Cybersecurity Stocks Rise, SolarWinds Falls Amid Reports Of Russian Hacking

Daily Updates


Cybersecurity stocks rallied on Monday amid reports that Russian government hackers had accessed U.S. Treasury and Commerce department systems via network management software provided by SolarWinds (SWI). SolarWinds stock tumbled, joining FireEye stock as a casualty of state-sponsored cyberattacks.




X



An emergency directive early Monday from the U.S. Cybersecurity and Infrastructure Security Agency advised “all federal civilian agencies to review their networks for indicators of compromise and disconnect or power down SolarWinds Orion products immediately.”

SolarWinds stock dived more than 14% to 20.22 on the stock market today.

Cybersecurity firm FireEye (FEYE) also has a big government customer base. FireEye stock plunged last week after it disclosed a cybersecurity breach. FireEye indicated that security tools that automate the testing of the network defenses had been compromised.

Qualys, Rapid7 Among Cybersecurity Stocks Up

Qualys (QLYS) stock, Palo Alto Networks (PANW), Fortinet (FTNT) and Rapid7 (RPD) were among cybersecurity stocks that gained on Monday.

Further, Qualys sells security vulnerability management services. Boston-based Rapid7 competes with Splunk (SPLK), FireEye and others in security information and event management, or SIEM.

Palo Alto has been on an acquisition spree to build a broad, cloud-based security platform. During the coronavirus pandemic, demand for cloud-based cybersecurity has increased.

Among those cybersecurity stocks, Qualys rose 5.8% on Monday to near 100.50. Rapid7 stock advanced 2.3% to near 74.

In addition, Palo Alto stock gained 1.5% to 314.60. Also, Fortinet stock rose 2.3% to 131.30.

Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.

YOU MAY ALSO LIKE

Find Compelling Growth Stocks With IBD’s Stock Of The Day

View Breakout Stocks & Technical Analysis

Best Growth Stocks To Buy And Watch: See Updates To IBD Stock Lists

Get A Free Trial Of IBD Leaderboard





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *