Monday, July 16, 2012

Whole Product Dynamic Real World Protection Test – June 2012


AV-Comparatives.org has released their latest Whole Product Dynamic Real World Protection Test – June 2012.  An informative document that will be updated multiple times (monthly, in fact!) over the course of the year.  What’s even more interesting than the results alphabetically by vendor is going online and sorting by performance.  Isn’t that what it’s all about?  The numbers below are "percent captured".

June Real World Protection Results from AV-Comparatives.org

Eset had a June swoon dropped out of the top five to thirteen while Avira jumped in to the illustrious group and was thus the top finisher among the freemium vendors.  Bravilna to Kaspersky and the others.  Yes, there was a major tie in May.

99.7 - Kaspersky
99.7 - Quihoo
99.6 - BitDefender
99.6 - G Data
99.1 - Avira

Ahnlab and Webroot were in  the  twenty-first and twentieth    positions, respectively, with 92.9 and 93.6.    Not enviable for these two vendors.  They brought up the rear in May, as well.

May Real World Protection Results
  
99.1 - BitDefender
99.1 - ESET
99.1 - F-Secure
99.1 - G Data
99.1 – Kaspersky
99.1 - Qihoo


As always, this is just one test.  Individuals or companies evaluating the ability of products to detect and capture malware should visit www.av-comparatives.org ,  www.virusbtn.com  and www.av-test.org   to view the results of other tests.  The nice thing about these organizations is that they tend to use relatively large samples in testing, which improves the legitimacy of the results.  There is more to product quality than a number of "likes" on a Facebook fan page.

About AV-comparatives     www.av-comparatives.org

AV-Comparatives is an Austrian Non-Profit-Organization, which is providing independent Anti-Virus software tests free to the public.  Go to their website to view all the great comparative reports and surveys they publish.

Thursday, July 12, 2012

Avast Files for $90 Million Initial Public Offering (IPO)

After first talking about going public in December, Avast filed an updated S-1   with the SEC (Securities Exchange Commission)  on July  12.  They’ll be trading on Nasdaq   under AVST.  The IPO (Initial Public Offering) will be for $90 million.  Anticipated offering price of the IPO, $9 to $11 per share.  The information in the S-1 lists  their installed base at about 159 million users.  The 190 million figures will probably be disappearing from their web site.  The definition resulting in 190 million may be different, however. When going IPO, accuracy in these docs is kind of importan. Legal people like that. 

Avast  may have wanted to go public earlier in the year.  The Facebook debacle temporarily  sucked the wind out of  the industry’s IPO sails.   The $90 million figure is down 55% from the $200 million figure that was floated earlier this year.  The bookrunners on the deal are   UBS Investment Bank, Deutsche Bank Securities, and Jefferies & Co.   

According to Renaissance Capital, by offering 9.0 million shares at a price range of $9.00 to $11.00, and at the midpoint of the proposed range, Avast Software will command a market value of $850 million.  IMHO, this sounds high.  AVG Technologies’ revenue run rate is approximately $300 million and with a more diversified revenue stream, they went public with a market capitalization of around $700 million.  Annualizing 2012 first quarter revenue of $27 million, and using a 5x multiple, gives a market cap of $540 million.  This is a crude methodology (first link at the bottom of this blog for details). Look for the pricing to result in a positive “pop”.  Facebook lost quite a few friends following the plunge in their stock following opening day.  Negative pops - bad. Unlike.

The Avast  updated S-1 filed with the SEC   can be viewed at the link below.  There must be an unwritten rule that S-1 documents have to run about 160 pages,  before attachments.  The Avast S-1 is  approximately the same length as the S-1 filed by Palo Alto Networks.  The risk factors run about 25 pages.

Like their   Prague/Netherlands based competitor, AVG Technologies, Avast will officially be headquartered in the Netherlands.  “We are incorporated under the laws of the Netherlands and on this basis are subject to Dutch tax laws as a Dutch resident taxpayer.  We believe that we are resident solely in the Netherlands for tax purposes and that we, and in certain cases, the holders of our shares, can rely on this position for purposes of the application of tax treaties concluded by the Netherlands with other jurisdictions.  Read “Double Irish with a Dutch Sandwich – Yummy Way For Corporations to Reduce Federal Taxes”.   http://kensek.blogspot.com/2012/04/double-irish-with-dutch-sandwich-yummy.html

Additional verbiage, probably standard for non US based companies listing on Nasdaq – “As a foreign private issuer whose shares are listed on the NASDAQ Global Select Market, we have elected to follow certain home country corporate governance practices instead of certain NASDAQ requirements.” “We do not comply with all the provisions of the Dutch Corporate Governance Code.  This may affect your rights as a stockholder.”  These are explained in detail in the S-1.

