CEO Chuck Robbins has made some bold moves in transforming Cisco (NASDAQ: CSCO) from a provider focused on enterprise switches and routers to fast-growing markets including the cloud, Internet of Things (IoT), and data security.
Data security sales have been particularly strong and Cisco's latest offering -- "Security Architecture for Mobile Service Providers" -- announced at the Mobile World Congress (MWC) in Barcelona, Spain should keep the positive momentum rolling along.
Cisco described the platform as a "comprehensive portfolio of threat-centric solutions that offers multi-layered protection across the network, the endpoint (device) and the cloud." The platform consists of three layers which include securing a provider's mobile network against cyberattacks.
The mobile security package also includes solutions for providers to "offer the most robust" protection for a user's device. Cisco also shared that several providers including Samsung are using the enhanced security solution for its mobile business customers. Not surprisingly given Robbins' new-ish transition strategy, the security platform also offers mobile service providers protection in the cloud, whether it be on a Cisco-hosted environment internally run.
With estimations that there will be 26.3 billion networked devices by 2020, and $1 trillion spent on data security between now and 2021, it's a fast-growing market offers nearly unlimited opportunity. As demonstrated by Cisco's 14% jump in data security sales last quarter to $528 million, it's already making strides. Now, Cisco can add the world's billions of mobile devices to its data security suite of solutions.
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