F-Secure creates a new branch of enterprise security under the name WithSecure • The Register


F-Secure’s business for enterprises will have a new brand – WithSecure – and a sharper focus when the company splits into two independent operations.

The move comes a month after the security provider’s board revealed that the 34-year-old Helsinki-based company would separate the consumer security business from its business unit. The consumer company will retain the F-Secure name.

The final break will come this summer after a general meeting in May. The split is expected to complete on June 30.

Many former F-Secure executives, including CEO Juhani Hintikka, are switching to WithSecure. According to Hintikka, splitting the business into two makes sense, given the size of the business units and consumers, and the business dynamics each is experiencing.

The two operations generate more than $100 million in annual revenue, he said. The register.

“This means in practice that some of the original synergies that existed between the two companies are less relevant today,” the CEO said. “Both companies have their own go-to-market organizations, their own product portfolio, their own customer description, etc. There are really only a few technical things that both rely on, but the rest is really quite separate.”

According to F-Secure’s 2021 Shareholder Report [PDF]WithSecure will launch with approximately 1,300 employees.

Being an independent company will help WithSecure better define itself in an increasingly competitive global security market, Hintikka explained.

“This focus will help us become more agile, have faster time to market, and overall make us more competitive in that sense,” he said. “The other part is we’ll be able to communicate clearly to the marketplaces – who we are and what we stand for and what our customers are, what their issues are. They’re quite separate between the consumer and our B2B side. Also , this type of structure also allows us potentially to consider, for example, raising capital for certain purposes where we can be quite explicit about the company we are looking for rather than an average of averages.”

Such guidance will also help the new company’s third-party sellers, who previously had to spend the first 15 minutes with enterprise customers explaining the differences between what F-Secure’s business unit offered and what consumer operations offered. had in his wallet.

The CEO noted that when organizations search for the F-Secure name online, it’s the company’s consumer products that get the most attention, even though it’s the smaller of the two business units. .

Hintikka said WithSecure will compete in a global market where many companies are similar, with comparable products and skills. The company offers a range of products and services, covering areas such as endpoint security, managed detection and response (MDR), collaboration protection for Salesforce and Microsoft 365, and vulnerability management.

He also pointed to the company’s consultants – who work with companies to meet their security needs – as another asset to the company.

“What sets us apart is this combination of expertise and cutting-edge technology, but at the heart of our brand and what we stand for is actually something we call a good partnership,” the CEO said.

“It just means that it’s so complex, and it’s moving so fast, that it’s hard for anyone to claim they can solve all the challenges of cybersecurity on their own. When we talk about security, it’s something we partner with our customers, with our partners.”

It also helps that WithSecure is a European company. In the current political climate, the demand for data sovereignty and privacy is growing worldwide – nowhere more than in Europe, where much of this demand is addressed by the General Data Protection Regulation (GDPR) , which carries severe potential penalties for violations.

Earlier this month, the European Union fined Meta – formerly Facebook – more than $18 million for GDPR violations related to data breaches.

“In practice, for many enterprise customers, it’s the thinking that ties into how we control access to data,” Hintikka said. “Obviously in some countries it’s seen as a problem if the data is outside the country’s borders or if there’s a fear – even a theoretical possibility – that a foreign government might have access to it. data. It seems more important than it did before.” ®


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