Symantec Corporation SYMC recently joined forces with Aon plc AON to develop a solution to protect the assets of high-net-worth individuals against cyber hacking.
Aon will partner with Norton LifeLock, an operating brand of Symantec, on this mission. The suite of solutions will be available in the first half of 2019 through an app, which will detect and manage the individual's cyber security risk, blocking access of cyber criminals to the client's assets.
Per the Norton Cyber Security Insights Report of 2017, 143 million consumers in the United States have faced cybercrime, adding up to about $19.4 billion in losses.
Another research by Aon found that 77% of the 5.3 million plus high-net-worth individuals in the United States are prone to cyber security risks to personal finances.
The synergistic collaboration is expected to result in a powerful solution, addressing the growing concern over sophisticated hacking. This will also boost Symantec's Consumer Security segment, which builds on its Norton and Lifelock product portfolio.
Symantec had acquired LifeLock last year, thus bolstering its security capabilities. Moreover, partnerships form one of the main growth strategies at Aon. Symantec Ups Ante to Boost Growth
Symantec has also been actively taking up strategic partnerships to enhance its cyber security solutions. Recently, it expanded its partnership with Fortinet FTNT
to strengthen its portfolio to combat the growing sophistication of cyber threats. The agglomeration of both the companies' technologies is expected to result in a comprehensive suite of stronger cloud-delivered cybercrime prevention solutions.
As incidences of high-profile cybercrimes and cyber warfare continue to grow, demand for stronger cyber security solutions and products are becoming vital for businesses and individuals alike. To address this growing concern, Symantec is taking initiatives to enhance its products.
The company's recent noteworthy efforts include new enhancements on its Integrated Cyber Defense Platform, which seeks to address security and compliance issues related to growing migration of enterprise data to the cloud upgrades to its IT Management Suite.
Also, its acquisitions of mobile threat detection company Appthority and enterprise security provider Javelin, in a bid to enhance its endpoint security capabilities, are noteworthy.
Moreover, Symantec recently assisted in the arrest of three individuals, five indictments and expropriation of infrastructure related to 3ve ad-fraud scam by the FBI. Intensifying Competition in Cyber Security Market
Given its bright prospects, the cybersecurity market is becoming increasingly attractive to startups, with thousands of new entrants. However, the market behemoths are constantly upping their game, overpowering amateurs and intensifying the competitive environment.
Moreover, competitors like Palo Alto PANW
, which acquired LightCyber and RedLock this year, bolstering its security capabilities; and CyberArk, with clients like Deloitte, PWC and KPMG, are also looking at acquisitions and partnerships to boost their product portfolio and cater to customer requirements.
We therefore believe that Symantec's focus on product innovations, buyouts and strategic partnerships make it well positioned to withstand the competitive environment.
Symantec Corporation Price and Consensus
Symantec Corporation Price and Consensus | Symantec Corporation Quote
Aon plc Price and Consensus
Aon plc Price and Consensus | Aon plc Quote
Symantec currently sports a Zacks Rank #1 (Strong Buy). Aon currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank stocks here .
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