Cybersecurity booms on Wall Street
Intensifying concerns about cybersecurity are fueling major gains on Wall Street for technology firms that diagnose and protect against corporate hacks.
Security companies such as CyberArk, Palo Alto Networks and FireEye are seeing their stock values rise as nervous corporate executives seek advice and software that will protect against data breaches.
This area of the tech world is expanding rapidly, with global spending on cybersecurity projected to rise to $77 billion.
In one sign of that growth, the first exchange-traded fund for cybersecurity increased in value by nearly 17 percent in February after debuting at the end of last year.
The health of the fund, known by the ticker symbol HACK, is considered a bellwether for the cyber field and investors’ interest in it.