NortonLifeLock, Avast merge into Gen Digital

Gen’s purpose is that of powering digital freedom for all people and unites trusted names in the cybersecurity space: Norton, Avast, LifeLock, Avira, AVG, CCleaner and ReputationDefender; the newly formed company is designed to help further the company’s innovation and consolidate the way for digital empowerment for the future.

Gen officials have stated that as of now, five billion people around the world are present in the online space, all of them being part of a new generation that has no relation to age, and that is ‘Generation Digital’. Gen’s nucleus of brands has experience in offering security solutions to the first digital generations and is now brought together by a common purpose, that of powering digital freedom for the next generation of digital lives. 

Technology advancements have brought forward convenience and connection, how people bank, shop, learn, work, and connect being done almost entirely online. However, together with these came added complexities and new types of threats, something that Gen is looking to tackle by bringing together their expertise and global presence. 

Offering technology solutions related to cybersecurity, privacy, and identity protection to over half a billion users, Gen aims to help them live their digital lives in a safe, private, and confidential manner. The company has dual headquarters in the US and Czech Republic and has teams around the world in over 150 countries.

Cybersecurity market size

As per a ResearchandMarkets report, the global cybersecurity market size is believed to grow to an estimated value of USD 266.2 billion by 2027 from the USD 173.5 billion in 2022, at a Compound Annual Growth Rate (CAGR) of 8.9% from 2022 to 2027.

Some of the factors believed to be driving this growth are:

• The number increase of data breaches across the globe

• The ability of malicious actors to operate from any location

• The linkages between cyberspace and physical systems

• The difficulty in reducing vulnerabilities and consequences in complex cyber networks.

However, the market’s growth is expected to be hindered due to the lack of cybersecurity professionals and of budget constraints among SMEs and startups in developing economies.