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Darktrace
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=== Product-market fit and competition === Enterprise purchasing decisions are business problem-driven. JP Morgan asked survey participants to highlight the key business problems and decision criteria that prompted the consideration/purchase of Darktrace products. Answers to this question help gain insights to Darktrace’s product-market fit and value proposition, i.e. the problems that the market perceives the company’s products to solve. Darktrace sees its offerings as complementary to an organization’s existing security stack and does not see any cybersecurity vendor as its direct competitor, given its coverage and breadth of offerings. However, the business problems that prompted an enterprise to consider/purchase Darktrace products and the alternatives it considered in evaluating Darktrace’s products present a more realistic picture of what enterprises view as alternatives to Darktrace in the fight for cybersecurity wallet-share. JP Morgan summarizes key themes from the survey responses below: '''Business problems that led to the consideration of Darktrace’s products:''' * Need for an expanded layer of network monitoring, better network traffic analysis and cloud security; * Lack of security resources to monitor threats and need for a SIEM/SOAR solution for analytics and threat hunting; * Need for an AI-driven solution to secure against internal threats and APT (Advanced Persistent Threats) that does not rely on past indicators of compromise; * Need for anomaly detection and autonomous blocking of threats; and * Improved email protection against spear/whale phishing. '''Key survey responses to the question “Which business problem prompted the consideration of Darktrace products?”''' * “Overall IT/Network security and staffing bandwidth. We didn’t have enough resources to monitor the previous systems we had in place and respond in a timely fashion to events that could be incidents. We looked to Darktrace to minimize the number of resources required to monitor our security and increase our visibility.” * “Initially the thought of a silent hacker sitting in our system gathering data or information about our security systems. AI was the only thing that could spot this. At the time we only had traditional layers of protection that were not good enough.” * “The initial idea was to utilize AI and Automation and reduce manual efforts in our day-to-day SOC operations.” * “Increased threats, sophistication and resources applied to cyberattacks required more diligence on our part. We have our clients’ PHI data so critical we are protected.” * “Need for Security Operations Center but with limited resources. We also needed a way to watch both on-premises and cloud networks.” * “Improved email protection was required to reduce spear and whale phishing issues we [were] seeing in addition to [an] ML-based solution for SaaS logins.” '''Key decision criteria that led to the purchase of Darktrace products:''' Survey responses to the question ''“What were the key criteria that led to the purchase of Darktrace products?”'' highlight key customer expectations and value demonstrated or promised by Darktrace during/post a Proof of Value (POV) trial. The responses can be summarized in the following key buckets: * Product performance (includes metrics such as accuracy of detection, scalability and ease of deployment & use); * Coverage (especially for cloud/OT environments); * AI capabilities/non-reliance on known threat signatures; * Vendor reputation (includes peer reviews and recommendation from SIs); * Total cost of ownership; * Interoperability with existing security stack; * Other product features (such as full packet capture and user interface); * Service & Support. '''Alternatives considered''' Unsurprisingly, network detection and response (NDR) vendors surfaced as the biggest competitor category, followed by Endpoint/eXtended Detection & Response (EDR/XDR) vendors, Secure Email Gateway providers and SIEM/managed SOC system vendors. * NDR vendors: ExtraHop, Vectra AI, Cisco Stealthwatch, RSA Netwitness, Corelight; * EDR/XDR vendors: Crowdstrike, Cylance, Palo Alto Networks, FireEye, SentinelOne, Carbon Black, Sophos, Skout; * Secure Email Gateway vendors: Mimecast; * SIEM/managed SOC system vendors: Splunk, SecureWorks, Arctic Wolf. '''Figure 14: Alternatives considered in the evaluation of Darktrace products (number of mentions)<ref>Source: J.P. Morgan; based on survey responses from 30 current/past Darktrace customers.</ref>''' [[File:Figure 14.png]]Another striking point from the survey is the lack of broader awareness of vendors providing similar solutions targeting use-cases such as network traffic monitoring, autonomous response or integrated cloud email security solutions. As an example, several survey respondents that highlighted ‘APT/internal threats’ and ‘network traffic visibility’ as key business problems were unaware of NDR vendors beyond Darktrace and instead cited endpoint security platforms or managed SIEMs as alternatives in the evaluation process. Similarly, none of the survey respondents highlighted integrated cloud email security competitors to Darktrace in evaluation of Darktrace’s email product. This clearly demonstrates the value of Darktrace’s marketing efforts; however, JP Morgan does not see this as a sustainable differentiator going forward. With growing vendor awareness, the security vendor selection criteria are likely to shift from “the business problems addressed” to “product experience and price”.
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