Company hires security channel veteran Faraz Siraj to expand partner program, drive sales of insider threat solution
Code42, whose technology products enterprises from insider threats and data exfiltration, is adopting a channel-first business model, a move that includes hiring a veteran of the security field to oversee its new go-to-market strategy.
The Lowdown: The company said Thursday it hired Faraz Siraj as vice president of channel sales to grow the number of partners it works with and to educate both the channel and end customers about the need to reduce the risk of internal threats, which Code42 says cause two-thirds of data breaches.
The Details: Code42, a 19-year-old company based in Minneapolis, Minnesota, offers Incydr, a Software-as-a-Service (SaaS) data risk detection and response solution that enables security teams to reduce file exposure and the risk of data being exfiltrated from an organization. Incydr does this by monitoring all data, vectors, and users and creating consequences for data exfiltration.
The vendor is looking to the channel to help extend the reach of the product. Siraj will be responsible for further defining Code42’s channel-focused strategy, build channel programs, and grow relationships with new and existing channel partners, which integrate Incydr into their own software stacks.
The Impact: According to a report last month by security software maker Tessian, there has been a 47% increase in the frequency of insider threat incidents over the past two years. A Ponemon Institute study this year found that 61.4% of all such incidents were caused by negligent insiders, with almost 25% coming from negligent insiders who have their credentials stolen. Almost 14% of incident are the result of malicious insiders. The cost of incidents from inside threats continues to grow. The Ponemon study that found that credential thefts are the most costly and that the average cost per incident has grown from $493,100 in 2018 to $871,700 this year.
Background: Code42 has seen strong growth for its Incydr business, which is expected to see revenue rise more than 170% between the of 2019 and the end of this year. It also continues to add technology partners, including Palo Alto Networks and Exabeam.
Siraj comes to Code42 with channel and cybersecurity experience with RSA Security (where he was vice president of channel sales, distribution, and strategic alliances), ThreatQuotient (director of global channels), Cisco (head of Americas security channels), and Sourcefire (multiple channel roles), which was bought by Cisco in 2013.
The Buzz: “Today, the security postures of many organizations are heavily focused on external threats even though insiders are involved in two-thirds of data breaches. Recent analyst predictions validate that insider threats will increase in 2021 as collaborative and remote work stay for the long term,” said Joe Payne, Code42’s president and CEO. “The time is now for security postures and budgets to shift and be more balanced between external and internal threats. Code42, with Faraz on board, is ready to lead that market shift through the power of the channel.”
“Incydr serves as a valuable addition to channel partners’ portfolios and offers a complete security solution with integrations to SOAR, SIEM, PAM and IAM platforms,” Siraj said. “Code42’s expansion of its channel program signals its commitment to the channel as well as the important role the channel will play in the company’s future growth.”