“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.
That is bad news for companies and organizations that are victimized by nefarious hacks, but as its Wednesday performance shows, it is good news for HACK. The ETF, which in its brief history has shown a penchant for responding to an array of cyber security-related headlines, is up 2.2% today and earlier touched an all-time high. Volume in HACK is more than double the daily average. [Volume Soars in Cyber Security ETF]
While HACK may be seen as a niche ETF or a “satellite holding,” the long-term merit of the cyber security investment theme is irrefutable. For example, cyber crime will cost $2 trillion by 2019, according to Juniper Research, indicating that demand for the products and services offered by HACK’s 31 holdings will surge. [North Korea Hates This ETF]
PureFunds ISE Cyber Security ETF