Commendable surge recorded in the cybersecurity shares post the WannaCry Ransomware Cyber-Attack: FireEye and Symantec Corp encountered a decent stock hike
Category: #world  By Sunil Hebbalkar  Date: 2017-05-16
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Commendable surge recorded in the cybersecurity shares post the WannaCry Ransomware Cyber-Attack: FireEye and Symantec Corp encountered a decent stock hike

Global cyber security industry shares are witnessing a rapid surge in response to the recent wave of “WannaCry Ransomware” cyber-attack, which has smashed more than 200,000 computers in 150 countries. The attackers have reportedly demanded a ransom of USD 300 - USD 600 in Bitcoin to relieve the systems without sabotaging the critical data files.

Followed by the news of the malicious virus attack which broke on last Friday, the renowned cyber-security companies - Symantec Corp, FireEye, Cisco, Palo Alto Networks, etc., have recorded substantial gains in their stock sales. FireEye, the Milpitas, California-based firm is likely to be the most prominent gainer in this event, on grounds of its significant coverage in Europe, where the prominence of attacks is relatively higher. Allegedly, UK’s National Health Service has been widely affected by this massive hacking. As per reliable reports, FireEye registered a stock rise of approximately 8.8%.

Symantec, the Mountain View- based American Software Company, which has been struggling with the dropping sales of its Norton Antivirus, recorded a stock shoot of 5.3%.

Another Silicon Valley cyber-security magnate, ProofPoint, Inc. achieved its highest intraday value since November of USD 87.32, witnessing an upsurge of nearly 8.9%.

Other security companies which have encountered an appreciable stock soar via the Friday Cyberattack are Fortinet., CheckPoint Software Technologies Ltd., Qualys, Oracle Corp, Sophos Group, Trend Micro, and Mimecast.

On Monday, the market value of the top five cyber-security companies, as ranked on PureFunds ISE Cyber Security ETF, was approximately USD 6 billion collectively, per reliable resources. The ETF, by early Monday, encountered a surge of 3.3% in its trading value, defeating the 0.5% rise recorded by S&P 500, on the same day.  Reportedly, the five major constituents of ETF include- Cisco, Symantec, Check Point Software, Juniper Networks, and Palo Alto Networks, with recorded growth percentages of 2.8%, 4%, 2.4%, 0%, and 3.7% respectively.

Reportedly, the Computers with Microsoft Operating Systems are the most vulnerable to this virus, which is said to have been purportedly stolen from the U.S. National Security Agency. This instance has been cited as an atrocious result of storing such susceptibilities by the government bodies. The company also emphasized on the relationship that should be strengthened between the U.S. government and the Tech Companies to fight against such Cyber-Crimes, which are certain to become more sophisticated and prominent in the future.

As per reliable sources, the ransom collected through the WannaCry Ransomware Cyberattack is around $ 50,000 in Bitcoin, so far.



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Sunil Hebbalkar

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Sunil Hebbalkar

Sunil Hebbalkar develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post graduate mechanical design engineer by qualification, he worked as an intern at the defense lab for one year in the engine design and development departm...

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