Cloudflare Inc. (NYSE: NET) recently announced that it has received FedRAMP certification to sell services to US federal entities. This was the driving force behind a 3.88 percent increase in NET stock share price to $113.77 at the trading on July 22.
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FedRAMP accreditation implies that IT solutions meet the stringent security standards required when working with personal data and private information from government agencies. This accreditation is being received by an increasing number of US IT businesses, signifying the use of commercial information technology.
Cloudflare was certified at a time when the United States government is actively investing in digital transformation. The administration of US President Joe Biden, in particular, wants to decrease the number of vulnerabilities in departmental IT systems. The Zero Trust concept will be utilised for this, which states that any point of the IT system is vulnerable. Because of the rising frequency of cyberattacks, the expansion of cloud IT, and the necessity to collaborate with third parties and distant workers, modernization is required.
Cloudflare has its own cloud solution, Cloudflare One, which was launched a year ago. It operates on the Zero Trust concept and responds to numerous inquiries from government authorities. Cloudflare’s FedRAMP accreditation allows it to participate in relevant tenders.
Cloudflare Inc. (NET) shares have increased by 199.08 percent in the last year, and they have increased by 10.81 percent in the previous week. The stock has risen 50.83 percent in the last three months but has lost 37.04 percent in the last six months. Furthermore, the company’s current market capitalization is $35.34 billion, with 305.95 million shares outstanding.