Symantec Corp (SYMC - Free Report) recently announced that it is upgrading its cloud security portfolio, to offer better protection to organizations’ cloud generation applications and infrastructure.
The company aims to address the security and compliance issues related to enterprises’ transition to cloud with its Integrated Cyber Defense Platform. The platform’s security solutions include a suite of IaaS, PaaS and SaaS technologies.
Reportedly, the updates on the portfolio include management of compliance and security policies, utilization of advanced data and threat protection for Amazon’s (AMZN - Free Report) AWS and Microsoft’s (MSFT - Free Report) Azure platforms.
Recently, Symantec increased its spending on the AWS platform by signing a five-year $500 million deal.
Per the deal, the company will migrate its Managed Security Service, Network Protection and Website Security Service products to AWS over the next two years. Reportedly, Microsoft had also vied for this deal.
Symantec Managed Security Services Advanced Threat Protection will help organizations to assess the level of vulnerabilities, detect threats and mitigate intellectual property theft.
Growing Demand for Cyber Security Bodes Well
Lately, cyber security has been a growing threat for organizations of all sizes. The growing security threats and potential hacking attacks led the company to unveil a new method for advanced threat protection, thereby delivering more complete attack prevention solutions.
The company has made a big play in the Internet and endpoint security market. Moreover, hardware and software functionality including segments like firewalls, VPNs, intrusion prevention and detection and multi-purpose security known as unified threat management are expected to contribute to Symantec’s growth.
Per a latest research report by Gartner, worldwide cybersecurity spending is likely to witness year-over-year growth of 8% in 2018 and reach $96.3 billion. Another report from Markets and Markets suggests that cyber security market is expected to witness a CAGR of 11% in the 2017–2022 period. The increase in security spending is therefore likely to be beneficial for this leading vendor of solutions.
Zacks Rank and a Key Pick
Symantec currently carries a Zacks Rank #3 (Hold).
A top-ranked stock in the broader Computer and Technology sector is CyberArk Software Ltd. (CYBR - Free Report) , sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term earnings growth for CyberArk is projected to be 19.83%.
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