The British cybersecurity firm Sophos has announced its quarterly results, which were much improved in no small part due to the recent WannaCry and NotPetya malware attacks. Following the WannaCry ransomware attacks in May, the company has worked closely with organizations to improve their cybersecurity defenses to block ransomware.
The NotPetya wiper attacks in June also raised awareness of the seriousness of the malware threat further, prompting many mid-market companies to sign up for new cybersecurity products.
Sophos is a leading provider of anti-virus and anti-malware solutions. The company, which is based in Oxfordshire, saw sales surge following the attacks as companies scrambled to improve their defenses. Compared to the same quarter last year, revenues had increased by 11.3% to $141.8 million. Sophos has also reported that its billings have increased by 15.8% to $164.3 million. Cash earnings before tax are also up, rising 6.6% from this time last year, although the firm has registered an increase in operating losses ($15.6 million) as it has increased investment to expand its customer-base.
Shares in the firm have also increased in value following the massive cyberattacks as investors believe the attacks will see many companies increasing spending on cybersecurity defenses. Many other cybersecurity firms have also enjoyed a rise in share value as a result of the attacks.
Sophos is now the third biggest technology firm in the UK and is increasing its market share. The market in the UK is estimated to be worth around $35 billion. Sophos has recently expanded in the United States having acquired Invincea in a deal worth $100 million. That acquisition has helped Sophos increase revenue in the United States by more than 25% last quarter.
Sophos reports there has been significant interest in its next-generation anti ransomware solutions following the WannaCry ransomware attacks that crippled parts of the NHS in the UK. The NHS is now among the firm’s largest customers. Sophos also provides cybersecurity solutions to Ford, Pixar, Xerox and Toshiba.