Companies caught in 'cat-and-mouse' game: Symantec
Companies are failing to adequately invest in cyber security, despite industry innovation that could help curb attacks, the CEO of Symantec (NASDAQ: SYMC) told CNBC Thursday.
Commenting on recent revelations such as the hacking attack on the US Internal Revenue Service, which stole the personal data of nearly 100,000 taxpayers, Symantec CEO Michael Brown said firms' security defenses are falling short.
"The security industry is clearly trying to respond to an ever increasing number of attacks and severity of attacks, but until companies are actually spending even more, we're creating a gap in terms of what companies need to be spending to protect themselves," Brown said during an interview on Worldwide Exchange.
Read More IRS says thieves stole tax info from 100,000
Still, he insisted spending must be paired with appropriate processes and workplace training.
"It's an ever-changing game of cat and mouse where the attackers are trying new methods and we have to make sure we're also keeping up."
In order to meet demand, Symantec is keeping tabs on young companies that are innovating, Brown explained. "We have been a company that has grown through acquisition," he said, adding that he wouldn't rule out new M&A opportunities.
"We want to make sure that as we look across what's happening with threats on the internet, we're better protecting consumers."
Brown added that he isn't too worried about the connectivity boom that may leave smart cars and home devices in danger of attacks, explaining that end-point protection has been part of Symantec's core product range from the start.
"That's our biggest security business," Brown said.
"We feel we're pretty well positioned to protect consumers as the internet of things becomes a bigger part of our lives."
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