Legacy tech giants International Business Machines Corp. (IBM) and Cisco Systems Inc. (CSCO) announced Wednesday plans to join forces amid a worldwide cybercrime epidemic.

The old-guard industry leaders have decided to swap threat intelligence information between their internal research groups when investigating major hacks, as they did with the recent WannaCry ransomware attack. Enterprise IT provider Cisco says the lack of security product integration creates blind spots that hackers can exploit, with about 65% of enterprises using six or more different security products at once for cybersecurity, according to a study. (See also: ‘Strong Links’ Tie North Korea to Ransomware Attacks: Symantec.)

Boosting Cloud-Based Security

San Jose, Calif.-based Cisco and Armonk, N.Y.-based IBM will also add product integrations to connect their portfolios. Cisco plans to build applications for IBM’s QRadar security analytics platform as its Talos security research team works alongside IBM’s X-Force on joint projects.

While partnerships like this are common with smaller players in the cybersecurity space, the news is significant given that the two companies’ collective security businesses amounts to more than $4 billion. As Cybersecurity Ventures expects cybercrime to cost the world some $6 trillion by 2021, the companies stress the need for improved security for cloud-based services.

Earlier this month, Cisco disappointed with weaker-than-expected current-quarter guidance, cutting 1,110 jobs and promising to push ahead with its transformation through buyouts, partnerships and other strategic initiatives. As for IBM, the firm has also carried out numerous acquisitions in order to diversify and leverage its unique software and services assets as it faces cloud disruption and heightened competition from players such as Hewlett Packard Enterprise Co. (HPE) and Microsoft Corp. (MSFT). The latest deal demonstrates the power of the multinational tech company’s specialized teams, as they seek to partner up with other global leaders across industries and to tap into high-growth markets. (See also: Focus on Enterprise Cybersecurity Shifts Industry.)

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