Microsoft at Deutsche Bank’s 2025 Technology Conference: AI and Security Insights

On Thursday, 28 August 2025, Microsoft Corporation (NASDAQ:MSFT) participated in Deutsche Bank’s 2025 Technology Conference, presenting a strategic overview that highlighted both the opportunities and challenges in the cybersecurity realm. The discussion emphasized Microsoft’s commitment to security, the integration of artificial intelligence (AI), and the company’s significant market presence. Despite facing a growing threat landscape, Microsoft outlined a robust strategy to leverage AI and consolidate security solutions.

Key Takeaways

• Microsoft’s security business generates more than $20 billion in revenue, with the Sentinel business alone contributing $1 billion.
• The company processes 84 trillion signals daily, marking a 10-fold increase over five years.
• Password attacks have surged from 4,000 to 7,000 per second year-over-year.
• The Secure Future Initiative involves 34,000 engineers focusing on security as a top priority.
• AI is central to Microsoft’s strategy, with a 75% attach rate of security features with Copilot.

Financial Results

• Microsoft’s overall security business generates more than $20 billion in revenue.
• The Sentinel business, a critical component of Microsoft’s security portfolio, is valued at $1 billion.

Operational Updates

• Microsoft processes 84 trillion signals daily, a significant increase from 8 trillion five years ago.
• The company tracks 1,500 unique nation-state and financial crime actors, a fivefold increase year-over-year.
• Over 2 million applications are secured with Microsoft’s Defender.
• The Secure Future Initiative, based on Zero Trust principles, is a major focus, with 34,000 engineers dedicated to enhancing security.

AI Security

• Microsoft is actively integrating AI into its security solutions, with a 75% attach rate of security features with Copilot.
• The company is working on securing AI and using AI for defense, with more than 1,000 customers employing security co-pilot, resulting in a 30% reduction in mean time to response.
• GenAI solutions are being secured across Microsoft’s platform, emphasizing the importance of AI in the security landscape.

Future Outlook

• Microsoft plans to consolidate its security offerings, focusing on identity, cloud, endpoint, and network security.
• The company foresees significant innovation in agentic AI and its implications for security, with identity being a crucial element.
• Security, governance, privacy, and observability are converging, forming a holistic security approach.

Q&A Highlights

• Microsoft differentiates itself through vast signal processing capabilities and a comprehensive security portfolio.
• The company’s collaborative approach is highlighted by its ecosystem of partners developing security co-pilot agents.
• Identity security remains a priority, with Microsoft’s expansion into protection, conditional access, and identity governance.

Readers are encouraged to refer to the full transcript for a detailed understanding of Microsoft’s strategic insights shared during the conference.

Full transcript - Deutsche Bank’s 2025 Technology Conference:

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Yes.

Brad Zelnick, Software Research Team, Deutsche Bank: Okay. I think we’re live. Awesome. Welcome back everybody. Once again, I’m Brad Zelnick with the software research team here at Deutsche Bank.

For this session, we are very pleased to have none other than Microsoft specifically, Basu Jakal, do I have that right?

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Right.

Brad Zelnick, Software Research Team, Deutsche Bank: I always take a little bit of risk in pronouncing a last name, but who is Corporate Vice President of Microsoft Security, which for those that don’t realize is the most significant security business of all security businesses worldwide by a significant factor. But format of this presentation is going to be a fireside chat. I’ve got a bunch of prepared questions that I’m hoping we can get through and we’re going to get a lot smarter on the topic of cybersecurity and why it’s so important to Microsoft. So with that, thank you so much for joining us today.

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Such a pleasure, Brad, and it’s nice to be in DataPoint with you.

Brad Zelnick, Software Research Team, Deutsche Bank: Isn’t it lovely?

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Beautiful. I might even take up golf now, but

Brad Zelnick, Software Research Team, Deutsche Bank: Okay. This would be a perfect time and a perfect place. Well, again, thanks so much for being here. Maybe for those that don’t know you and are less familiar with Microsoft security business, can you just take a minute to explain your role at Microsoft and what your mandate is?

