LifeLock

{{short description|American identity theft protection software}}

{{Infobox company

| name = LifeLock by Norton

| type = Subsidiary

| industry = Software

| logo = Lifelockbynorton.png

| products = Identity theft prevention software

| founded = {{start date and age|2005}} in Tempe, Arizona

| defunct =

| fate = Acquired by Symantec

}}

NortonLifeLock is an American software company originally active from 2005 to 2017, and was best known for its eponymous LifeLock identity theft prevention software, now sold by Gen Digital after the latter acquired LifeLock in 2017. LifeLock's system monitors for identity theft, the use of personal information, and credit score changes.{{cite web|url=https://www.chicagotribune.com/2014/01/31/protect-financial-information-from-theft/|title=Protect financial information from theft|first=Debbie|last=Carlson|work=Chicago Tribune|date=January 31, 2014|access-date=May 30, 2014}}{{cite web|url=https://money.cnn.com/2013/12/19/technology/security/target-credit-card|title=4 things to do after your credit card has been hacked|last=Fox|first=Emily Jane|author-link=Emily Jane Fox|work=CNN Money|date=December 19, 2013|access-date=May 30, 2014}}

LifeLock was acquired by computer security company Symantec in 2017 for $2.3 billion.{{Cite news |date=2016-11-20 |title=Symantec to acquire LifeLock for $2.3 billion |language=en |work=Reuters |url=https://www.reuters.com/article/us-lifelock-m-a-symantec-idUSKBN13F12L |access-date=2022-03-19}} After Symantec sold its enterprise division to Broadcom, the company was renamed from Symantec to NortonLifeLock in November 2019, and Gen Digital Inc. in 2022.{{Cite web |title=NortonLifeLock Merges With Avast to Form New Company Called 'Gen' |url=https://www.pcmag.com/news/nortonlifelock-merges-with-avast-to-form-new-company-called-gen |access-date=2023-03-01 |website=PCMAG |language=en}} During the same year, the company began to offer versions of its Norton 360 subscription service with LifeLock included.

History

LifeLock was co-founded in 2005 by Robert J. Maynard and Todd Davis.

Maynard began his career by founding the Internet Service Provider (ISP) Internet America in the late 1990s.{{Cite web|url=https://www.phoenixnewtimes.com/news/what-happened-in-vegas-6432785|title=What Happened in Vegas...|last=Stern|first=Ray|date=2007-05-31|website=Phoenix New Times|access-date=2019-01-27}} Former LifeLock CEO Davis worked for Dell before founding Marketing Champions, an advertising and marketing firm.{{Cite web|url=https://www.informationweek.com/high-five-meet-todd-davis-ceo-of-lifeloc/196902113|title=High Five: Meet Todd Davis, CEO Of LifeLock|website=InformationWeek|language=en|access-date=2019-11-14}}

Maynard resigned from LifeLock in June 2007 after claims that he was a victim of identity theft came under scrutiny.{{Cite magazine|url=https://www.wired.com/2007/06/lifelock-founde-1/|title=LifeLock Founder Resigns Amid Controversy|last=Zetter|first=Kim|author-link=Kim Zetter|date=2007-06-11|magazine=Wired|access-date=2019-04-19|archive-url=https://web.archive.org/web/20090505051137/http://www.wired.com/threatlevel/2007/06/lifelock_founde_1|archive-date=2009-05-05|url-status=live|issn=1059-1028}} Davis publicly posted his Social Security number as part of a 2007 ad campaign to promote the company's identity theft protection services. However, Davis was a victim of 13 cases of identity theft between 2007 and 2008.{{Cite magazine|url=https://www.wired.com/2010/05/lifelock-identity-theft/|title=LifeLock CEO's Identity Stolen 13 Times|last=Zetter|first=Kim|author-link=Kim Zetter|date=2010-05-18|magazine=Wired|access-date=2016-12-17|archive-url=https://web.archive.org/web/20100521030228/http://www.wired.com/threatlevel/2010/05/lifelock-identity-theft|archive-date=2010-05-21|url-status=live|issn=1059-1028}}{{Cite web|url=https://www.computerworld.com/article/2517761/lifelock-ceo-said-to-be-victim-of-identity-theft-13-times.html|title=LifeLock CEO said to be victim of identity theft 13 times|last=Vijayan|first=Jaikumar|date=2010-05-19|website=Computerworld|language=en|access-date=2019-04-19}} Regarding the campaign, Davis said, "We were trying to make the point that ... all it takes is one data breach. The point of that campaign was to take proactive steps to protect your identity."{{cite web|url=http://www.bizjournals.com/phoenix/news/2014/02/20/lifelock-ceo-shares-more-than-ssn-in.html?page=all|title=LifeLock CEO shares more than SSN in first 'Reporter's Notebook' event|last=Lowery|first=Ilana|date=February 20, 2014|website=Phoenix Business Journal|accessdate=May 30, 2014}}

