Rubrik (RBRK) investor relations material

AI and cybersecurity landscape

• AI-driven attacks are occurring at machine speed, making traditional prevention and detection insufficient; focus is shifting to rapid recovery and resilience strategies.

• Operations and security functions are converging, leading to continuous attack, patching, and recovery cycles with minimal human intervention.

• AI and cybersecurity trends are underpinned by the need for robust identity and data management, as agents increasingly interact with sensitive information.

• Recent incidents, such as the Hugging Face breach, highlight the growing risks and complexity introduced by autonomous agents and AI.

• The industry is moving toward agentic response and autonomous recovery, where platforms act as agents to orchestrate recovery and minimize downtime.

Product evolution and platform strategy

• The platform has evolved from backup to comprehensive cyber resilience, now integrating data, identity, and agent security.

• A fully integrated approach to agent security and governance is being developed, combining observability, identity, runtime security, and agent recovery.

• The Flex consumption model offers customers flexibility to adopt multiple products under a single contract, enhancing value and ease of expansion.

• Expansion into identity resilience and agent security introduces new competitive dynamics, but integration across products strengthens the platform's value proposition.

• The platform's ability to manage both on-premises and cloud data with consistent security policies is driving high win rates against legacy competitors.

Market trends and customer needs

• Customers are increasingly concerned with sovereignty, seeking solutions that ensure operational and data localization due to geopolitical risks.

• Identity has become the new perimeter for enterprise security, with attackers exploiting persistent and non-human identities.

• Pricing models are adapting to account for the rise of non-human (agentic) identities, reflecting their growing importance.

• There is strong early interest in solutions for unstructured data resilience and selective AI data access, as enterprises seek to leverage large, diverse datasets.

• The unstructured data segment, especially with the Annapurna initiative, is seen as a high-potential but underappreciated growth area.