According the June   2012 “OPSWAT Report on Worldwide Security Industry Market Share Analysis”, Avast is number one in worldwide antivirus market share.  Also in the top 5, Microsoft, Eset, Symantec, and AVG Technologies 

The Avast  free product received 3 stars (out of 3) and finished tenth out of twenty in the March “On-demand Detection of Malicious Software” test done by AV- Comparatives  www.av-comparatives.org .

Below is a snapshot of some of Avast’s financial data (revenue, income, etc.)  for the last several years (click on it to enlarge).  Like AVG, Avira, Microsoft, and PC Tools (somewhat quietly owned by Symantec),  Avast also uses a freemium model.









Avast has a corporate office just north of Silicon Valley in San Mateo, California.  A 20 mile hike to AT&T Ballpark,  for San Francisco Giants  baseball games.  AVG Technologies California employees?  They just have to walk across the street.  Very cool.

Don’t look for any of the Avast  officers or directors to be pictured wearing hoodies during the roadshow on the day they go  public.  The major stockholders are Eduard Kucera (30%), Pavel Baudis (30%), and Summit Partners (22.6%).  Let the public roadshow begin.  HodnÄ› Å¡tÄ›stí.  Pivo prosím.

For additional light reading:


Wednesday, July 11, 2012

Secure Web Gateway Market Heating Up – Websense Version 7.7


The Secure Web Gateway market is livening up.  On Monday, San Diego based Websense announced Version 7.7 of Websense Triton and their Websense   Secure Web Gateway.  They state that their Websense Triton solution is the first to provide data-aware defenses necessary to prevent the advanced attacks that lead to data theft.

Websense also announced that the 7.7 release contains 10 new advanced malware and data theft advances, including spear phishing protection with cloud sandboxing, and a new forensic reporting dashboard with in-depth security intelligence.

These new defenses also  include    detecting criminal encrypted uploads; advanced malware payloads and command-and-control recognition; optical character recognition (OCR) of text within images for data-in-motion; drip (stateful) DLP detection; password file theft detection; and geolocation awareness.  These are powered by   Websense’s real-time inline ACE (Advanced Classification Engine) security engine and Websense’s imbedded Data Loss Prevention (DLP) engine.
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Spear phishing protection with cloud sandboxing is part of the arsenal.  Websense's   cloud sandboxing capability identifies suspicious links in emails for real time analysis.  When email recipients click on an embedded URL, Websense analyzes the website content and browser code in real time, in a cloud environment, to ensure safety in any location at any time.

The Websense TRITON Advanced Malware Threat dashboard   profiles security incidents, provides in-depth forensics, and data theft capture.  With severity levels and the ability to export incidents to SIEM solutions, Websense users know who was attacked, how the attacks function, where those communications were being sent, and what data was targeted.

Blue Coat Systems is promoting that their   Unified Web Security Solution, combining cloud services and on-premise appliances delivers the “No Boundaries, Always On protection”.  The cornerstone of their protection, their Secure Web Gateway appliance(s) (ProxySG) and their real-time WebPulse technology, a defense that utilizes   the information provided by 75 million users. 

Historically, Blue Coat has been an appliance-focused company.  They are now more heavily promoting their hybrid and cloud technology, due in large part to San Jose, CA based Zscaler.  Blue Coat  introduced their Unified Web Security Solution in March and are now more heavily promoting their cloud service, along with a 30-day trial.

According to the Gartner “Market Share: Security Software, Worldwide, 2011 Report (March 29, 2012), Inc., Blue Coat is the leader with 17 percent of the $1.95 billion Secure Web Gateway market.  This combines both appliances and software solutions.  In the appliance segment of the market, Blue Coat has about  44 percent of the market, leading its closest competitor by more than 30 percentage points.

