Crowdstrike CEO George Kurz said Wednesday that the cybersecurity firm had to deal with tougher challenges as rival hackers progressed from simple online phishing scams to complex ransomware attacks on large businesses.
“Opponents are now pulling a page out of nation-state actors,” he told CNBC’s Jim Kramer. “It’s been a big hunt, unlike the traditional ransomware.”
Crowdstrike provides cloud-based services, including endpoint protection, threat intelligence and cyber attack response. The company is seeing an increasing number of ransomware transactions as a service as the subscription economy grows, Kurz said in an interview with Crazy Money.
It was the kind of attack that crippled gasoline supplies to the eastern United States last month. Colonial Pipeline, a major U.S. pipeline, paid about $ 5 million in ransom to restore the service after DarkSide, believed to be a Russian-based criminal organization, hacked its system and held its systems hostage.
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“There are a lot of them out there,” he said. “When we think of all the small businesses, all the big businesses, there is no person in this world who doesn’t need cybersecurity.”
Last week, Crowdstrike said it generated $ 302 million in revenue for the quarter ended April 30, up 70 percent from a year earlier. The number of its subscription clients increased by more than 1,500 during the quarter.
Shares of Crowdstrike fell 0.55% to $ 213.95 on Wednesday and rose about 1% for the year so far.