Fearing cyberattacks against US companies by Russia, in retaliation for economic sanctions imposed for invading Ukrainethe shares of several cybersecurity companies saw double-digit increases in their stock prices.
This was the case with companies like Telos, whose stock value rose 14 percent, or Palo Alto Networks, which saw a 10 percent rise, according to the CNBC network.
Other firms like CrowdStrike and Mandiant rose 8 and 6 percent, respectively.
The increases in its prices come amid fears that Russia could carry out cyber attacks, after President Vladimir Putin ordered an invasion of Ukraine on the night of Wednesday, February 23.
Prior to the invasion order, Ukraine suffered the third attack in recent weeks. The hack, allegedly coordinated from Russia, targeted several banks and pages of the Ukrainian government and parliament.
In mid-January this year, Ukraine suffered a series of cyber attacks. Mykhailo Fedorov, Ukraine’s Minister of Digital Transformation, described them as “the biggest cyberattack in the country’s history.”
Meanwhile, in the United States, the analysis firm Wedbush Securities estimated that the fear of the possibility of Russia carrying out new cyberattacks could increase between 200 and 300 basis points. A rise of 300 points would be equivalent to a 30 percent increase in the stock market value of a firm specializing in cybersecurity.
“With a significant increase in the potential for new cyberattacks, we believe the wind is blowing in the cybersecurity sector, so well-positioned companies should be targeted by technology investors during this market turmoil,” Dan told CNBC. Ives, an analyst at Wedbush Securities.
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