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Corero surges after signing major contract

Daniel Cancian

LONDON (ShareCast) - (ShareCast News) - Shares (Berlin: DI6.BE - news) in online protection solutions provider Corero Network Security (LSE: CNS.L - news) soared after it announced a deal to sell its SmartWall Threat Defense System (TDS) to an unnamed FTSE 100 company. The deal, worth $700,000, will see AIM-listed Corero provide Distributed Denial of Service (DDoS) protection for the customer's worldwide operations by deploying the SmartWall TDS products at multiple data centre locations.

"Recent high profile victims of DDoS attacks including the Royal Bank of Scotland (LSE: RBS.L - news) , Carphone Warehouse and the National Crime Agency, are bringing the frequency and severity of DDoS attacks to the forefront," said group chief executive Ashley Stephenson.

"The disruption caused by a DDoS attack can expose weaknesses in organisations' cyber defences or overwhelm other security tools and IT (Other OTC: ITGL - news) infrastructure." Corero shares were up 8.57% to 14.25p at 0925 BST on Friday.