Ransomware attack causes cybersecurity stock to shoot up
If you haven’t heard about the global ransomware attack that disrupted hospitals, schools and factories, you’ve probably been living under a rock. This cyber attack spread across the planet on Friday. By Monday had locked up computers in more than 150 countries. The real news in that cybersecurity stock is now on the rise because of it. Many expected this move and bought up stock early, making a very decent profit. Here are some of the stand out companies that just became a lot more expensive:
- In London, shares in cloud network security firm Sophos jumped more than 7 percent to a record high and security firm NCC Group rose 2.9 percent.
- In Helsinki, Finnish digital security firm F-Secure rose as much as 5.1 percent to a 16-year high.
- In the U.S., shares in cyber security firms FireEye lept almost 8 percent, and peers Symantec and Palo Alto Networks were up more than 3 percent.
Some say it’s still a good idea to invest in cybersecurity even now, as stocks are predicted to rise by 8% annually. This comes as no surprise, however. As technology advances, it’s apparent that we’re too reactive to cyber attacks. We, as a nation, need to begin thinking ahead with more preventative strategies.
There’s more we can do in our everyday life as well. Convenience has made us careless. Our email lays wide open on our work computer. Google enters our credit card info for us. If you lost your phone today, anyone would have instant access to your Gmail, Facebook, Amazon account and more. How can we be surprised that so many hacks and attacks occur on a daily basis?
For major companies and government agencies, splashing some cash for advanced cybersecurity is probably a great idea. You’d be in good company as well, with companies' increasing their spending on cyber security protection by 10 percent in Britain and Europe by 2020. Putting your sensitive information at risk is the last thing you want to do. Plus, history shows that any leak of information scares off investors you already have, and the potential for more.