Tech stocks, like the rest of the broader market, have seen their fair share of ups and downs since Russia’s invasion of Ukraine at the end of February. But for one part of the technology sector — cybersecurity -— it’s been a roaring bull market for the past few weeks.
The ETFMG Prime Cyber Security (HACK) and First Trust NASDAQ Cybersecurity (CIBR) exchange-traded funds, which both own shares of top cybersecurity companies such as Zscaler (ZS), CrowdStrike (CRWD), Cloudflare (NET), Fortinet (FTNT) and Splunk (SPLK), have each surged about 10% since Russia attacked Ukraine.
The rally makes sense. After all, there are growing concerns about cyber warfare from Russia against the West in response to sanctions against Vladimir Putin’s regime.