Symantec taps the cloud services market
Symantec (SYMC) had a decent performance in 2018. In May, the company launched an internal investigation to probe its accounting practices. The investigation started due to a former employee filing a complaint. The stock declined 33% on May 11. Since then, the stock hasn’t fully recovered. The probe didn’t find any serious issues with Symantec’s accounting practices.
Symantec has been trying to find new growth avenues. The company has been aggressively providing cloud security offerings to enterprises. Currently, Amazon Web Services (AMZN) and Microsoft (MSFT) Azure are the two most popular cloud service providers in the world. In October, Symantec launched Cloud Workload Assurance for companies to discover compliance and security risks in their cloud environments. The company also launched Cloud Workload Protection for data loss prevention. Cloud Workload Protection safeguards enterprises’ data.
On December 11, Symantec announced that it will partner with Fortinet (FTNT) to provide comprehensive security solutions. The solutions will focus on cloud-based security offerings and endpoint protection. The press release said, “The technology partnership provides essential security controls across endpoint, network, and cloud environments that are critical to enforcing the Zero Trust security framework.”