The PureFunds ISE Cyber Security ETF (NYSEArca: HACK) climbed 2.5% Wednesday on volume that was more than six times the trailing 90-day average, touching an all-time high in the process. Yes, it is safe to say the red hot HACK is breaking out.

A look at HACK’s chart shows there is a lot like about this ETF from a technical perspective. HACK comes into Thursday trading 12.3% above its 200-day moving average and 5.6% above its 50-day line. Additionally, HACK has been making a series of higher highs.

“The first Cyber Security ETF of our time has done a weeks worth of volume in one day. This is very bullish for the cyber security sector. The action is a reminder of the continued lurking threat of cyber attacks and the proactive need to meet the demand to protect from them goes well beyond significant,” according to Captain John Charts.

In addition to HACK’s bullish technicals, there continues to be a spate of positive fundamental news supporting the ETF. Data out Tuesday from the U.K. indicating that the cost of dealing with online data breaches there has more than doubled over the past year. [Cyber Security ETF Hits Another new High]

“The average cost of the most severe online breaches for large companies now starts at about $2.24 million, up from about $921,000 last year,” reports Rachel King for the Wall Street Journal.

The White House is seeking $5.5 billion in cyber spending for fiscal year 2016, but that does not even scratch the surface of expected industry growth that HACK and its 31 holdings are at the epicenter of.

“According to the 2015 Piper Jaffray CIO Survey, security is the top spending priority for CIOs in 2015, just as it was in 2014. An impressive 75 percent of respondents expect to increase security spending this year, and that comes on top of an average 2 percent growth in annual IT budgets,” reports Network World.

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