2024-06-07 16:10:27 ET
Cisco Systems, Inc. (CSCO)
BofA Securities 2024 Global Technology Conference
June 6, 2024 01:40 PM ET
Company Participants
Jeetu Patel - EVP and General Manager of Security and Collaboration.
Conference Call Participants
Tal Liani - Bank of America Securities
Presentation
Tal Liani
Okay, we can start, great. Jeetu, thank you. Thank you for coming.
Jeetu Patel
Yeah.
Question-and-Answer Session
Q - Tal Liani
We -- you hosted Cisco Live or you had Cisco Live just recently and we listened to the presentations. And I'm going to ask you a little bit about your strategy long-term. This is not meant to speak about the quarter. It's -- the session is about what's your kind of the high-level, what's your strategy for security over the next few years? And I want to start from -- I don't know who came to our CISO dinner last night, but we hosted three CISOs from small companies, very, very smaller companies. And we asked them about security and we asked them about who do they buy from. And one of the questions was Cisco, what do you -- and they described you as a gold-plated solution that is very expensive. But then I asked them, when did you meet Cisco? And that's like a five-year-old view.
Jeetu Patel
Yes.
Tal Liani
It's not a recent view. So talk -- if you don't mind, talk about first of all, the high-level of Cisco Security, how -- where do you want to see the company three years from now? What are the things you're investing in, things you're going after, the opportunities, what have you done to get -- take the time it's -- we have plenty of time to speak about kind of deep into the strategy of where do you want to be? And then how do you change the perception of those CISOs that didn't meet you since you joined, right? Didn't meet you in the last 24 -- 24, 36 months. So…
Jeetu Patel
Yeah, I think if you think about the industry and what's happening in the industry, I think there is a move that's happening from point solutions to integrated platforms. That is not just my point of view, it is a fact. That's what's happening in the market right now. And the reason for that is because there's 3,500 vendors in the market. And on average, most customers have between 50 and 70 vendors in the cybersecurity stack. And that's no longer tenable because the complexity is too high, that's 70 different policy engines at 70 different places where policy contention can happen....
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Cisco Systems, Inc. (CSCO) BofA Securities 2024 Global Technology Conference (Transcript)