This is getting ridiculously embarrassing.
U.S. government agencies were just hit as part of a global cyberattack. In fact, according to CNN, the US Cybersecurity and Infrastructure Security Agency “is providing support to several federal agencies that have experienced intrusions affecting their MOVEit applications,” Eric Goldstein, the agency’s executive assistant director for cybersecurity, said. “We are working urgently to understand impacts and ensure timely remediation.”
Unfortunately, as we’ve said many, many times, when it comes to cybersecurity, we’re still not prepared. Which makes no sense.
We’re sitting ducks with threats, and we’re still not ready for more.
Also, “According to an analysis by Cybersecurity Venture, the global annual cost of cybercrime could top $8 trillion in 2023,” as noted by Fox News. “That number could even underestimate the problem, according to numbers from Security Intelligence, who estimated that U.S.-based financial institutions alone lost close to $1.2 billion in ransomware attacks in 2021, an almost 200% increase over the previous year. If that rate increases at the same pace, global losses from cybercrime could be as high as $16 trillion in 2023.”
Unfortunately, attacks like this may continue until the issue is taken far more seriously.
Also, until that happens, keep an eye on cybersecurity stocks – especially Palo Alto (PANW), Fortinet (FTNT), and Zscaler (ZS). Or, take a look at the beaten down cyber ETFs, such as:
Global X Cybersecurity ETF (BUG)
“The Global X Cybersecurity ETF (BUG) seeks to invest in companies that stand to potentially benefit from the increased adoption of cybersecurity technology, such as those whose principal business is in the development and management of security protocols preventing intrusion and attacks to systems, networks, applications, computers, and mobile devices,” says Global X.
Some of the ETFs top holdings include Fortinet, Crowdstrike, Palo Alto, Okta Inc., and Rapid7 Inc. to name a few. What’s nice about an ETF is that it offers a good deal of exposure at less cost.
iShares Cybersecurity and Tech ETF (IHAK)
According to iShares, “The iShares Cybersecurity and Tech ETF seeks to track the investment results of an index composed of developed and emerging market companies involved in cyber security and technology, including cyber security hardware, software, products, and services.”
Some of its top holdings include Zscaler, Fortinet, Okta Inc. Proofpoint Inc., and Palo Alto.