Solar Seven
At UnitedHealth Group (UNH), Live Nation (LYV), Roku (ROKU) and Snowflake (NYSE:SNOW).
The Snowflake vulnerability exposed in late May may prove to be In one of the most widespread attacks to date, hackers reportedly stole potential data The data cloud giant’s 165 million customers.
Since the hack came to light last month, cybercriminals have reportedly demanded payments of up to $5 million from Snowflake customers and threatened to auction their data on the dark web. The Snowflake hack was also linked to data breaches involving Live Nation’s Ticketmaster division, Pure Storage (PSTG), Advanced Auto Parts (AAP) and Lending Tree (TREE).
Meanwhile, UnitedHealth Group is still recovering from a ransomware attack that forced the company to pay a cybercriminal group $22 million to regain access to its systems. UnitedHealth management estimates that attacks will cost the company up to $1.15B this year.
This brings us to today’s cybersecurity issues: Are we really seeing a surge in cybercrime, or is it just getting more attention?
We asked Stone Fox Capital’s SA analysts Julian Lin and Mark Holder to comment on this issue.
Julian Lin: Cybersecurity companies have been taking note of the potential for generative artificial intelligence to amplify the threat of cyberattacks, and we’re certainly seeing evidence of this with what appear to be more high-profile breaches, including one involving Roku (ROKU) earlier this year. 15,000 accounts were hacked.
It’s unclear to what extent generative artificial intelligence will impact the cybersecurity landscape long-term, but one thing is clear: Even years after the pandemic, demand for cybersecurity products remains strong and will likely continue to be so in the future Staying strong for many years.
Tag holder: Gartner predicts that global security and risk management spending will surge 14% in 2024, reaching $215B. Cloud security is the leading growth area, growing nearly 25% to $7B, and data security is expected to grow 17% to $4B.
Businesses are spending as much as cybercrime is growing at a rapid pace, but ultimately what matters is that cybersecurity spending tends to grow at double-digit rates as threats continue to increase. Whether a surge in cybercrime is occurring or is simply causing more focus on.
mass strike (NASDAQ:CRWD) has impacted the overall continued demand for cybersecurity, and the recent IPO Rubrik (NYSE: RBRK) affects the data security category and the overall proliferation of ransomware, where data protection and backup are critical to avoid disruption and data loss.
