Cybersecurity Stocks Boom after Ransomware Attack

The ransomware attack that targeted thousands of computers in about 100 countries around the world has led to a boom in share prices of cybersecurity companies.

    With governments and companies expected to increase spending on IT security after being caught out by the attack, cybersecurity firms have seen their stock market values climb sharply over the past two days, according to (the Guardian).

    Shares in Sophos, a cloud network security specialist have jumped by about 8 percent. Over the weekend, Meanwhile, NCC group added 5 percent to its share valuation and cyber consultancy group ECSC surged 42 percent. ISE, a fund invested in cybersecurity businesses, added nearly 4 percent.

    US firms have also benefited, with FireEye's prices rising 7 percent, Symantec up more than 3 percent and Palo Alto Networks 2.7 percent better. IT security experts said that these attacks help focus the minds of chief technology officers across corporations to make sure security protocols are up to date.

    According to (The Guardian), experts say the recent cyber attacks raise important questions about whether countries developing electronic weapons can protect these malicious tools from theft and redirect them against their institutions and peoples.

    Information technology systems at the UK's National Health Care Commission (NHS), and other major institutions have been extensively attacked by hackers who disrupted their systems and demanded ransoms to unlock them.

    Many organizations and institutions in the United States, China, Russia, Spain, Italy, Vietnam, Taiwan and many other countries have also been attacked.