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Cybersecurity is on the rise, and Palo Alto Networks has been reaping the benefitsINTL

Cybersecurity is on the rise, and Palo Alto Networks has been reaping the benefits

Cybersecurity firm Palo Alto Networks (PANW) beat result estimates, reporting revenues of $1.02b – a 25% increase from the same period last year. FYI, analysts expected revenues of $985.7m. Still, its shares were down more than 3% in Monday’s after-hours trading.

The company is behind Cortex (Crash Bandicoot flashback), an AI-based continuous security operations platform whose high-tech security extends into cloud software. According to Palo Alto Networks, around two-thirds of its Fortune 100 customers have already adopted Cortex.

why it matters
The cybersecurity industry is on the rise as much as cyberattacks are. The most recent major hacking campaign, dubbed SolarStorm, saw a number of organizations across the globe being targeted using US company SolarWinds’ Orion platform.