Google share price: Alphabet launches new cybersecurity business, Chronicle
Google shares are poised to open higher Thursday, following an announcement Wednesday that its parent company, Alphabet has launched a new cybersecurity business, called Chronicle. The new company has been created by the Alphabet X the moonshot factory and will go it alone after 2 years.
Google shares closed lower at $1,171.29 Wednesday. However, current pre-market activity has the share price opening in positive territory.
Chronicle began life in February 2016 as part of the Alphabet X unit. It’s now considered ready to be given more freedom and a new tech business has begun.
“Today I’d like to introduce you to Chronicle, a new independent business within Alphabet that’s dedicated to helping companies find and stop cyber attacks before they cause harm,” said Chronicle’s CEO, Stephen Gillett in a press release.
“We’re ready to unveil our new company, which will have two parts: a new cybersecurity intelligence and analytics platform that we hope can help enterprises better manage and understand their own security-related data; and VirusTotal, a malware intelligence service acquired by Google in 2012 which will continue to operate as it has for the last few years,” Gillett added.
Gillett also said that having access to Google’s vast expertise, own cybersecurity passion and not-to-mention its existing automated data analysis system, will prove a boon for Chronicle and its future clients.
Alphabet set on tech expansion
This latest venture by Google-parent Alphabet, highlight’s the company’s desire to continue expanding in the tech world. Although, the internet security may be a lucrative one, its not always an easy one to get right.
However, with all the power of heavyweight Alphabet at its back, its likely Chronicle could succeed where others have failed – or at least not achieved everything they set out to.
Chronicle’s initial plan is to assist business in reducing or completely erasing security blind spots. That’s with a view to giving company’s a clearer and more real overview of their security situation, needs and potential future requirements.
“None of us have to settle for cybercrime being a fact of life, or for a reactive, expensive existence of clean-up and damage control,” Gillett said. “We’re looking forward to working with many organizations in the coming years to give good the advantage again.”