$VRNI -- why $VRNI -- because:
Bank Cyber Attacks Sends VRNI Stock Higher
Last Updated: June 28, 2012 - 9:00am EST
(NEW YORK)--Shares of Virogen, Inc. (OTC: $VRNI ), a technology holding company focus on institutional cyber security, saw their shares rise sharply this week as news of massive cyber security breaches at banks across the globe.
Investor Highlights
- Cyber Security Solutions for Banks, Large Financial Institutions
- Recent Attack Shows Need for Industry-wide Upgrades
- Final Stage Talks on Closing Large Security Contracts
Historic Financial Cyber Attack
The FBI announced late Tuesday a number of arrests after a two-year investigation dubbed "Operation Card Shop," in which hackers allegedly stoled credit card and banking data and exchanged it with each other online. In one of the biggest security breaches of large and popular banks, the cyber attacks on these financial institutions show the need for these banks, and large credit card institutions to upgrade their cyber security firewalls.Six people were arrested in the United Kingdom, two in Bosnia, and one each in Bulgaria, Norway, Germany, Italy and Japan. A number of other countries also aided in the investigation, the Manhattan U.S. Attorney's office said in a statement.
"As the cyber threat grows more international, the response must be increasingly global and forceful," Manhattan U.S. Attorney Preet Bharara said. Bharara called the crackdown "largest coordinated international law enforcement action in history" directed criminals who use the Internet to traffic in stolen credit cards and bank accounts.
$VRNI Cyber Security for Financial Institutions
Virogen, through its operating subsidiary Tiger Team Technologies, offers a wide ranging suite of cyber security solutions and technologies specifically for large financial enterprises, such as banks, brokerage firms, and credit card institutions.
This news has put VRNI on the radars of a number of traders looking to play this major security breach, and the stock has been showing a sharp and steady move upward breaking through its 50-day moving average.
Pending Cyber Contracts
In a recent online interview, Mr. Paul Hogan, the CEO of VRNI commented that the company was in the final stage talks with a number of large financial and other institutions regarding providing cyber security protection for their enterprise systems. Now, on the cusp of this major security breach at a number of small to large financial banks, the need and demand for these firms to upgrade their cyber security protection has now put VRNI in a nice position to begin closing on large cyber contracts that could send the stock much higher.
