Cyber security share prices jump after the global WannaCry ransomware attack

Lynsey Barber
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Cyber security firms: The one industry benefiting from the breaches (Source: Getty)

Shares in Sophos and other cyber security firms have been lifted by the global cyber attack which hit businesses and government departments over the weekend.

The so-called WannaCry ransomware has affected thousands of individuals and organisations throughout the world, bringing cyber threats into focus.

Shares in cloud network security firm Sophos closed up more than seven per cent on Monday, with "significant increases in public sector cyber defence spending now looking inevitable" according to Nicholas Hyett, analyst at Hargreaves Lansdown. Sophos' stock was the biggest riser on the FTSE 250.

Read more: Microsoft: Cyber attack is a "wake-up call" for governments

A note from Deutsche Bank this morning also helped lift Sophos shares, with the investment bank raising its price target ahead of full-year results on Wednesday.

Shares in NCC Group, the firm whose cyber security experts are used to track contestants on the Channel 4 show Hunted, were up 2.7 per cent.

And ECSC, which recently floated on Aim, was up 25 per cent.

Across the pond, US-listed shares in cyber security company FireEye rose more than seven per cent, while peers Symantec and Palo Alto Networks were up more than three per cent.

"We wouldn’t be surprised if the scale and scope of WannaCry leads to another spike in IT security solutions and associated revenue spend," said Northern Capital Trust analyst Neil Campling.

Read more: UK government defends spending on NHS cyber security after global attack

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