‘Wanna Cry’ attack sends cybersecurity stocks up
The massive attack of the “WannaCry” ransomware virus that infected computers around the world prompted a Monday surge in cybersecurity stocks as investors sought safety.
Although the attack appeared to slow as the work week opened, investors reacted as a few major companies reported new computer problems potentially related to the outbreak that began Friday. The malware affected computers in at least 150 countries, according to a report by the European Union’s Europol law enforcement agency.
The attack chiefly struck in Europe and Asia, largely sparing North America. The WannaCry virus spreads among computers running Microsoft’s Windows operating systems, infecting and then locking individual machines. Affected users receive an electronic message demanding a ransom be paid in the electronic currency called Bitcoin.
In the wake of the attacks, the PureFunds ISE Cyber Security exchange-traded fund closed 3.2% higher at $30.69 a share Monday. Shares of Palo Alto Networks, a Santa Clara, Calif.-based company with security platforms aimed at limiting cybersecurity risk, similarly ended the day up 2.7% at $119.61. Symantec, a global security and information management company headquartered in Mountain View, Calif., closed at $32 a share, 3.2% higher.
Shares of Cisco Systems, a San Jose-based company that develops and markets electronic networking hardware, closed up 2.3% at $34.23. Shares of Proofpoint, a Sunnyvale, Calif., company with products that help protect against cyber threats and compliance risk, closed nearly 7.4% higher at $86.05.
Microsoft shares closed fractionally higher at $68.43. Brad Smith, the company’s president and chief legal officer, said in a Sunday blog post the Redmond, Wash.-based tech giant was working to contain the attack. The effort included aiding users of older Microsoft systems no longer supported by the company, he wrote.