In December 2008, LifeLock entered into an agreement with TransUnion, one of the three main credit bureaus, to automate the process of alerting customers of potential unauthorized access via their credit reports.{{cite news|title=LifeLock, TransUnion team to fight identity theft|url=http://phoenix.bizjournals.com/phoenix/stories/2008/12/15/daily43.html|accessdate=2008-12-18|author=O'Grady, Patrick|date=2008-12-17}}

As part of a 2009 settlement with Experian related to false fraud alerts allegations, LifeLock set up a service that does not rely on fraud alerts.{{cite news|url=http://www.cnn.com/2008/CRIME/05/22/lifelock.flap.ap/index.html?eref=ib_technology|title=Fraud-prevention pitchman becomes ID theft victim|accessdate=2008-05-22|archive-url=https://web.archive.org/web/20080526075840/http://www.cnn.com/2008/CRIME/05/22/lifelock.flap.ap/index.html?eref=ib_technology|archive-date=2008-05-26|url-status=dead}}{{cite news|url=https://www.forbes.com/markets/commodities/2008/02/21/experian-lifelock-update-markets-equity-cx_md_0221-markets32.html|title=Experian Sues LifeLock For 'Abusing' Fraud Alert System|last=Desmond|first=Maurna|author-link=Maurna Desmond|date=2008-02-21|work=Forbes|accessdate=2012-09-11|archive-url=https://web.archive.org/web/20080528055937/http://www.forbes.com/markets/commodities/2008/02/21/experian-lifelock-update-markets-equity-cx_md_0221-markets32.html|archive-date=2008-05-28|url-status=dead}}{{Cite news|url=http://www.azcentral.com/business/articles/2009/10/23/20091023biz-lifelock1023.html|title=LifeLock, Experian settle case over alerts|last=Johnson|first=Andrew|date=2009-10-23|work=The Arizona Republic|access-date=2019-04-19|publisher=Gannett Company}}

In March 2012, LifeLock acquired ID Analytics, which operates independently as a wholly owned subsidiary{{cite web|url=https://techcrunch.com/2012/03/15/identity-theft-protection-company-lifelock-raises-100m-from-kleiner-symantec-acquires-id-analytics/|title=Identity Theft Protection Company LifeLock Raises $100M From Kleiner, Symantec; Acquires ID Analytics|author=Rao, Leena|date=March 15, 2012|publisher=TechCrunch|accessdate=May 30, 2014}} Following LifeLock's initial public offering (IPO) announcement in August 2012,{{Cite news|url=https://www.reuters.com/article/us-lifelock-ipo-idUSBRE87R18Y20120828|title=Security company LifeLock files for IPO of up to $175 million|date=2012-08-28|work=Reuters|access-date=2020-02-13|language=en}} Hilary Schneider joined the company as president.{{Cite web|url=https://fortune.com/2016/01/20/hilary-schneider-ceo-lifelock/|title=Former Top Yahoo Exec Hilary Schneider Promoted to CEO of LifeLock|website=Fortune|language=en|access-date=2020-02-13}}

In December 2013, LifeLock acquired Lemon Wallet, a digital wallet platform, for $42.6 million.{{cite web|url=http://gigaom.com/2013/12/12/lifelock-buys-mobile-wallet-lemon-for-42-6m|title=LifeLock buys mobile wallet Lemon for $42.6M|author=Fitchard, Kevin|publisher=Gigaom|date=December 12, 2013|accessdate=May 30, 2014}}{{cite web|url=http://mashable.com/2013/12/12/lifelock-acquires-lemon|title=LifeLock Acquires Lemon App For $42 Million to Develop Digital Wallet|author=Fiegerman, Seth|publisher=Mashable|date=December 12, 2013|accessdate=May 30, 2014}}{{cite web|url=https://techcrunch.com/2013/12/12/lifelock-acquires-mobile-wallet-platform-lemon-for-42-6-million|title=LifeLock Acquires Mobile Wallet Platform Lemon For $42.6 Million, Launches LifeLock Wallet|last=Perez|first=Sarah|date=December 12, 2013|website=TechCrunch|accessdate=May 30, 2014}}