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Yes, absolutely. So thank you everyone for joining. It’s great to be here with you all. I’ve been at Microsoft now for five years and I’m responsible for our security business. So I joined really to build a business.

And I oversee our security portfolio end to end globally that involves defining the strategy, working with Charlie, our engineering leader on products, and then of course, all the go to market including business models. And this portfolio is pretty broad. We have six product families as part of that. And we really protect end to end. So starting with threat protection and security operations, defending against all the attacks coming at organizations, that’s our Defender and Sentinel product line.

We have identity, we started with identity management, but we have protection and governance, that’s Entra and that picture I think you’ll have a picture for you that shows the portfolio. We also have device management and that’s Intune. And then finally, given of course, AI data security has reached a critical point. And we have Purview, which is our data security protection and governance family. So those are all of the families within the Microsoft security portfolio.

We also have our generative AI security solutions called Security Copilot, which integrates with each of our products and also can be used standalone and that constitutes the Microsoft security platform.

Brad Zelnick, Software Research Team, Deutsche Bank: Thank you for that. And I think we do there it is.

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: That’s it.

Brad Zelnick, Software Research Team, Deutsche Bank: Excellent. A picture is worth a thousand words, I think they say. Thank you for that overview. Super helpful. And maybe just at a very high level with nearly 1,500,000 secondurity customers, that’s a massive number.

Microsoft clearly has a unique perspective into broader trends and what’s going on in the world. What are you seeing in the current environment?

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Yes, it’s a great question, Brad. So we’re seeing three challenges, which which every organization is facing right now. The first one is the threat landscape. It’s at unprecedented levels right now, the speed, the scale and the sophistication. And just to give you an idea, last year we were seeing 4,000 password attacks per second because identity continues to be a battleground of security.

This year, we’re seeing 7,000 password attacks per second. So that’s 600,000,000 attacks every single day. So that does just the scale is a lot. The speed is also has also increased. On average, it takes attackers seventy two minutes or less to infiltrate an organization.

So from when a user clicks the fishing lane to when the actor gets access to your data, sometimes your full inbox, that’s not a whole lot of minutes for a defender to protect an organization. And then we’re seeing the number of attackers has also increased. The cybercrime is a $9,200,000,000,000 anti economy every year that’s increasing. And just from the number of attackers that we are tracking at Microsoft last year, were tracking 300 unique nation state and financial crime actors. This year we are tracking 1,500.

So that’s a 5x increase. So that’s challenge number one is unprecedented levels of the threat landscape. Challenge number two is data. Data risks and insider risks are increasing. 20% of data breaches are caused by insiders, whether it’s intentional or unintentional doesn’t matter, but that’s kind of the stat.

80% plus leaders are concerned about data, especially as AI is becoming mainstream. And then the third challenge is complexity. Fragmentation continues in the security industry. This industry was built by a lot of bolt on tools. On average, organizations have 40 plus tools and they have to stitch it together, especially when the security talent doesn’t exist.

There’s more than 4,000,000 jobs, think 4,700,000 was the latest stat, which are unfulfilled in security right now. But they don’t have the talent to fix that and then you have a very complex regulatory environment. Just year over year, I think there are 100 plus AI related regulations. Every day, there are two fifty plus regulatory updates. So that’s a lot for organizations to deal with.

The challenge number one threat landscape, two data risk, three complexity. And what we’re seeing in terms of trends and solutions now is GenAI. So both using AI for security, like how do you turbocharge defense, that is a superpower that we have to leverage. And we’re also seeing security for AI, you have to secure all of this AI. And then the last one is consolidation, simplification and end to end protection.

So that’s what we’re seeing aligned to these challenges.

Brad Zelnick, Software Research Team, Deutsche Bank: It’s a lot to keep up with. Don’t By know when you the way, is everybody in the room hear Vasu okay? Just want to make sure. Okay, cool. Great.

