Symantec Corp. SYMC recently inaugurated a dedicated Security Operations Center (SOC) in Singapore. Although the company has not disclosed the amount spent on the facility, it did mention that it is part of the $50 million investment for beefing up its Cyber Security Services business globally.
In a press release, Symantec said, “With the launch of the SOC in Singapore, businesses will have access to intelligence, accurate threat detection and proactive notification of emerging threats to ensure their most sensitive data is protected. The new SOC will also enable businesses to shorten the time between detection and response, reduce operational costs and proactively counter emerging threats.”
With the opening of this facility, the company now operates four SOCs in the Asia-Pacific region. The other three are located in Chennai, India; Tokyo, Japan; and Sydney, Australia.
The $50 million investment plan will enable Symantec to further expand its SOC’s capabilities in Chennai and Tokyo. Moreover, the company plans to unveil an SOC in Europe and more such facilities over the next 12 months. Once the projects are completed, the company will be operating eight SOCs worldwide.
Cyber security has become a growing threat for organizations of all sizes. Potential cyber attacks led Symantec to unveil an advanced threat protection method, thereby delivering a complete attack prevention solution. The company offers a solid portfolio of cyber-security products including Managed Security Services, DeepSight Intelligence, Incident Response and Security Simulation training.
We believe that opening new SOCs and enhancing capabilities of the existing ones will help Symantec to serve clients better.
Although investments to enhance cyber security capabilities are encouraging, persistent weakness in PC sales is hurting the company’s core Norton Anti-virus software business. Other than the intensifying competition, this business has been dealt a severe blow by the increased usage of smartphones and tablets such as Apple’s AAPL iPads.
Currently, Symantec carries a Zacks Rank #5 (Strong Sell). A couple of better-ranked stocks in the broader technology sector are Autodesk Inc. ADSK and Citrix Systems Inc. CTXS, sporting a Zacks rank #1 (Strong Buy).
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