In 2015, the FTC obtained a $100 million monetary penalty against LifeLock with $68 million held for class-action refunds to customers in relation to false advertising and failed service delivery allegations.{{cite web|url=https://www.ftc.gov/news-events/press-releases/2015/12/lifelock-pay-100-million-consumers-settle-ftc-charges-it-violated|title=LifeLock to Pay $100 Million to Consumers to Settle FTC Charges it Violated 2010 Order|date=December 17, 2015}}{{cite web|url=https://www.theregister.co.uk/2015/12/17/lifelock_fined_100m|title=LifeLock didn't live up to their hype, and now they're $100m lighter|last=Nichols|first=Shaun|website=The Register|publisher=Situation Publishing|accessdate=December 17, 2016}}

In January 2016, the company announced that Hilary Schneider would replace Todd Davis as CEO.

LifeLock was acquired by Symantec for $2.3 billion on February 9, 2017.{{cite news|last1=Molina|first1=Brett|title=Symantec to acquire LifeLock for $2.3B|url=https://www.usatoday.com/story/tech/news/2016/11/21/symantec-acquire-lifelock-23b/94208924|accessdate=2016-11-21|work=USA Today|issue=2016–11–21}}{{Cite web |title=Symantec completes acquisition of Tempe's LifeLock for $2.3B |url=https://www.bizjournals.com/phoenix/news/2017/02/09/symantec-completes-acquisition-of-tempes-lifelock.html |website=www.bizjournals.com |access-date=2019-11-14}} The company subsequently began to offer its Norton subscription services with LifeLock included.{{Cite web|url=https://www.techradar.com/news/norton-adds-a-vpn-and-more-to-its-refreshed-360-products|title=Norton adds a VPN and more to its refreshed 360 products|last=Athow|first=Desire|website=TechRadar|date=29 April 2019|language=en|access-date=2020-03-04}}

=Funding=

The company started with $2 million in seed funding with another $5 million in its Series A funding in 2006 from Bessemer Ventures.{{cite web|url=http://gigaom.com/2007/04/23/lifelock-gets-6-million-from-kleiner-perkins|title=Lifelock gets $6 million from Kleiner Perkins|last=Malik|first=Om|author-link=Om Malik|website=Gigaom|date=April 23, 2007|access-date=May 30, 2014}}

LifeLock raised $6 million in its series B funding from Kleiner Perkins Caufield & Byers in April 2007. The following January, its Series C Funding raised $25 million, led by Goldman Sachs Group, Inc.{{cite web|url=http://www.bizjournals.com/phoenix/stories/2008/01/21/daily26.html|title=LifeLock gains $25 million in third-round funding to support growth|author=Kress, Adam|publisher=Phoenix Business Journal|date=January 23, 2008|accessdate=May 30, 2014}} In August 2009, a series D funding round raised $40 million for the company.{{cite web|url=https://venturebeat.com/2009/08/05/symantec-pumps-20m-into-identity-theft-protection-company-lifelock|title=Symantec helps pump $40M into identity theft protection company Lifelock|author= Marshall, Matt|publisher=VentureBeat|date=August 5, 2009|accessdate=May 30, 2014}} In March 2013, LifeLock raised $100 million in new equity funding from Bessemer Ventures Partners, Goldman, Sachs & Co., Kleiner Perkins Caufield & Byers, Symantec Corporation, and River Street Management.{{cite news|title=LifeLock gets $100 million investment, purchases ID Analytics|url=http://www.bizjournals.com/phoenix/news/2012/03/14/lifelock-gets-100-million-investment.html|website=Bizjournals.com|date=March 14, 2012|author=O'Grady, Patrick}} The funds were used towards the acquisition of ID Analytics, an identity theft risk prediction technology.

