BofA says FedRAMP-certified cybersecurity vendors may benefit from MOVEit breach

BofA notes that several U.S. federal government agencies were hit by a global cyberattack that exploits a security flaw in MOVEit Transfer and that this continues a string of attacks and data breaches in the last few weeks linked to the tool used by businesses to share large files over the internet. While the firm does not attribute an upside opportunity to any one particular cybersecurity vendor at this time from the breach, it believes that FedRAMP-certified vendors – such as Palo Alto Networks (PANW), Zscaler (ZS), CrowdStrike (CRWD), SentinelOne (S) and Okta (OKTA) – may benefit. BofA also believes that data loss and data security providers may be net beneficiaries, the analyst added.