Zscaler is the cloud-based canon in the mix.  Actually, they use a jet in their imagery.  Zscaler offers a pure cloud based solution.   They dislike hardware and consider Capex (Capital expenditure) to be a four letter word. They’re   the newcomer to the Leader’s portion of the Gartner Magic Quadrant for Secure Web Gateways.  Gartner considers them the Leader with respect to Completeness of Vision.  Cisco is given credit for having the best Ability to Execute, with Blue Coat and Websense sandwiched between the two.  Mc.Afee is  off to the left in the Leader portion of the Magic Quadrant.

The Zscaler  message – “Attention  all Blue Coat Customers, if you’re  the victim of underperforming proxies lacking sufficient security or if you have lost budget support  due to the high cost of multiple appliances, call the Zscaler Security Help Line.”  They offer five flavors of cloud based web security suites http://www.zscaler.com/products_web_security.html  Add on’s include email protection, mobile protection, and Data Loss Prevention (DLP).

One of their promotions has been to offer their solution free for six months to prospects.  The focus being on Blue Coat customers.

So where will this play out?  Blue Coat is 20% leaner and meaner, following their purchase by equity investment firm Thoma Bravo.  They have a hybrid solution.  They have a cloud solution.  They haven’t done a great job of promoting these.  They have a leading WAN solution but that merits a separate discussion. 

It should be an interesting summer for these companies.

Websense has upgraded their product line.  Their solutions have been available as appliances, SaaS, software,  and a Hybrid.  Like Zscaler, they offer email security, as well.  This is a hole in the Blue Coat product line.

Zscaler has their sight on Blue Coat, almost exclusively. They want share. They have a reputation for playing a bit loose regarding number of data centers around the world. But,  hey! It's marketing.   Blue Coat and Websense go after each other.  McAfee and Cisco, the other two companies in the Leaders portion of the quadrant, are relatively quiet in comparison.  Not quite in the shadows – Barracuda Networks, whose strategy tends to be to deliver the low cost solution. Also, Palo Alto Networks. Palo Alto Networks’  Next Generation Firewall provides filtering and like Websense,   automated sandbox analysis of suspicious files.  They also provide limited DLP protection, as well. They are now starting to move forward on the plans to go public.
   
Application control is a topic for another blog. 


Friday, July 06, 2012

August - Internet Security Suite 2013 Season Begins - Nortin/Symantec, AVG Technologies, Kaspersky, TrustPort, BitDefender

September 5 - AVG Internet Security 2013 appears to be out the door.



 September 5 - Symantec/Norton  consumer Internet Security products appear to be out the door





August 22 update - Kaspersky has now come out with  their 2013 set of solutions.

http://usa.kaspersky.com/products-services/home-computer-security/internet-security

A new offering found in Kaspersky Internet Security is Safe Money. This is designed to protect your  money when shopping and banking online. Among its functionality.
  1. Automatically activates when visiting most common payment services (PayPal, etc.), banking websites, and your own bank or shopping websites to the list.
  2. Isolate   payment operations in a special web browser to ensure   transactions aren’t monitored.

Original posting:

Yes, it’s only July, but internet security providers have already begun releasing their   Antivirus 2013 and Internet Security Suite 2013 solutions.  On June 26, TrustPort   announced the availability of the latest editions  2013 to their  product portfolio.  Lighter!  Faster!  More intuitive!  And now based on dynamic whitelisting!


TrustPort   scores extremely well on Virus Bulletin’s RAP Test (Reactive and Proactive).  They had a whoops on the most recent VB100 test.  They weren’t part of AV-test.org certification testing earlier this year.  They weren’t part av-comparatives.org testing in March.    PC Magazine’s Neil Rubenking gave TrustPort Antivirus 2012 3.5 stars when it was released.  TrustPort is another Czech based firm, in Brno.  Practically next door to AVG Technologies.   

Don’t look for a posting with every release of an Internet Security Suite  2013 or Antivirus 2013 solution.  There will probably be a blog providing links to where people can get information about internet security providers that are in beta with their 2013 offerings

TrustPort provides their  Portunes product as freeware.  It’s a standalone solution for the protection of sensitive data information on   user’s credit cards, bank accounts, user names and passwords, for example. Data  is encrypted  (military-grade 256-bit AES algorithm) and protected by a password against hackers and malware. The Portunes application is tailored for users owning either an iPhone, iPad  or devices running under Windows platform (Windows 8, 7, Vista, etc).

