In a bid to address the growing need of stringent cybersecurity solutions in Asia, DXC Technology DXC recently opened the DXC Next Generation Security Operations Center in Kuala Lumpur, Malaysia.
The center will provide advanced analytics, digital forensics, investigations and incident response and custom designed solutions to protect the digital enterprise. This will be made possible by DXC Intelligent Security Operations, which will integrate advanced security analytics across information and operational technology for improved visibility, correlation and response to security threats and vulnerabilities.
The center will be equipped with highly skilled security professionals in various disciplines, including identity and access management, data loss prevention, security device management, threat intelligence and threat monitoring, among others. Teams will work with clients and develop use cases for their specific requirements, and will cater to both regional and global clients.
DXC has global security operation centers across five continents with more than 3,500 highly experienced security professionals worldwide. The company is experiencing strong demand for its operational technology security solutions in the manufacturing and energy sectors as well.
Rising Cybersecurity Issues Plague Asia-Pacific
The ongoing digital transformation and interconnectedness in global economy have made businesses in Asia-Pacific particularly susceptible to cyber exploitation.
Per Ken Research, more than 80% of administrations in the region are targeted due to increasing digitization.
To cite a couple of instances, Singapore's public healthcare IT systems were attacked last year, exposing personal data of about 160,000 patients. The attack followed similar data theft efforts in other countries across Asia, including the massive data breach of Malaysian telecommunications in 2017.
Four months into 2019, many cyber security experts are still expecting Asia-Pacific organizations to face tough security challenges due to shortage of security expertise, new cloud-related vulnerabilities and the spread of malware, among others.
Thus, the increase in sophistication and aggression of cyber-attacks is likely to boost the cybersecurity market in the region.
Future Bright for Asian Cybersecurity Market
Per Ken Research, the cybersecurity market in Asia-Pacific is expected to witness a CAGR of 15% and hit $46.1 billion by 2023, prompting industry players like IBM Corporation IBM , Cisco System CSCO and Symantec Corporation SYMC to up their efforts to gain share in this market.
The introduction of a new center in Malaysia in such an intense environment seems like a strategic move by DXC to make its presence stronger in this region and boost top line.
In the third quarter of fiscal 2019, the company's security business grew 4.5% year over year in constant currency, driven by strong momentum in Asia. This momentum is likely to get an impetus from the new security operations center.
DXC Technology Company. Price and Consensus
DXC currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
Will you retire a millionaire?
One out of every six people retires a multimillionaire. Get smart tips you can do today to become one of them in a new Special Report, "7 Things You Can Do Now to Retire a Multimillionaire."
Click to get it free >>
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
Cisco Systems, Inc. (CSCO): Free Stock Analysis Report
International Business Machines Corporation (IBM): Free Stock Analysis Report
Symantec Corporation (SYMC): Free Stock Analysis Report
DXC Technology Company. (DXC): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of NASDAQ, Inc.