The latest cybercrime is straight out of Hollywood—but it’s not a movie. A Los Angeles hospital was held hostage last week when hackers shut down its computer system for a ransom of 40 bitcoin, or a surprisingly modest $17,000. Preventing disaster scenarios such as this has become big business, and cybersecurity stocks have been on a tear—until recently. This year’s pullback gives investors a rare opportunity to invest in the good guys without breaking the bank.
Companies and governments worldwide have unleashed a flood of money in an effort to keep their names out of security-breach headlines, spending nearly $150 billion in 2014 and 2015, and sending the biggest cybersecurity stocks up 50% in the same period. But this year’s volatility brought attention to the fact that much of that spending was slapdash—many companies found themselves with a patchwork of security systems, often juggling as many as 100 vendors—and spurred fears those vendor lists would soon be thinned. That has rattled the stocks, with some down more than 20% in the past three months. For the full article click here
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