In the last two decades, the cybersecurity industry has become extensively humongous with thousands of firms emerging globally. During this time period, two companies have been at the center of it all. Symantec and McAfee. These industry bedrocks have pioneered and refined the industry in terms of security capabilities and have remained a vital part of the industry even today. The brands have become synonymous with security.
However, today, their glory days have long faded. They have struggled to adapt and overcome adversity for more than a decade now and both companies have chosen to chart new paths. The ramifications have triggered seismic shifts in the vendor landscape indicating the start of the cybersecurity industry’s next era.
Symantec has sought to reinvent itself for a long time with no success. It merged with Veritas in 2005 creating a cybersecurity software and hardware powerhouse but the synergies never developed and Symantec divested Veritas a decade later.
Symantec then hoped to acquire the web-proxy giant Blue Coat Systems in 2016 and anti-fraud specialist LifeLock to provide a fusion of both technology and revenue. Symantec seemed to be turning things around but Greg Clark, Symantec’s CEO and his former Blue Coat management teams landed themselves in a series of scandals like improper revenue recognition, a shareholder lawsuit and unethical executive behavior. In May, Greg Clark stepped down as CEO and Symantec had to appoint its 6th CEO in 10 years. The key shareholders had had enough by then.