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Cybersecurity stocks rally as global hackings start to impact corporate bottom lines

Cybersecurity stocks like FireEye, Barracuda, Symantec and Palo Alto Networks rallied Friday, as snack food and beverage giant Mondelez International became the latest victim of a cyber attack. The company said it was hit with an attack on June 27 that compromised its ability to ship and send invoices during the last four days of its second quarter.

What made this call unusual is that the company quantified exactly how much the attack hurt them: Its preliminary estimate of the impact indicates a 3 percent slice off its revenue growth rate for the quarter.

Unlike the recent WannaCry ransomware attack, this hacking, as well as similar ones reported by Reckitt Benckiser and others, appear to be designed to simply cause as much destruction as possible.

And analysts say it's only going to get worse. In a report yesterday to clients, KeyBanc noted that security concerns will increase in importance as companies shift to the cloud and that 2016 was already a record year for data breaches:

Cyber crime in 2016

35 percent rise in business ransomware
58 percent increase in distributed denial of service (DDoS) attacks
78 percent increase in phishing sites

Source: KeyBanc

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