Shares of Varonis (NASDAQ: VRNS) jumped 35.6% in December, according to data provided by S&P Global Market Intelligence. Cybersecurity stocks broadly rallied last month following news of a massive hack that impacted many corporations and U.S. government agencies.
The widescale breach was reportedly orchestrated by the Russian government and the malicious actors were able to compromise SolarWinds‘ Orion platform. SolarWinds provides network management software that is used by many companies and governments. As the investigation continues, recent reports suggest that the intrusion is far worse than initially believed.