WEBVTT - Gen Digital CEO Vincent Pilette Talks  Cybersecurity 

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>There's so much to talk about right now on this Friday,

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<v Speaker 2>whether it's in the markets or just broader company news

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<v Speaker 2>right now. But one thing I did want to talk

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<v Speaker 2>about is cybersecurity, Scarlett. I mean, cybersecurity is becoming increasingly

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<v Speaker 2>more important, especially as we see a lot of online

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<v Speaker 2>threats ramping up and honestly getting more and more creative.

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<v Speaker 3>Yeah, not a day goes by that you don't hear

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<v Speaker 3>about a country or a company getting hacked by someone

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<v Speaker 3>or some band of people. And you know, at a

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<v Speaker 3>consumer level, obviously it's very concerning when you've got everything

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<v Speaker 3>in your email or in your phone.

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<v Speaker 2>Absolutely with us to talk about this in more is

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<v Speaker 2>Vincent Palette. He's CEO of gen Digital, which trades on

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<v Speaker 2>the NASDAC underticker ge IN. You may be familiar with

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<v Speaker 2>one of its brands, Norton, but we are joined by

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<v Speaker 2>Vincent from Belgium. Actually, Vincent tell us a little bit

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<v Speaker 2>about the current landscape right now as we think about

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<v Speaker 2>protection from CyberSecure threads.

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<v Speaker 1>Yeah, as you've mentioned, the threat landscape is very dynamic

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<v Speaker 1>at a high level now, all enabled by AI, which

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<v Speaker 1>really increased the complexity of the threat, the sophistication of

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<v Speaker 1>the thread the threads and becoming very difficult to detect.

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<v Speaker 1>And you mentioned that the enterprise are being attacked, but

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<v Speaker 1>the enterprise are protecting themselves more and more. So, who

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<v Speaker 1>is less vulnerable in the middle is the consumer and

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<v Speaker 1>whether it's a deep thig, a scam, fishing, leveraging your

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<v Speaker 1>data that they've been breached somewhere else and then capturing

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<v Speaker 1>that to create some damages. The overall damages for the

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<v Speaker 1>consumers in the US alone is over fifteen billion dollars

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<v Speaker 1>and growing double digit these days.

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<v Speaker 4>Pretty incredible growth rate there.

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<v Speaker 3>What are the most common ways that people find their

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<v Speaker 3>data their personal data compromised and what are some of

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<v Speaker 3>the more unusual ways in which it happens.

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<v Speaker 1>I would say that today eighty percent of the threat

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<v Speaker 1>facing consumers are scam or social engineerings. And it's about

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<v Speaker 1>collecting a vast amount of personal data that you have

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<v Speaker 1>in the digital world, whe was it you know it,

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<v Speaker 1>you put them on your own social media websites, or

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<v Speaker 1>whether those data have been breaches as part of you

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<v Speaker 1>shopping online or shopping into a different environment, and then

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<v Speaker 1>the data is being captured sold in the dark web,

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<v Speaker 1>and now with AI tools, very sophisticated personalized emails or

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<v Speaker 1>text are full in consumers. We've detected last quarter over

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<v Speaker 1>one hundred and forty thousand websites that mimic real brand

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<v Speaker 1>website driven by AI, but actually are just meant to

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<v Speaker 1>capture and create financial damages for consumers.

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<v Speaker 2>How is Gen Digital leveraging AI just to push productivity

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<v Speaker 2>forward at the company as we think about it in

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<v Speaker 2>relation to cybersecurity.

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<v Speaker 1>As a topic of the day of course, right, So

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<v Speaker 1>not only is the AI is a threat from being

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<v Speaker 1>used by hackers a threat for consumers, but we also

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<v Speaker 1>add Gen Digital using AI to protect our consumers. So

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<v Speaker 1>we're the first one to come with the full model

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<v Speaker 1>for anti scam and being able to detect real time

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<v Speaker 1>scams as they hit either your text, your voice or

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<v Speaker 1>your emails. And now we embedding that more into cheap

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<v Speaker 1>manufacturers to create deep fake solutions and really making sure

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<v Speaker 1>we can detect what's the problem of the day, what's

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<v Speaker 1>the reality? Is this message real or not? Is this

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<v Speaker 1>video real or not? It's this voice real or not?

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<v Speaker 1>And we heavily investing into moving our over threat protection

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<v Speaker 1>into an AI powered threat thread detection.

