The Ransomware Attack sends Cyber Security stocks soaring
The latest global “ransomware” has disrupted hospitals, factories, and schools. It has given an incentive to the European investors on Monday to buy those stocks that were most likely to benefit from the pickup in the cybersecurity spending.
This cyber attack spread its wings across the globe on Friday. In no time, it locked more than 150 systems across 150 nations. It just took 3 days for ransomware to do so. Experts have predicted that the condition might go worse as more employees and users will log in to check their emails.
Northern trust’s head of technology research Neil Campling said that such attacks assist in focusing the master brain of main technology officers across corporations to ensure that security protocols remain updated. Ye added that as a result, you see bookings growth at cyber security most often.
In London, cloud networking security firm shares made a giant leap. Sophos had a leap of more than 7 percent whereas NCC group witnessed a rise of 2.9 percent. In Helsinki, the capital of Finland, the shares of Finnish security firm F-secure rose to 5.1 percent that was all time high.
Neil Campling told that it was actually predicted that Sophos will gain most of this as they have majority customers that come from small and medium-sized companies. It is evident that these small and medium sized companies have less protected IT systems which are more prone to cyber attacks when compared to highly secure updated larger firms. Even the most popular Cisco systems and FireEye came into demand.
According to Europe, Europe’s police agency have informed that this attack affected 200,000 computers in more than 150 countries as of noted till Monday.
Such cyber security breaches have ended billions of companies shares. It all started from 2013 as per the report by IT consultant CGI.
The European security market protects other’s services from such Data Breaches. They were worth around $22 bullion in 2016. It has been most likely that they will grow at a rate of 8 percent annually. According to the Gartner data, PricewaterhouseCoopers have concluded the above in their report.
Campling in the end of his interview added that the world is reactive to such attacks. They look for patches and fixes rather than the much needed preventive measures. He pointed out that prevention is always better than cure.