T-Mobile (TMUS) is the latest victim in a series of long-running cyberattacks…
According to Fox News, T-Mobile reported that it was once again the target of a data breach.
The company said that the hackers accessed an unknown number of customer accounts on December 27 through a SIM-swapping scheme, which bypasses two-factor authentication.
And while the telecommunications giant said that it has already taken steps to help those at risk, customers’ accounts, names, and other personal information were accessed during the breach.
But this is just the latest cyberattack to hit a major company. Back in September, academic research group Citizen Lab said Apple (AAPL) iPhones were infected using a software vulnerability in iMessage.
Meanwhile, the U.S. government uncovered a variety of data breaches over the course of 2020 and 2021 that impacted tens of thousands of companies and dozens of government agencies.
And this is a trend that will only continue to grow as consumers further rely on cloud services. In turn, this will boost the need for stronger cybersecurity – benefiting companies operating in the space in the process.
This includes Fortinet (FTNT)…
Fortinet is a cybersecurity company that focuses on firewalls, antivirus software, intrusion prevention systems, and endpoint security. And over the course of 2021, it has reported strong financial growth.
According to CNBC, the company reported revenue growth above 30% for its second and third quarters. This has helped drive its year-to-date share value up by 147.2%.
The company’s growth, combined with rising cybersecurity demand, is also what drove Nasdaq to add Fortinet and other companies operating in the space to the Nasdaq-100 Index.
This is a major deal for the company, as it could result in major inflows into shares of Fortinet. That’s because the eight funds that track the S&P 500 will be required to purchase Fortinet’s stock to stay in line with its benchmark.
So, as demand for the company’s services increases, investors will likely scoop up any exchange-traded funds that have it in their portfolio – enticing other index funds to buy up shares as well.
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