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Microsoft Corp (NASDAQ:MSFT) introduced new anti-hacking initiatives, linking senior leaders’ compensation to cybersecurity milestones after facing criticism for failing to prevent significant attacks.
The company is prioritizing security over new feature development and adding cybersecurity leaders to its product teams.
In November, Microsoft launched its Secure Future Initiative, the most significant security effort since co-founder Bill Gates redirected Windows development in 2002 to focus on product safety, Bloomberg reports.
However, a critical government cybersecurity report highlighted Microsoft’s security culture shortcomings.
Microsoft’s revamped security culture involves daily behaviors and expanded oversight, with deputy chief information security officers reporting to Igor Tsyganskiy, the global CISO.
Recent hacking incidents, including breaches linked to Russian and Chinese state-sponsored groups, highlighted Microsoft’s need for robust security measures.
In April, Microsoft reported third-quarter revenue growth of 17% year-over-year to $61.9 billion, which beat the analyst consensus estimate of $60.804 billion. The company reported EPS of $2.94, which beat analyst estimates of $2.82.
Meanwhile, analysts remained bullish on Microsoft’s prospects after its third-quarter print, citing Azure, and OpenAI, and a robust network of Windows, Office LinkedIn, and Teams users. It is positioned to be the “clearest beneficiary of GenAI spend,” they said.
Microsoft stock gained over 33% in the past 12 months. Investors can gain exposure to the stock via Technology Select Sector SPDR Fund (NYSE:XLK) and Fidelity MSCI Information Technology Index ETF (NYSE:FTEC).
MSFT Price Action: Microsoft shares traded higher by 2.01% at $405.82 on the last check Friday.
Photo: Volodymyr Kyrylyuk on Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
