Crowdstrike CEO George Kurtz said Wednesday that the cyber security firm has had to fight tougher challenges as opposing hackers go from simple online phishing scams to sophisticated ransomware attacks on large companies.
“Now the opponents are taking a side out of the nation state’s actors,” he told CNBC’s Jim Cramer. “It has become big game hunting as opposed to just traditional ransomware.”
Crowdstrike provides cloud-based services including endpoint security, threat notification and cyber attacks. The company sees an increasing number of ransomware-as-a-service operations as the subscription economy picks up, Kurtz said in an interview with “Mad Money.”
It’s the kind of attack that paralyzed the bone supply in the eastern United States last month. Colonial Pipeline, a major US pipeline, paid approx. $ 5 million ransom to restore service after DarkSide, believed to be a Russian-based criminal organization, hacked its system and held its systems hostage.
Crowdstrike counts more than 11,000 customers, Kurtz said, a “small fraction” of the hundreds of thousands of customers who used older network security systems on the site. Several companies have adopted cloud security platforms in the midst of the digital transition.
“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 one in this world who does not need cybersecurity.”
Last week, Crowdstrike said it brought in $ 302 million in revenue in the quarter ending April 30, a 70% increase from the year before. The number of subscription customers increased by more than 1,500 during the quarter.
Crowdstrike shares slid 0.55% to $ 213.95 on Wednesday and are up about 1% year to date.