The PureFunds ISE Cyber Security exchange-traded fund (ticker: HACK) opened up by more than 2.5 percent on Monday after a new cyberattack hit more than 200,000 devices in over 150 different countries over the weekend.
It’s becoming increasingly clear that the next era of security will be a digital one, and investors are banking on cybersecurity companies having a long, profitable battle ahead of them.
The “WannaCry” ransomware virus locks users out of devices and blocks access to files, demanding a $300 ransom in bitcoin from victims. The ransomware exploits a security vulnerability in devices running outdated versions of Microsoft Corp.’s ( MSFT) Windows operating system. The vulnerability was part of a U.S. National Security Agency leak of U.S. spy tools several weeks ago.
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While accepting responsibility for the vulnerability, Microsoft said the NSA is also to blame.
“This attack provides yet another example of why stockpiling of vulnerabilities by governments is such a problem,” Microsoft president Brad Smith said Sunday. “An equivalent scenario with conventional weapons would be the U.S. military having some of its Tomahawk missiles stolen.”
This particular virus targets Windows, but Apple ( AAPL) device users and investors may not be in the clear.
“It happens that this attack is targeting the Windows computers … but Apple is absolutely vulnerable to similar types of attacks,” SecurityGuard CEO Aleksandr Yampolskiy said Monday morning.
Experts are advising anyone running a device with a Windows operating system to update Windows and any anti-virus products as soon as possible. If you’ve already fallen victim to a WannaCry attack, experts say it’s highly unlikely you will regain control of your device back by paying the ransom.
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Cybersecurity investors are hoping that WannaCry headlines will push more businesses to invest in digital security software and services from leading cybersecurity companies, including FireEye ( FEYE), Palo Alto Networks ( PANW) and Symantec Corp. ( SYMC). All three stocks opened Monday’s session up more than 3 percent.
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Cybersecurity Investors Cashing in on WannaCry Virus originally appeared on usnews.com