Mean, me doing my own AV check. Like I said, lot to keep up with and the interesting part about cyber, it seems it’s the only adversarial aspect of IT. It’s been a perennial game for cat and mouse. And the industry feels more competitive than ever with multiple platforms all attempting to consolidate across various segments. Can you just help us understand how Microsoft differentiates itself amidst what is such a noisy landscape Yes, out

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: it’s extremely noisy. And I love what you said, it’s a cat and mouse game. I feel like for those who like hiking, I feel we are like hiking up Kilimanjaro and someone’s actively throwing boulders at us. That’s what it feels like in security any single day. But in terms of and this is one of the main reasons Microsoft is in security because we are a software and a platform player and we are security players.

So we have strengths across both and our biggest strength is that of the platform. But the three things that make us unique, the first one is signals. You cannot defend what you cannot see. Every single day Microsoft processes 84,000,000,000,000 signals. And just to give you an idea of that magnitude and the growth, when I joined Microsoft five years back, we were tracking 8,000,000,000,000 signals.

So that’s a 10x investment and increased just in five years. These signals help us understand who the attackers are, what are they up to, how are they attacking organizations. And you take that and you marry that with our human threat intelligence of 1,500 threat actors, we do have the largest and deepest threat intelligence in the industry. So that’s number one, which is our differentiator. Number two, we talked about the complexity, the fragmentation.

Attacks come from everywhere. They’re not going to just target your endpoint for your identities. We have to like monitor it all. Microsoft has the most comprehensive portfolio. We’ve been believers in this end to end.

So you can’t just protect your endpoints or identities, you have to look all around. We integrate 50 plus categories today, and we bring them to life in that portfolio, so you can have a consolidated solution from Microsoft. The third thing is, we make sure that we have best of breed solutions in the areas that we are participating. So whether it is identity, which is where our roots are, it’s device management, it’s data security, it’s cloud security, it’s endpoint, it’s SIEM, SecOps, we are best of breed in 19 categories across the industry, the only leader which is best of breed in the largest number of categories. And then to top all of this is GenAI.

We were at the leading edge of GenAI in 2023 when ChatGPT and CoPilot became mainstream. So we have this deep understanding of what is needed for AI and the AI stack and leveraging that truly to understand well, how do you secure this AI, both using AI for defense, so that’s Copilot and we were the first to market with HNI solution. In fact, our security co pilot is used by more than 1,000 customers and there are some statistics which are showing how they’re making a difference like 30% reduction in mean time to response. And we are securing the Gen AI solutions across. So I think those four things signals, making sure that we have end to end protection with best of breed, that we have Gen AI and that we are continuously building a platform integrating the ecosystem is what sets us apart.

Brad Zelnick, Software Research Team, Deutsche Bank: There are no doubt puts Microsoft in a very differentiated position. I want to double click on AI.

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Yes.

Brad Zelnick, Software Research Team, Deutsche Bank: I feel like we’ve almost made it ten minutes and we didn’t really spend too much time focused on it. You think called AI, right? You’ve heard of this, right? So yes, it’s a multidimensional topic. So three related questions, you have touched on this a bit already, but how have you seen the threat landscape change with AI specifically?

I don’t know if you can further quantify or give us a sense of the impact has been? How should we think about Microsoft’s response to better leverage AI, security copilot, etcetera, learn a little bit more about that and how we’re going to protect AI itself?

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Yes. I know it feels like it’s like water now. It’s all around us and we’re swimming in it. From an AI standpoint, the threat actors are really smart. They’re going to use every tool which is available to them.

And so the types of attacks that we can expect to see and we’re seeing is every single dimension that you think of, whether it’s identity attacks or phishing attacks, think of them just getting faster and the scale increasing. In phishing, we’re seeing social engineering, I’m sure you’ve seen a lot of these fakes and how AI can be used, very convincing. And they have more context now, they can do recon very easily. We published a report almost a year back with OpenAI on some of the nation state related actors and AI for and we saw that they’re doing a lot of recon with it. But using that context, getting smarter, really mimicking humans more with phishing and providing that they’re to see that identity.

We talked about identity being the battleground of security. With AI now you can do faster password cracking. I mean, many of us still have passwords, We still live in a password world. So that’s going to be challenging. Everything from command and control to make to lateral movements and how they’re using AI to just get better intelligence on your organizations are what we’re going to see from threat actors.

