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How Symantec’s Cloud Security Product Became the Best

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Nov. 20 2020, Updated 5:26 p.m. ET

Symantec has been taking a number of initiatives

On December 20, Symantec (SYMC) announced that its Cloud Workload Protection (or CWP) product won the “product of the year” award in the cloud security category. According to the press release, CRN named Symantec the winner of this award. Let’s understand what CWP is all about.

Symantec launched CWP in February last year to prevent enterprise data loss in the cloud. It supports all the cloud environments including Amazon (AMZN) Web Services, Microsoft (MSFT) Azure, and Google (GOOG) Cloud Platform, to name a few.

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Symantec has been taking initiatives on other fronts as well. The company launched the Cloud Workload Assurance (or CWA) product in October this year for companies to discover security and compliance risks in their cloud environments. Then more recently, Symantec forged a partnership with Fortinet (FTNT) to provide complete security solutions that include end-point protection and other cloud-based security offerings.

By taking these initiatives, Symantec has been looking to leverage the fast-growing cybersecurity market. According to MarketsandMarkets, “the cybersecurity market is expected to grow from USD 152.71 billion in 2018 to USD 248.26 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.2%.”

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