We live in a technological modern era, and Symantec Corporation just admitted it has trouble keeping up with the times.
Symantec is a security software company headquartered in Mountain View. It is known for making Norton-branded antivirus products, and it competes directly with other antivirus software giants like McAfee. Although Symantec was an industry pioneer from the 1980s to 1990s, a senior manager at Symantec has said things are much different now.
Specifically, Brian Dye claimed in an interview with The Wall Street Journal that antivirus software is "dead". What's more - Symantec doesn't view antivirus software as a "moneymaker" nowadays. He even said such software misses 45 per cent of cyberattacks, meaning Symantec's own Norton suite currently leaves users vulnerable to attacks.
Part of the problem is that malware is super complex today. There are computer viruses (which can lead to criminal attacks like identity theft), as well as ambitious hackers from around the globe who orchestrate mammoth data breaches and implement malicious computer code. The list goes on.
Because Symantec is having trouble protecting its users from the myriad of cyberattacks present in the world, it has to change strategies. The company now wants to "detect and respond", so you can expect it to begin tracking data leaks and hacks. Symantec will also try to provide you with the tools to prevent repercussions.
The company certainly needs to do something, apart from ousting yet another CEO, because its revenue has dropped over the last two quarters. Symantec will report earnings on Thursday, and it has predicted a quarterly revenue down at least 5 per cent from the year-ago quarter.