Gen Digital shares reached a 52-week high after the cybersecurity company reported quarterly results. Gen Digital CEO Vincent Pilette joins Seana Smith on Catalysts to discuss the results and how the company works to protect consumers as the election and artificial intelligence (AI) heighten scam risks.

"This quarter, in Q2, we actually reached a record membership on our cyber safety platform. Almost 40 million paid customers. We have hundreds of millions of users," Pilette says, adding, "People understand that they need [a] higher level of security. We've seen a rise in scams and breaches, which leads to a very high demand for our identity theft protection services."

As scammers leverage AI tech, Pillette says it only increases consumers' need for cybersecurity protection. He says, "We believe that the cyber safety market, for consumers specifically, is still massively underpenetrated. People believe that they have good hygiene or that [enterprise software or services provider] will protect them, but actually, for no fault of their own, their data can be sitting on the dark web, compromised by breaches happening somewhere in the world, leading them to a high volume of personalized scams supported by AI."

The CEO adds that amid the presidential election cycle, there has been an uptick in related scams. "We've seen more than half of the Americans being targeted by scams related to the election, whether it's a fake donation scam or just a poll scam, that try to steal your personal data. We've seen a huge rise here."

While scammers are integrating AI, so are cybersecurity companies like Gen Digital. Pilette explains, "We use AI to better detect patterns ... and really enable the consumers to detect those scams."

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