its past, current, and planned investments to support growth and increase profitability; Absolute will be able to successfully integrate NetMotion's operations and realize the expected benefits to and synergies from Absolute from the acquisition; the Absolute-NetMotion combined company's financial profile will align with Absolute's forecasts; Absolute will be able to implement its plans, forecasts, and other expectations with respect to the NetMotion acquisition and realize expected synergies; Absolute will be able to successfully manage the impacts of COVID-19 on its business, operations, prospects, and financial results; there will continue to be a trend toward mobile computing and remote working and/or distance learning, in the short, medium, and/or long-term, and resulting demand for Absolute's solutions; Absolute will be able to grow revenue by selling to new customers and increasing subscriptions with existing customers at or above the rates currently anticipated; Absolute will be able to renew customers' subscriptions efficiently and cost effectively; Absolute will maintain and enhance its competitive advantages within its industry and certain markets; Absolute will keep pace with or outpace the growth, direction, and technological advancement in its industry; industry data and projections are accurate and reliable; Absolute will be able to adapt its technology to be compatible with changes to existing and new PC and other device operating systems; Absolute will be able to maintain and develop its PC OEM and other channel partner networks; Absolute's current and future (if any) PC OEM partners will continue to permit embedding of its firmware technology and/or provide distribution and resale support; Absolute's business development strategies and plans will be successful as currently expected; Absolute will be able to maintain or grow its sales to education customers; Absolute's existing and new products will function as intended and will be suitable for the intended end users; Absolute will be able to design, develop, and release new products, features, and services and enhance its existing products and services; Absolute will be able to protect against the improper disclosure of data it may process, store, and/or manage; Absolute's revenues will not become subject to increased seasonality; Absolute will meet its commitments under and remain in compliance with its term loan facility; future financing will be available to Absolute on favourable terms, if and when required; Absolute will be in a financial position to issue dividends in the future; fluctuations in applicable tax rates, foreign exchange rates, and interest rates will not have a material impact on Absolute; certain tax credits will remain or become available to Absolute; Absolute will be able to attract and retain key personnel; Absolute will be successful in its brand awareness and other marketing initiatives; Absolute will be able to maintain and enhance its intellectual property portfolio; Absolute's protection of its intellectual property is and will be sufficient and its technology does not and will not materially infringe third-party intellectual property rights; Absolute will be able to obtain any necessary third-party licenses on favourable terms; Absolute will not become involved in material litigation or subject to material adverse judgments, damages awards, or regulatory sanctions; Absolute will be able to successfully manage the additional expenses, regulatory obligations, and legal exposures resulting from its recent SEC registration and Nasdaq listing; Absolute will not face any material unexpected costs related to product liability or warranties; foreign jurisdictions will not impose unexpected risks; and economic and market conditions (including, without limitation, as affected by the COVID-19 pandemic) will not impose unexpected risks or challenges.
Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Absolute's business, including the following risks (as more particularly described and referred to in the "Risk and Uncertainties" section of Absolute's Q1 F2022 MD&A: that Absolute may not be able to accurately predict its rate of growth and profitability; Absolute's dependence on PC OEMs for embedding its firmware technology; Absolute's reliance on its PC OEM and other distribution, resale, and other channels; risks related to the COVID-19 pandemic and its impact on Absolute; that Absolute may not be able to successfully integrate NetMotion's operations; that Absolute may be unable implement its plans, forecasts, and other expectations for the NetMotion acquisition as anticipated, or at all, to realize the expected synergies from the NetMotion acquisition; that the Absolute-NetMotion combined company will not have the projected financial profile and will not experience the expected financial benefits and synergies; that the NetMotion acquisition and integration will disrupt Absolute's business; that Absolute may be unable to attract new customers or maintain its existing customer base or grow or upgrade the services provided to these customers; that customers may not renew or expand their existing commercial relationship with Absolute; that Absolute may be unable to adapt its technology to be compatible with new operating systems; that Absolute's business development activities will not advance and deliver the benefits as currently anticipated; that changing buying patterns in the education vertical may adversely impact Absolute's business; that changing contracting or fiscal policies of government organization may adversely affect Absolute's business and operations; risks relating to the evolving nature of the market for Absolute's products; that Absolute's software services may contain errors, vulnerabilities, or defects; that Absolute could suffer security breaches impacting the data that Absolute processes and otherwise handles; other risks associated with data security, privacy controls, and hacking; that Absolute's reputation may be damaged, and its financial results negatively affected, if its internal networks, systems, or data are perceived to have been compromised; that customers may expose Absolute to potential violations of applicable privacy laws; that Absolute's focus on larger enterprise customers could result in greater costs, less favourable commercial terms, and other adverse impacts to Absolute; risks associated with any failure by Absolute to successfully promote and protect its brands; risks associated with cyclical business impacts on Absolute; Absolute may fail to meet its commitments under or remain in compliance with its term loan facility, which could allow the lenders to accelerate the repayment of the debt; future financing that may be required may not be available on favourable terms; risks associated with the competition Absolute faces within its industry; that industry data and projections are inaccurate and unreliable; that Absolute's research and development efforts may not be successful; risks resulting from interruptions or delays from third-party hosting facilities; that Absolute's business may suffer if it cannot continue to protect its intellectual property rights; that Absolute may be unable to obtain patent or other proprietary or statutory protection for new or improved technologies or products; risks related to Absolute's technology incorporating certain "open source" software; that Absolute may be unable to maintain technology licenses from third parties; risks related to fluctuating foreign exchange rates; that the price of Absolute's common shares may be subject to wide fluctuations; risks related to Absolute's recent SEC registration and Nasdaq listing; that Absolute is reliant on its key personnel; that Absolute may be subject to litigation or other dispute resolution from time-to-time; that Absolute may become subject to material adverse judgments, damages awards, or regulatory sanctions; risks related to Absolute's foreign operations; risks related to Absolute's amortization of revenue over the term of its customer subscriptions; risks related to Absolute's reliance on its reseller and other partners for billings; that Absolute may reduce or eliminate its periodic dividend payments in the future; income tax related risks; that Absolute may not currently have or maintain adequate insurance coverages for the risks associated with its business; that Absolute may become subject to product liability claims; and risks related to economic and political uncertainty.
Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. Many of these factors are beyond the control of Absolute.
All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as at the date hereof and Absolute undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws.
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