WORLD_ Online ‘Cold War’ heating up between China, U.S. and Russia, FireEye CEO says

MarketWatch

Online ‘Cold War’ heating up between China, U.S. and Russia, FireEye CEO says

Published: July 30, 2015 5:48 p.m. ET

There’s a grand chess game being played out in cyber,’ longtime security exec DeWalt says


Bloomberg
Dave DeWalt, chief executive of FireEye Inc., described “a grand chess game being played out in cyber” during an interview Thursday.

By Jeremy C. Owens
Technology Editor

FireEye Inc. CEO Dave DeWalt is a veteran of the cybersecurity industry, having led McAfee through its acquisition by Intel Corp. INTC, -0.07% and he sees a stark reality in the dark realm of online attacks.

“There is a Cold War in cybersecurity, and that’s a fact,” the executive said in an interview with Marketwatch on Thursday afternoon.

DeWalt noted that the United States, Russia and China are involved in “a superpower struggle,” which may include the recent breach of federal personnel records in which Chinese hackers are suspected. He also mentioned groups in Syria, North Korea and Iran, which he called “totalitarian states that won’t tolerate that action without some linkage” to the government.

In total, DeWalt made an educated guess that the majority of online attacks are initiated by groups affiliated with a government entity.

“There’s a grand chess game being played out in cyber,” he said.

FireEye FEYE, -5.34% has managed to capitalize on a steep rise in data breaches, putting government agencies and commercial entities on alert and in need of security services. The Milpitas, Calif., company revealed quarterly revenue of $143.2 million Thursday, up 56% year-over-year, and billings of $178.3 million. Both figures beat internal and analyst projections, though shares fell in after-hours trading as FireEye also announced the departure of Chief Financial Officer Michael Sheridan.

“The CFO leaving won’t move the needle, DeWalt is the face of FireEye,” FBR Capital Markets analyst Daniel Ives said in an email Thursday.

‘”The face of FireEye” doesn’t seem nervous about attracting a new chief financial officer in a competitive Silicon valley job market, noting that FireEye received 30,000 applications in the quarter while hiring 180 new employees.

“I’m getting pinged for CFOs so fast right now,” DeWalt said in a telephone interview ahead of Thursday’s conference call.

DeWalt can feel confident because the cybersecurity industry is booming in response to new online threats. Acquisition activity has heated up, with one recent deal valuing a year-old security startup at $190 million. FireEye got out ahead of this trend, however, including the $1 billion post-IPO purchase of Mandiant, the security company that first publicly detailed Chinese military involvement in hacking attacks against the U.S.

FireEye’s spending just after its initial public offering and $1 billion secondary stock sale allow it to sit out the now elevated market for security companies. “We’re not really in the acquisition game,” DeWalt said Thursday.

Instead, FireEye can focus on attempting to be more nimble and up-to-date than large traditional tech players such as Cisco Systems, Inc. CSCO, -0.14% , Symantec Corp. SYMC, -0.22% and McAfee, as well as more practiced and advanced than newer startups like Palantir Technologies. DeWalt says the former, including his previous company, have “technology that isn’t providing as much value as it once was,” while newer rivals are “going to have a hard time leveraging this window.”

To take advantage of its position, FireEye is entering into novel partnerships with public and private entities to develop security solutions. The company has landed deals with several federal government agencies and detailed a deal with Visa earlier this summer that Dewalt says will “eradicate fraud across merchants at a speed of remediation that’s unparalleled.”

FireEye has managed to strike similar partnership deals with insurers and telecommunciations providers, DeWalt says, and will continue to look for more.

“These are really the next-generation models,” he said.

***

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