But more than that, I think one of the other aspects of AI is it introduces new surface areas. So in addition to what we consider existing surface areas, your devices and identities and network, think about prompts, that’s a new attack area, think about LLM models, think about AI related data. So we’re going to start seeing them also leverage those attack surfaces and try to get into organizations to that. So it’s using our existing attack surfaces and they’re really trying to leverage AI to get smarter and faster and inside the orgs and leverage the new surface areas to use that as a leverage for them. Now in terms of Brad, you asked how are we going to protect against that.

So you have to think about protecting the entire AI stack. And so foundational security, whether it’s models, it’s the AI stack itself, it’s what we call built in content safety, all of those measures, we have to have that. And then you have to have security measures all around. So you’re monitoring and you’re governing AI, while it is being used in organizations. So that’s how we are using AI.

And of course, we have to use AI for security, because you can’t keep up with these attacks by just what we were doing earlier. We have to start using GenAI.

Brad Zelnick, Software Research Team, Deutsche Bank: We need AI to fight AI.

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: We need AI to fight AI, beautifully said.

Brad Zelnick, Software Research Team, Deutsche Bank: Makes a lot of sense. Microsoft is obviously continually innovating. One stat that stood out to us is that five of 11 recently released security co pilot agents were developed by partners such as One Trust and Tanium were two names that I remember. But can you tell us why Microsoft’s collaborative approach to the ecosystem is so important?

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Yes, we’ve always said that security is a team sport. And if you truly look at, what we’re all up against is these very smart threat actors who have unlimited resources in many ways. I mean, cybercrime is a gig economy itself. So we have to collaborate as an industry. And Microsoft is a big believer that we all have to work together and figure out how to stitch together our solution so that we can defend end to end.

We built a platform that’s Sentinel and we have three fifty connectors in it. And as agents get developed, and they’re going to use these platforms, they’re going to use the data, we need to make sure that we are enabling everyone to build agents, because really the next frontier is agentic AI and we didn’t talk a lot about that. But today we have assisted agents. Tomorrow these agents are going to and you’re starting to see them, they’re getting very autonomous and you’re going to enter what we call frontier organizations. So as we think about security, we have to help organizations build these agents.

And so we launched our first 11 agents earlier this year, six from Microsoft tackling some of the biggest challenges like phishing and identity and data security that we talked about. And then we have five agents, Brad, to your point from the ecosystem. And we’re really excited. I mean, I think the best part of this is that we are working with the ecosystem. So we have Tanium doing a load triaging agents.

We have One Trust doing privacy agents. We have Aviatrix doing network agents for us. And this just completes the portfolio. So now a customer can get all of it from one platform through Copilot and protect themselves. So that’s going to be a big focus of ours is getting more partners to develop agents.

Brad Zelnick, Software Research Team, Deutsche Bank: Makes sense. It’s a team sport. As I think about Microsoft from the very top down, trust and security are completely paramount. And Microsoft has done work around the secure future initiative that’s very, very impressive. We saw a stat released a few months ago, Microsoft has dedicated the equivalent of 34,000 engineers working full time for eleven months to this project.

I mean that’s bigger than other massive scale companies, let alone a single project. Can you tell us a bit more about this and why it’s so important?

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Yes. So Microsoft started the journey of secure future initiative years back in 2024. And actually in twenty twenty three fall is when we introduced and we doubled down. The reason Secure Future Initiative is important is for all the reasons we just talked about. We are in the age of AI, we are the age of agentic AI.

And the way we’ve defended organizations even five years back is different than how we need to defend organizations going forward. The Secure Future initiative was born out of the need for defending first Microsoft learning through that and then protecting our customers and our ecosystems for this age of AI. There were some very challenging attacks related to nation state actors that we were facing. And we had to rethink about how do we make sure that security is a priority, not just for the security team, but for every single person at Microsoft. And as much as it is an engineering transformation, it is a cultural transformation.

And we’re hoping that we can use this blueprint to help our customers and to help our ecosystem in general. Secure Future initiative is based on Zero Trust principles. So that is a, I think a lasting framework for the security industry, which starts with verifying explicitly, having least privileged access and assuming breach. And the three principles are secure by design. So every line of code that you write has to be secure from the get go.

