Cybersecurity stocks rise on Russia-Ukraine cyberattack fears
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On Thursday, cybersecurity stocks were an uncommon bright spot Russia’s invasion of Ukraine sent major indices down.
Cyber attacks against critical infrastructure businesses have been raised by the conflict. Ukraine has been a victim of cyber attacks since last week. already experienced two cyber attacksIt also affected websites of government agencies. It was claimed that the U.S. had first attacked Russia and denied it. However, the U.S. stated that the second attack was in line with its expectations of Russia.
On Thursday, May 13th, 2021, there was a sign outside Palo Alto Networks Headquarters in Santa Clara (California), U.S.A.
Bloomberg | Bloomberg | Getty Images
In the midst of rising war anxiety, cybersecurity shares like TelosThey were higher than 13% Palo Alto NetworksUp to 10% CrowdStrikeUp to 8% MandiantUp more than 6 percent Palo Alto Networks was also recently reported earningsOn Wednesday
The rest of the year, however, will be S&P 500The stock was down 0.8% Thursday. The Nasdaq Composite IndexThe overall impression was positive.
Dan Ives from Wedbush Securities wrote on Tuesday that fears of cyberattacks could cause 200 to 300 points more growth in the sector. In fact, Ives stated in a note to his clients that it was poised for a 20% increase in year-over-year growth in 2022.
His words were: “We believe there are additional growth tailwinds in the sector of cyber security and vendors well-positioned to be a sector that should be the focus for investors in this market turmoil.”
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