Tech titans see opportunity in cybersecurity
By Steve Johnson
San Jose Mercury News
With its PC sales slowing, Hewlett-Packard Co is grappling for a piece of the exploding cybersecurity market as a key part of CEO Meg Whitman's plan to turn around the struggling company.
The Palo Alto, California, corporate colossus is one of many Silicon Valley technology powerhouses - including Apple Inc, Google Inc, Intel Corp and Cisco Systems Inc - that have snapped up security companies in recent years to gain a foothold in the industry, which already boasts worldwide annual sales of more than $67 billion, according to the research firm, Gartner. That's more than twice the $25 billion forecast to be spent this year globally on tablet and smartphone applications, and the total for security is expected to hit $94 billion in 2017, thanks to the burgeoning menace posed by computer hackers.
"This is the issue of the day," Whitman said of the growing threat, during a recent CNBC interview. "I contrast it back to when I started at eBay. I was worried about a teenager in Red Deer, Mont, hacking into our systems. This is now organised crime." As a result, "we are really making a big push in security."