Secure by default, security should be out of box, you should not be bolting it on. And then secure operations all around if you want to secure that. We have six engineering pillars, everything from protecting your network to your identities, your engineering systems, your tenants and production systems, making sure we’re accelerating response and remediation, to making sure we are continuously monitoring and detecting threats. And as you said, we have 34,000 engineers. One of the most important things about Secure Future initiative is our CEO declared this as the number one priority.

Security is the number one priority for Microsoft above all else, because without security, you cannot have trust. And every single employee at Microsoft now has a security priority. Our compensation is tied to that. We review our progress with Satya, our CEO every two weeks. We send a report every week and of course with the board from a governance standpoint.

So it’s a pretty big initiative. And we’re using Secure Future initiative to really turbocharge our flywheel of defense, this portfolio that you see. So as we learn, we’re using all of those things and those investments to make sure that we are building products with those innovations so that we can then protect our customers.

Brad Zelnick, Software Research Team, Deutsche Bank: Awesome. That is great. I wanted to turn for a moment to what’s happening in security operations and what’s really caught our eye of late is just the innovation that Microsoft is driving within the SOC with Sentinel and especially in the midst of a number of other cyber platforms that are vying to displace legacy SIEM solutions out there. Would love to hear how you view the SOC evolving and where the most interesting opportunities are?

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Yes. And thank you for saying the kind words about our innovation. It’s been a journey for us. And if you look at even the security operations market is getting disrupted, like categories are getting disrupted. And by the way, Gen AI is going to be a major category disruptor.

What we saw early on is SIEM, XDR, SOAR, UEBA, you have all these like acronyms in the security industry. We love our acronyms. But they’re all really trying to do the same thing, which is secure organizations, give them visibility and provide that find that needle in the haystack. So what we did was we combined what was extended detection and response. So protecting your email, protecting your endpoints, protecting your cloud apps, protecting your identities all into one.

And then we took SIEM, which is your security information events management, and we brought them together. So we were the first ones in the industry to bring XDR and SIM together. And we are using now that with of course, GenAI and AI and machine learning to double trust that. We’re also integrating security co pilot into that. So we have seen like advances in that.

And we have just announced a recent data lake. So not only do you have analytics on the hot tier, but you also have cold tier, because one of the things we hear from our customers is really expensive to have since to all of this data. So that’s the convergence we have been driving. We are leaders in both SIM and XDR. So we are best of breed in those.

And now with Gen AI, I think they’re going to see tremendous amount of just innovation and leapfrogging across that. So it’s been it’s been great to see that. And these are very big businesses for us as well as you know, Brad, like we have shared publicly that just our Sentinel business is $1,000,000,000 and two years back we shared across like our security businesses more than $20,000,000,000 in revenue, which is a big number.

Brad Zelnick, Software Research Team, Deutsche Bank: It’s a big number. And as we talk about the SOC Sentinel in our conversation with CISOs is a foundational element of their strategy. So it’s not surprising. I wanted to turn to a different topic. Palo Alto Networks recently announced the acquisition of CyberArk, which I think really shines a light on the importance of identity security.

Not that it always wasn’t important, but I mean they are making a call that now is an inflection point. Microsoft already has a very strong presence with Entra, but as competitors expand from their core competencies, how do you think about the architectural center of gravity or capabilities around which identity strategies will coalesce?

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Yes. And I have always believed that an investment by any company in security is a good investment for the security industry, because we it’s challenging for all of us, I feel like we are all on the same side. But also it reinforces our strategy in so many ways, because we started with identity, we believe identity is the boundary and this boundaryless world, right? I mean, even going back to the pandemic and remote work and all of that, it was identity. And it is the first thing we do is you log in, you log into a system.

Our old CISO used to say, attackers don’t break in, they log in. So it just kind of reemphasizes how important identity continues to be. And we’ve been on this identity journey, Brad, like you’ve been following us for many, many years. We started with identity management. With Entra, we extended it to protection and conditional access, which is really our policy engine at the heart of it.

