Cybersecurity stocks rose on Friday in the wake of the massive digital theft of federal workers’ records.
Numerous security firms and cyber funds experienced market bumps a day after the Office of Personnel Management (OPM) announced that hackers had scooped up roughly 4 million employees’ data.
Security has become big business on Wall Street at hackers continue to crack the cyber defenses of retailers, banks and government agencies.
Gartner analysts project $77 billion will be spent on cybersecurity this year alone.
Big names in the security community saw their shares jump Friday.
FireEye, the firm hired by the likes of Sony Pictures and Anthem in the wake of mega-breaches, saw its stock go up over 6 percent Friday. Security specialists like CyberArk Software, Infoblox, Splunk and ProofPoint were also all up between 4 and 7 percent, according to The Wall Street Journal.
But it’s not just individual companies that got the boost. A cybersecurity exchange-traded fund (ETF) from PureFunds — which bundles 30 cyber crime fighting companies but trades as one stock — was on pace to close at a record high, according to MarketWatch.
The popular cyber ETF, which goes by the symbol HACK, has attracted over $700 million in investor money since launching last November. It’s up roughly 19 percent this year.
“This is a long-term growth trend and I think that people investing in this are primarily looking to do so for that increase in spending going into the cybersecurity industry,” PureFunds co-founder and CEO Andrew Chanin said in an interview with CNBC’s “Power Lunch.”
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