Symantec Completes LifeLock Buy To Counter Identity Theft

With Symantec Corp.’s completion of its acquisition of LifeLock, Inc., a leading provider of identity theft protection, it has created the most comprehensive consumer digital safety platform to help people protect their information, identities, devices and families. The acquisition, approved by LifeLock’s shareholders last month, was made for approximately $2.3 billion.

With more people shopping online and sharing their lives on social media, identity theft is at an all-time high. In a press release, Symantec said that more than one-third of Americans and more than 650 million people globally were victims of cybercrime in 2016 alone, making digital safety a top concern for consumers. In fact, it is an estimated $10 billion market.

Identity theft allows thieves to steal personal information (such as Social Security numbers) and use it to then take over or open new accounts, file fake tax returns, rent or buy properties and more. According to LifeLock, children are especially susceptible to identity theft because of their clean credit histories.

LifeLock protects its customers by scanning millions of transactions every second for threats to a person’s identity. In addition, if an identity has been stolen, there are specialists on hand to help the victim pinpoint the security breach, as well as give $25,000 to $1 million to replace stolen funds depending on the level of a client’s plan. Last year, consumers spent over 100 million hours resolving identity fraud.

“The combination of Symantec, the leader in consumer security, and LifeLock, with more than 4.5 million members, paves the way for us to deliver comprehensive digital safety solutions for consumers who face an onslaught of new risks every day,” said Symantec CEO Greg Clark. “With the addition of LifeLock, consumers will now have a single place to get the protection services they need for their entire digital lives — from two trusted, industry-leading brands.”