As we at ScaleFT near the two-year mark on our journey to reimagine how companies secure their sensitive resources, today was an exciting day for our industry as Okta went public with a strong first day showing. The public market has rewarded them, not only for their amazing performance as an Identity Provider for SaaS applications, but also because of the recognition that we’re approaching a decades-long growth opportunity – one that stems from a paradigm shift away from security architectures that rely solely on the network perimeter towards a cloud-based model largely based on the principles of Zero Trust. Google’s BeyondCorp initiative is evidence that this new model works, and we’re starting to see companies of all kinds move in this direction.
This positive news further proves what we’ve been witness to - a new category has emerged, which today we’ll refer to as Cloud Access Management (Let’s see if Gartner agrees). This category encompasses many of the solutions companies often implement - Identity and Access Management (IAM), Privileged Access Management (PAM), and Multi-factor Authentication (MFA) to name a few, but does so in a way that is more in-line with how organizations operate today. Employees are working from remote locations across a wide range of mobile devices, while the business embraces the cloud and uses SaaS applications. This changes how companies have to deal with managing access to all of their sensitive resources, as the walls of the perimeter have broken down.
To meet the needs of companies moving in this direction, an ecosystem of complementary software companies within this new category has been forming. This ecosystem was on display recently at a Google event during the RSA Conference where a panel discussion led by Google included members of Duo, Okta, Ping, and ScaleFT. The conversation largely centered around this paradigm shift, and how we have to change our notion of identity and access. Everyone agrees that the perimeter can no longer determine trust, which means that authentication and authorization must be done in a dynamic manner that factors in the context of every request.
As the leaders of the BeyondCorp community, we are excited to see the public market take notice of this paradigm shift. We offer our congratulations to our friends at Okta today, and look forward to further collaborating to deliver solutions to our mutual customers. Watch this space.