Average Ransom Demand Up 518% in First Half: Palo Alto CEO

The ransomware threat “continues to rise,” and the average ransom demand in 2021's first half grew 518% from a year earlier, said Palo Alto Networks CEO Nikesh Arora on an earnings call Monday for fiscal Q4 ended July 31. “Ransomware readiness” is one of Palo Alto’s “key engagements,” he said. It did 39 readiness “assessments” in the quarter and has 300 more in the “pipeline,” he said. Quarterly billings of $1.87 billion were up 24% year over year, "well ahead of our guided 22% to 23% growth," said Chief Financial Officer Dipak Golechha. Revenue growth of 28% "was above the high end of our guidance range," he said. "Growth was driven by strong demand across all geographies and major product areas." The stock closed 18.6% higher Tuesday at $441.87.