Symantec Bids Adieu to Passwords, Brings New Technology

Securing confidential information by using a password may soon be a thing of the past. Nick Savvides, Symantec Corporation's SYMC ANZ business manager of information protection recently stated that "The password is weak and crap". He added that using complicated passwords is not the right way for companies to keep their data safe and protect their systems against cyber threats.

This calls for a technology which is much more secure. Reportedly, Savvides stated that Symantec will roll out an enhanced security service product named Validation and ID Protection VIP service, which is expected to protect consumers' data across multiple devices without the need for a password. VIP is a user friendly application to protect networks, applications and data. The service is expected to come into existence within the next 12 months.

According to Savvides, the new service will witness "for the first time in a long time security and usability friends". The service will also be incorporated into Norton, so that computers have a unique Symantec identifier.

This will speed up the process of using mobile device apps. Also, Symantec's new offering will be more secure because users will no longer have to rely on passwords that are easy for hackers to guess.

Along with this, Symantec will also unveil a technology called mobile application protection services (MAPS) to make it simple for its customers to fix technical problems in their mobile devices so they can focus more on the functionality of an app rather than worrying about security issues. The move makes perfect sense given the increased dependency of people on their mobile phones.

Symantec customers will be able to download the app on their mobile phones. The app will have diagnostic tools and will help to detect problems. It will provide the necessary information on how to fix it.
 
Besides diagnostic help, the program will provide other details about the device, which will help customers to easily manage their handsets.

Security has clearly become an important issue for consumers and companies alike. As per data from the company's Internet Security and Threat Report, attacks on personal information and data grew 91% last year. Moreover, the report revealed that more than 550 million accounts were hacked in 2013.

Norton Security helps customers to assess the level of vulnerabilities, detect threats and mitigate intellectual property theft. Therefore, we believe that these innovative products and solutions will help Symantec to win customers, thereby increasing its business volume.

Furthermore, Symantec provides a broad range of content security and information backup solutions to individuals and enterprises. The company's mobile and cloud security products are gradually gaining market acceptance. We believe that investing in growth areas such as Enterprise backup, Storage Management and Security businesses will drive the company's long-term prospects.

However, smaller companies like Kaspersky are consistently launching comparable products. These along with competition from Intel INTC and Microsoft MSFT remain headwinds. The uncertainty over PC sales adds to its woes.

Currently, Symantec carries a Zacks Rank #5 (Strong Sell). Investors may instead consider VASCO Data Security International Inc. VDSI, which sports a Zacks Rank #1 (Strong Buy).

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>

 

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
SYMANTEC CORP SYMC: Free Stock Analysis Report
 
INTEL CORP INTC: Free Stock Analysis Report
 
MICROSOFT CORP MSFT: Free Stock Analysis Report
 
VASCO DATA SEC VDSI: Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research