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How Alphabet Is Expanding in Cybersecurity Space

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Mar. 7 2019, Published 1:11 p.m. ET

Chronicle launches product

Alphabet’s (GOOGL) cybersecurity division, Chronicle, has reportedly rolled out its first commercial product called Backstory. This latest product is a security data and threat intelligence platform that uses Google’s robust analytics capabilities and helps security analysts identify potential threats. It also offers bulk information on a company’s infrastructure. It can also collect data from Chronicle servers installed on the company’s premises.

Alphabet’s Chronicle competes with companies like IBM (IBM), Splunk (SPLK), and Rapid7 (RPD), which have already entered the space and provide security information and event management software.

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Need for cybersecurity solutions

Nowadays, a lot of companies are facing issues related to cyber crimes and data breaches, which is raising the demand for cyber security services and products. Companies like Symantec (SYMC), Ericsson (ERIC), and Cisco Systems (CSCO) are leading cybersecurity firms that protect companies from cybersecurity threats. According to MarketsandMarkets, the global market for cybersecurity solutions is expected to reach $248.26 billion by 2023. Therefore, Backstory could help Alphabet gain traction in this potentially high-growth market.

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