LifeLock announced plans to take its identity theft protection business public and filed for an IPO worth up to $175 million on August 28, 2012.{{cite web|title=Lifelock expects to price IPO at $9.50-$11.50|url=http://www.marketwatch.com/story/lifelock-expects-to-price-ipo-at-950-1150-2012-09-19|publisher=MarketWatch|accessdate=September 25, 2012}} The company was listed on the New York Stock Exchange starting October 3, 2012, trading under the symbol LOCK.{{Cite web|url=https://www.bizjournals.com/phoenix/news/2012/10/03/lifelock-ipo-brings-in-about-141.html|title=LifeLock IPO brings in about $141 million|website=www.bizjournals.com|access-date=2020-02-13}} LifeLock filed a form with the Securities and Exchange Commission to voluntarily deregister its common stock in 2017 post its acquisition by Symantec for $2.3 billion.{{Cite web|url=https://marketexclusive.com/lifelock-inc-nyselock-files-an-8-k-termination-of-a-material-definitive-agreement/2017/02/|title=LifeLock, Inc. (NYSE:LOCK) Files An 8-K Termination of a Material Definitive Agreement - Market Exclusive|last=Staff 8-k|first=M. E.|language=en-US|access-date=2020-02-13}}

Following Symantec's name change in November 2019, Symantec's stock symbol became NLOK.{{Cite web|url=https://www.bizjournals.com/sanjose/news/2019/11/06/symantecs-consumer-business-has-a-new-name-as.html|title=Goodbye, Symantec: Consumer business gets rebrand|website=www.bizjournals.com|access-date=2020-02-13}}

Controversies

Robert J. Maynard, Jr., a co-founder of the company, resigned in June 2007 following a controversial story published in Phoenix New Times about his past. The story involved bankruptcy, FTC investigation, and identity theft.{{cite web|url=http://www.phoenixnewtimes.com/2007-05-31/news/what-happened-in-vegas/full|title=What Happened in Vegas|publisher=Phoenix New Times|last=Ray Stern|date=30 May 2007|archive-url=https://web.archive.org/web/20090404113544/http://www.phoenixnewtimes.com/2007-05-31/news/what-happened-in-vegas/full|access-date=14 November 2021|archive-date=2009-04-04|quote=In April 2005, local entrepreneur Robert J. Maynard Jr. was beyond broke.}}{{cite news|url=http://phoenix.bizjournals.com/phoenix/stories/2007/06/11/daily15.html|title=LifeLock founder resigns amid questions about his past|last=Casacchia|first=Chris|date=2007-06-12|accessdate=2007-06-19|publisher=bizjournals.com}}

LifeLock was fined $12 million by the Federal Trade Commission in March 2010 for deceptive advertising.{{Cite magazine|url=https://www.wired.com/2012/10/lifelock-ipo/|title=LifeLock's IPO Is Unimpressive, But Not as Bad as Its Checkered Past|last=Singel|first=Ryan|author-link=Ryan Singel|date=2012-10-03|magazine=Wired|access-date=2019-04-19|issn=1059-1028}} The FTC called the company's prior marketing claims misleading to consumers by claiming to be a 100% guarantee against all forms of identity theft after the co-founder posted his social security number on build boards and commercials to promote the company's “anti data theft protection” .{{cite web|url=https://www.ftc.gov/enforcement/cases-proceedings/072-3069-x100023/lifelock-inc-corporation|title=LifeLock, Inc., a corporation|date=9 March 2010|website=Federal Trade Commission|accessdate=14 March 2019}}

In 2015, the FTC found LifeLock to be in contempt of the 2010 agreement, charging that they "failed to establish and maintain a comprehensive information security program", and "falsely advertised that it protected consumers' sensitive data". The FTC obtained a $100 million monetary penalty against LifeLock to settle the contempt charge. Of that fine, $68 million was held for class-action refunds to LifeLock customers.

=2022 data breach =

In December 2022, LifeLock servers suffered an attack using credential stuffing, and over 6,000 user accounts had their details disclosed, including names, addresses and phone number. The method of attack was to use credentials from previous unrelated breaches. This resulted in a large number of failed login attempts on 16 December 2022. Notification of the breach was sent in January 2023.{{cite news |title=Norton LifeLock says thousands of customer accounts breached |url=https://uk.news.yahoo.com/norton-lifelock-says-thousands-customer-192152410.html |access-date=2023-01-16 |work=uk.news.yahoo.com |date=2023-01-15}}