Cloudflare (NYSE:NET) stock got a major boost on Monday after announcing the launch of Cloudflare One.
Cloudflare One is the data security company’s new offering for businesses. It offers protection to a company and its workers across a host of devices. That includes company devices, as well as personal ones. The coverage also covers personal networks.
Cloudflare One is a Zero Trust security offering. This means that the service requires authorization from users both inside and outside of the business. The idea here is that the additional requirements lead to more security for these companies.
Cloudflare notes that there great growth potential for Zero Trust security offerings such as Cloudflare One. It says that 76% say their security is antiquated and needs to be updated. Another statistic that it cites is 82% of all organizations are already planning to make the change to Zero Trust security.
Matthew Prince, co-founder and CEO of Cloudflare, said the following about the news pushing NET stock higher today.
“The only way to secure today’s work-from-anywhere economy is to secure each individual employee, protecting their individual networks, devices, and access to business-critical applications. With Cloudflare One, we’re giving organizations of any size the power to solve their security and networking needs seamlessly, no matter how their business needs shift.”
Cloudflare mentions that it already has several larges businesses as customers making use of Cloudflare One. That includes game communication service Discord, airline JetBlue Airways (NASDAQ:JBLU), and others.
NET stock was up 21.9% as of Monday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.