BitDefender also has their Antivirus 2013, Internet Security 2013 and Total Security 2013 solutions released. Go to  http://www.bitdefender.com/solutions/antivirus-comparison.html Security that's second to none! Makes privacy a priority!

PC Magazine's Neil Rubenking has given BitDefender Total Security 2013 4 stars out of 5 and BitDefender Antivirus Plus 2013 4.5 stars out of 5. He also gave this product his Editor's Choice selection.

http://www.pcmag.com/article2/0,2817,2407239,00.asp  

http://www.pcmag.com/article2/0,2817,2406906,00.asp
 
BitDefender Internet Security 2012 scored 17 points out of 18 (6 each for Protection, Repair, and Usability)  in www.AV-test.org  March/April testing on the Windows 7 platform. Their 2012 product also ranked high  on Virus Bulletin's RAP Test (Oct 2011 - April 2012). They're 11 and 1 in the last dozen VB100 testings  with  Virus Bulletin  (www.virustbtn.com ). The were tied for first in the  May  www.av-comparatives.org  Whole Product Dynamic Real World Testing.  In the March   av-comparatives.org  On-demand Detection of Malicious Software Test, BitDefender  Antivirus 2012 received 3 stars  (out of 3) and finished  7th out of twenty, overall.    

Note that all the above are on 2012 solutions. Go to the websites above to see if there has been more recent testing performed. 

July 18 - Palo Alto Networks To Go Public Friday

July 18 addendum -  Palo Alto now expects to charge $38 to $40 a share in its public debut, up from the previously stated range of $34 to $37, according to an updated regulatory filing uploaded Tuesday evening. They expect  to establish a final price for the shares Thursday night and debut in public trading Friday.  A positive way to look at this.  The offering may be way oversubscribed. A negative way. Isn't this what Facebook did? Didn't the Facebook investors  get burned?  Proceeds may be up to $250 million.  A link to the most current S-1 is below.

July 14 addendum -  Venture capital firms Greylock Partners and Sequoia Capital will each hold 20.7% of the company after the IPO (Initial Public Offering), and Globespan Capital Partners will hold 7.4%.  They'll be listing as PANW.  The offering is scheduled to price on July 19, according to Bloomberg.

  They may try to raise as much as $229 million.  The initial anticipated price range, $34 to $37. This may help start up IPO activity again.   The IPO will take place on the NYSE. At the top of this pricing, they will  have a market capitalization of $2.5 billion. 

Firms leading the Palo Alto Networks IPO offering – primary lead is Morgan Stanley.  Others include Goldman Sachs, Citigroup Global Markets, Credit Suisse Securities, Barclays Capital, UBS Securities, and Raymond James. Palo Alto Networks filed their S-1 in April, reporting a loss of $12.5 million for the fiscal year ended July 31.  This is compared with a $21.1 million loss a year earlier.  Revenue had more than doubled to $118.6 million.  In a June filing, Palo Alto Networks  reported that third quarter sales for the three months ended in April rebounded to $65.7 million, for a 16% increase.  

To view the S-1, go to the link below.  The S-1 is about 160 pages of light reading. The S-1 is the amended July 17 version.
 
http://www.sec.gov/Archives/edgar/data/1327567/000119312512304885/d318373ds1a.htm

When Palo Alto Networks filed on April 6,  the  valuation of the IPO was for $175 million.  Unlike the Facebook IPO that had Zuckerberg owning roughly a gazillion shares and a major portion of the company, Palo Alto Networks founder   and Chief Technology Officer Nir Zuk owns 6.2% of  the Palo Alto Network shares. 

Palo Alto Networks and Check Point Software Technologies are the only two companies in the Leader portion 2011 Gartner Magic Quadrant for Enterprise Firewalls.

The patent infringement lawsuit file by Juniper against Palo Alto Networks late last year is still going on.

After the Facebook implosion, look for this to be  a reasonably priced IPO, with a reasonable pop.  Don’t put your money on an NYSE meltdown like the one Nasdaq had with Facebook.  Perhaps it was all the stress over Zuckerberg’s wedding that occurred shortly after the IPO.

Meanwhile, on the chest thumping front,    “Is Check Point's firewall really faster and cheaper?  Can they really see all apps on all ports?  Or even identify unknown traffic?”  Go to http://www.paloaltonetworks.com/cam/techbusters/  to view Palo Alto Networks’ video take on the situation.