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Microsoft Focuses on Internet Security for Canada's Election

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Microsoft (MSFT - Free Report) is taking measures to enhance Internet security with Canada's federal election imminent in October, per Reuters.

Apart from Microsoft, Facebook and Alphabet’s (GOOGL - Free Report) Google are among other tech players which have reportedly signed "Canada Declaration on Electoral Integrity Online."

Per the declaration, Canada aims to protect democracy and electoral systems from cyber threats. The tech giants and social media platform providers, including Twitter are expected to join the initiative.

It primarily involves addressing fake news and fake social media accounts, malicious bots, and threats from foreign influence in the elections.

Microsoft’s Cybersecurity Measures Hold Promise

Microsoft has never shied away from taking cybersecurity initiatives to strengthen democratic programs. The company’s AccountGuard offering, for instance, is accessible across the United States, Canada and fourteen European countries.

Notably, Microsoft AccountGuard is developed to provide robust protection to highly targeted individuals and organizations in the political space from cybersecurity threats. The service is free of cost “to eligible organizations” and other enterprises utilizing Office 365 email address.

Per the terms of AccountGuard service, the customers will be notified and provided with recommendations in case a threat is verified. The customers are also anticipated to benefit from security guidance and associated practices, including access to cybersecurity workshops and webinars.

Moreover, the company identifies fake websites and addresses phishing attempts on the back of its Digital Crimes Unit (DCU) and Threat Intelligence Center (MSTIC) divisions. With these initiatives, we believe Microsoft’s brand reputation is likely to get a boost.

Increasing Spend on Cybersecurity Favors Growth Prospects

The growing need for stringent security measures will compel governments and enterprises to increase spending on cyber-security software.

Per the latest Deloitte study, spending on defense globally in 2019 is likely to increase significantly which in turn will bolster innovative cybersecurity schemes.

Moreover, there is an underlined correlation of increasing cyber attacks and elections primarily in democratic nations. With Canada’s federal elections around the corner and the Presidential elections in the United States in 2020, demand for cyber security solutions is projected to grow.

In fact, per MarketsandMarkets data, cybersecurity market is projected to hit $248.26 billion by 2023 from $152.71 billion valuation in 2018 at a CAGR of 10.2%.

We believe Microsoft’s strategically evolving stance on cybersecurity and related measures, position it well to capitalize on the aforementioned prospects.

Zacks Rank

Microsoft carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.

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