What is Wrike, the company just acquired by Citrix?
Thanks to the ongoing COVID-19 pandemic, remote work solutions have skyrocketed in importance and, in many cases, value. One such example has been Wrike, which offers solutions such as custom dashboards, real-time collaboration and project management. The company’s customers include the likes of Google, Okta, Airbnb, Siemens and Dell
Yesterday, Citrix Systems, a software giant specialising in cloud and networking products, announced that it would be purchasing the company for a $2.25bn cash fee.
The remote working boom
In , David Henshall, President and CEO, Citrix, said: “Work today is happening everywhere – at home, in the office and on the road. We believe that in the future, success will go to those companies that can support flexible and hybrid work models and provide a consistent, secure and efficient experience that removes the complexity and noise from work so employees can focus and perform at their best, wherever they happen to be.
“Together, Citrix and Wrike will deliver the solutions needed to power a cloud-delivered digital workspace experience that enables teams to securely access the resources and tools they need to collaborate and get work done in the most efficient and effective way possible across any channel, device or location.”
Synergy in collaboration tools
Citrix’s rationale for the purchase was given as the synergy between Citrix’s existing digital workspace platform, including facilities such as remote virtualisation, and Wrike’s work management solution, which provides tools for remote working.
“When it comes to the future of work, Citrix and Wrike share a common vision and mission: to reduce the complexity and chaos of work and empower every person, team, and organization to achieve their very best. Together, we will unlock the workspace of the future, truly transforming the work experience and equipping people with an innovative set of solutions they can use to exceed goals and keep business moving forward,” said Andrew Filev, Founder and CEO, Wrike.
Report: Financial institutions face cloud-based threats
Over one year into the pandemic, different financial institutions report costly consequences to falling short of protecting their data storage from cloud-based attacks and network disruptions. The report is based on more than 800 responses from IT professionals working in the financial services industry in North America, Latin America, Europe, and the Asia-Pacific region.
- Data breaches are an increasingly significant cost burden for the industry: Worldwide, financial firms that experienced a data breach reported estimated average losses of roughly $4.2 million per attack, with U.S. organisations hit hardest at $4.7 million in estimated losses.
- Network outages also result in costly burdens: Institutions lose an estimated $3.2 million on average with Asia-Pacific followed by European institutions carrying the heaviest losses at $4.3 million and $3.1 million respectively.
- The industry remains a popular target for cloud-based attacks: Over half of all organisations (54%) surveyed suffered a data breach in the last 12 months with 49% plagued by a cloud malware attack as well.
- Cloud and network-based attacks will continue to be a major threat vector: More than 50% of respondents expect to face a combination of IoT attacks, cloud vulnerabilities including misconfigurations, and data manipulation attempts over the next 12 months.
- Threat resolution teams are embracing network visibility for security hygiene: Globally, network monitoring (76%), threat intelligence (64%), and threat hunting (57%) are considered the most effective mitigation tactics against these threats.
Even before the pandemic, tech companies were increasingly seeking moves to the cloud. The COVID-19 crisis has accelerated the adoption of cloud computing by the financial sector as part of its process of digitalisation. As companies transition and move data, there can be a lack of protection due to a number of factors such as undertrained staff and insufficient firewalls.
“The financial services sector has long been a target for bad actors who are following the cyber money trail into the cloud,” said Anthony James, VP of Product Marketing at Infoblox. “As the pandemic pushed IT infrastructures to rely on remote work, cloud-based technologies that enabled digital transformation also created soft spots for cyber criminals to exploit.”
“This report shows us that cloud compromise has become the biggest cybersecurity issue for financial institutions and the investments they are making to protect themselves,” James continued.