And then of course, identity governance more recently, and then SFSI. So we have the entirety of the identity portfolio. It is very critical for our security portfolio, the entra there. And it’s very critical because for Zero Trust, because Zero Trust really starts with identity. So this is a big place where they’re going to make investments.

The other thing I’d say is in the age of agentic AI, identity again becomes that tip of the spear, because these agents, these autonomous agents are all going to need their own identity. And we announced just a couple of months back that we have agent ID. So Ensure now can provide agents IDs, so that we can now have them when they’re doing autonomous work, track them just like we would in humans. So I think, expect to see a lot more innovation from us in the identity front.

Brad Zelnick, Software Research Team, Deutsche Bank: We look forward to it. So Vasu, we’ve talked about AI security. We’ve talked about the SOC. Where else does Microsoft see opportunity within the broader security landscape?

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Yes, we’ve covered a lot of ground. I think what we’re seeing is that consolidation is going to be continuously a major theme for us. Ultimately, security is going to be about simplification. It is going to be about Gen AI. And it’s going to be about making sure these key areas like identity, cloud security, endpoint security, network security, apps are secured end to end.

But more than that, if I were just to step back and look at the security market, it is changing pretty rapidly. It is going to be the foundation of trust for all organizations, especially as we embark on AI. We can’t really do AI without security. We just can’t. And so I think where we are seeing this going is security, governance, privacy, observability are all coming together in security as a whole.

And that end to end detection matters. You’ve got to secure your AI, you’ve got to secure end to end, and you have to secure it using GenAI. So those are the big trends and we’re monitoring the market and hopefully shaping it actively as well.

Brad Zelnick, Software Research Team, Deutsche Bank: Makes sense. Perhaps I’d be dramatic or oversimplifying to say that without trusted security, there is no Microsoft.

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: There is no Microsoft. Mean, Microsoft runs on trust and trust cannot happen without security. It’s the first thing you need to do, because if you live in a house and if you’re worried about thieves coming into your house every single day, I don’t think we could cook the meal or watch television or do our work. That’s what security is. Security is these threat actors knocking on your door and not only that, being in your homes and your kitchen, we don’t even know that.

So how can we live our lives? How can we use technology without security? That’s a dystopian world and that’s how critical security is. It has to come above all else.

Brad Zelnick, Software Research Team, Deutsche Bank: But with that said, and since we are here at an investor conference, how does this all drive shareholder value perhaps directly and indirectly?

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Yes, I mean, it’s absolutely deeply tied to that, because if you think about it, security is one of the top priorities for all organizations, full stop. It’s consistently been in the top two, top three. It’s the most defensible spend. There’s no organization which is going to say I’m going cut your security spend and put it on anything else, because what happens if you get attacked? What happens if you get breached and the trust that you lose?

How much time I talked about that 9,000,000,000,000 number, just think about the economic impact. We know businesses which would not come back online due to a breach. That’s how critical security is and that’s directly tied to shareholder value. And then we talked a lot about innovation. That’s customer value.

When we provide value to our customers, they can do what they’re supposed to do. And that keeps that whole flywheel of innovation and shareholder value, I think keeps spinning. So I think security is going to be probably even more critical going forward for Gen AI than it was because you cannot do AI without security.

Brad Zelnick, Software Research Team, Deutsche Bank: So this was a really great session to better understand Microsoft security and how important it is for the overall company and frankly for the work that you do that benefits the entire industry and all of us here. Any final thoughts that you want to leave us with?

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: The one thing I would say is please check out what Microsoft is doing on Gen AI security. We have, of course, published some information, but this entire portfolio that you’re seeing right now is being used to secure AI. We’re already securing 2,000,000 apps with Defender. And if you just look at going back to your shareholder values question as well, our purview, which is data security, it becomes critical for the AI world. We have 75% of our security attached to Copilot.

So there’s a lot of work that Microsoft is doing in Jenny and I, and it would be great to get your thoughts on it as well.

Brad Zelnick, Software Research Team, Deutsche Bank: Excellent. Well, with that, thank you again for being here.

Basu Jakal, Corporate Vice President of Microsoft Security, Microsoft: Thank you very much. You. It’s been a pleasure.

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