SolarWinds breach boosts Israeli cybersecurity stocks

Cyber surveillance Photo: ASAP Shutterstock

The share prices of Israel's two largest publicly traded cybersecurity companies have risen sharply over the past week.

The serious breach, when hackers installed malware on the SolarWinds Orion computer network tool, compromising US government agencies, and other recent high profile cyberattacks, has demonstrated the inadequacy of cybersecurity in many organizations worldwide. The global cybersecurity industry has benefitted as enterprises rush to bolster their virtual defenses. The boost can be seen in the share prices of Israel's two largest publicly traded cybersecurity companies - Check Point Software Technologies Ltd. (Nasdaq: CHKP) and CyberArk Software Inc. (Nasdaq:CYBR).

The share price of Check Point, Israel's most valuable publicly traded company, and a veteran IT, network and cloud security provider, rose 5.08% on Wall Street yesterday to $133.42, giving a market cap of $18.7 billion. Check Point's share price is up 12% over the past week.

The rise in CyberArk's share price has been even more dramatic. The share price of Petah Tikva-based CyberArk, which provides privileged account security, rose 11.09% on Nasdaq yesterday to $162.84, giving an all-time high market cap of $6.31 billion. CyberArk's share price is up a whopping 40% over the past week.

Published by Globes, Israel business news - en.globes.co.il - on December 23, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Cyber surveillance Photo: ASAP Shutterstock
Cyber surveillance Photo: ASAP Shutterstock
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