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The 10 Biggest Cybersecurity News Stories Of 2018

The security industry has in 2018 seen an infusion of capital to address continuing problems, with vendors tapping into the deep pockets of private equity and IPOs, and data breaches shaking two major American companies to the core.

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4. Symantec Grapples With Exec Departures, Accounting Probe, Activist Investor

Symantec in August announced plans to cut its 11,000-person staff by up to 8 percent as part of a $50 million restructuring plan. In November, the company said that President and COO Michael Fey had resigned from his post, with Bloomberg reporting that CMO Michael Williams and Bradon Rogers, senior vice president of the go-to-market team, had also left the firm. Symantec declined to comment on the report.

The Mountain View, Calif.-based platform security vendor in September finished its internal probe into concerns raised by a former employee and deferred $12 million of revenue that had been recognized in the quarter ended March 2018. The probe identified certain behavior inconsistent with the company's code of conduct, and referred the matter to Symantec for appropriate action.

Also in September, Symantec reached an agreement with activist investor Starboard Value to name three new independent members to its board of directors. Starboard said in an August regulatory filing that it believes that shares of Symantec were undervalued at the time of purchase, and that it hopes to change the makeup of Symantec's board to unlock more value.

 
 
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