Cloudflare Inc. (NYSE:NET) founder and CEO Matthew Prince has indicated that the cybersecurity company has been experiencing a surge in cyber threats in the wake of the COVID-19 pandemic.
Cloudflare shares up 100% since March as business booms
Since March, the company has seen its shares surge 100% because Cloudflare services have become critical as people moved to remote working. Although the amount of business slowed when countries started going to lockdown due to COVID-19 at the end of the march quarter, Cloudflare saw a dramatic uptake on the amount of business the company managed to close.
While speaking to Yahoo finance’s Brian Sozzi and Alexis Christoforous, the CEO acknowledged the role that medical professionals have played during the pandemic. Matthew stated that the rise in internet usage and its ability to continue functioning has been the major product during the pendemic.
Cloudflare reports an increase in cyberattacks targeting political campaigns
Over this period, Cloudflare has seen an almost 50% increase in internet traffic. With growing internet traffic, there has also been a surge in the number of cyber-attacks in the last three months. This has kept Cloudflare busy, ensuring clients are safe across the internet, which has helped the company in business uptake.
The CEO indicated that there is a change in patterns with April, which is normally a slow month because of people taking a vacation that has been different this year. The company has been winning new clients because of the transition to a cloud-based cybersecurity model. There has been an acceleration in the adoption of cloud for companies that were slow to adopt it.
About the upcoming 2020 US elections, the CEO confirmed that there has been a rise in the number of attacks against political campaigns. He said that in a typical day, they can block up to 400,000 hack attempts. Matthew added that there is an increase in attacks from elsewhere targeting national campaigns as well as hospital systems.