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<v Speaker 3>So, in terms of companies and consumers spending on protection

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<v Speaker 3>from the cybersecurity threats, what have you observed so far

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<v Speaker 3>in twenty twenty five. You know, we know that earning

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<v Speaker 3>the season has gone pretty well for most companies.

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<v Speaker 4>You have just reported results as well.

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<v Speaker 3>Your second quarter just VPS beat anless estimates by a

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<v Speaker 3>penny and your second quarter revenue coming in slightly higher

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<v Speaker 3>than what was anticipated. Are companies growing their spending on

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<v Speaker 3>cybersecurity at a stable rate or has that picked up?

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<v Speaker 3>Do you see them pulling back a little bit if

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<v Speaker 3>the economy starts going south a bit.

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<v Speaker 1>No, Definitely, people are investing more into making sure that

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<v Speaker 1>the defense is becoming more and more sophisticated to address

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<v Speaker 1>the over threat landscape. You've seen our report. You mentioned

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<v Speaker 1>that we had another outstanding quarter beaten race here in

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<v Speaker 1>Q two that followed another beat and race in Q one.

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<v Speaker 1>As we're developing not only the protection of security, but

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<v Speaker 1>enable the consumer to be secure, to be private, to

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<v Speaker 1>also manage the identity and their reputations, we are expanding

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<v Speaker 1>the pie if you want, and that has enabled us

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<v Speaker 1>to post it another quota at about twenty five percent growth,

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<v Speaker 1>which the help of our most recent acquisition, which is

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<v Speaker 1>leading into the financial wellness. As you protect your data,

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<v Speaker 1>you want to protect your financial position. You also want

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<v Speaker 1>to help consumer manage and grow that position.

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<v Speaker 2>So we're headed into the holiday season, do you all

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<v Speaker 2>tend to see any sort of uptick in terms of

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<v Speaker 2>cybersecurity threads or maybe identity theft even and if so,

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<v Speaker 2>how can consumers protect themselves.

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<v Speaker 1>It's definitely a higher risk season. Obviously, everybody wants to

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<v Speaker 1>go out and shop more, dine more, and that's at

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<v Speaker 1>every point in time you're exposing you personal data out.

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<v Speaker 1>So we constantly educate our customers to make sure that

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<v Speaker 1>these days they are really controlling where do they put

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<v Speaker 1>their credit cards, which website they go and shop from,

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<v Speaker 1>and making sure they use our anti scan detection tools

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<v Speaker 1>and models to make sure we can detect where the

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<v Speaker 1>risk is. But definitely we advise everyone to be cautious.

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<v Speaker 1>These days, harkers are out there and trying to collect

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<v Speaker 1>you personal digital footprint.

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<v Speaker 4>Does people's infatuation with.

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<v Speaker 3>Cryptocurrency, bitcoin, digital wallets, does that increase the likelihood that

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<v Speaker 3>they might be a target of of cyber attacks.

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<v Speaker 1>I would say that the overall penetration of your digital footprint,

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<v Speaker 1>your life becoming more and more a digital life, and

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<v Speaker 1>the middle of payments that you mentioned is just another

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<v Speaker 1>sign of moving more online, which then creates, of course

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<v Speaker 1>also more risk to be to be to be to

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<v Speaker 1>be attacked. So the overall trend is to move more

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<v Speaker 1>online in many different dimensions, including uh the method of payments.

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<v Speaker 2>What's your strategy for rebuilding or maintaining trust at a

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<v Speaker 2>time where cybersecurity failures continue to make headlines.

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<v Speaker 1>And it's not only cybersecurity failure, it's only also a

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<v Speaker 1>time where with a I it's difficult to detect what's

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<v Speaker 1>reality and what's a fake. So so there're still a

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<v Speaker 1>reality we're discussing and so definitely trying to making sure

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<v Speaker 1>we equip our consumers in our tools with deep fake

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<v Speaker 1>detection and ability to really see what is produced by

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<v Speaker 1>a machine use what is a natural piece of content

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<v Speaker 1>is an important needs that we're trying to address.

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<v Speaker 4>All right, good stuff.

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<v Speaker 3>Really appreciate your joining us today with your recap of

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<v Speaker 3>your results and to give us kind of the overview

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<v Speaker 3>of what it looks like here in the cyber security space.

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<v Speaker 3>Vincent Palette is chairman and CEO of Gen Digital