Cybercriminals Attack MGM and Caesars: 6 Cybersecurity Stocks to Load Up on Now

If they ran Las Vegas like they did 30 or 40 years ago, there would be zero attempts to extort money from a casino unless it was with a weapon. In the digital age, that has all changed. MGM Resorts and Caesars Entertainment learned the hard way that cybercriminals can make running a business very difficult. It was reported last week that hackers that go by the names of UNC3944 and Roasted 0ktapus were responsible for the attacks that occurred earlier this month but were not widely reported until last week. While MGM reportedly did not pay any ransom to the group, it was reported they demanded $30 million from Caesars, who allegedly actually paid about half of that amount.

With everything run in a digital world through servers and hosted at massive data centers, all aspects of the casino industry, from reservations to computer systems at casino properties to personal data of loyalty rewards members, could be at risk. Some customers of the casinos jumped on social media and posted about not being able to make credit card transactions, obtain money from cash machines or even enter hotel rooms while at some properties. It was also reported that even some video slot machines went dark.

You can bet that executives at both firms were on the phone at once with the top cybersecurity companies to strengthen their defenses against these criminals that have the potential to bring companies to their knees.

We screened our 24/7 Wall St. cybersecurity research database looking for top companies that may benefit from this recent attack, and we found six that look like very solid ideas. While the following stocks are all rated Buy, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.

CrowdStrike

This cybersecurity giant’s stock is way below its 52-week high and offers an outstanding entry point. CrowdStrike Holdings Inc. (NASDAQ: CRWD) provides cloud-delivered protection across endpoints and cloud workloads, identity and data. The company offers threat intelligence, managed security services, IT operations management, threat hunting, Zero Trust identity protection and log management.

CrowdStrike primarily sells subscriptions to its Falcon platform and cloud modules through its direct sales team that leverages its network of channel partners.

Still down a stunning 30% from highs printed early last year, shares of this preeminent company offer investors one of the best ways to participate in the huge growth proposition cybersecurity offers.

JMP Securities has a $235 price target on CrowdStrike stock. That is higher than the consensus target of $185.86. Friday’s final trade was reported at $165.45 a share.

ALSO READ: 5 Well-Known ‘Strong Buy’ Stocks Under $10 Could Soar This Fall

CyberArk Software

This company has a $7 billion market cap, which may make it a prime takeover target. CyberArk Software Ltd. (NASDAQ: CYBR) develops, markets and sells software-based security solutions and services in the United States, Europe, the Middle East and elsewhere.

The company’s solutions include the following:

• Privileged Access Manager offers risk-based credential security and session management to protect against attacks involving privileged access.
• Vendor Privileged Access Manager combines Privileged Access Manager and Remote Access to provide fast, easy and secure privileged access to third-party vendors.

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