Hello. A reeling stock market is causing problems for cybersecurity providers looking to go public.

WSJ's James Rundle talked with the chief executives of ReliaQuest, Abnormal and other cyber companies about waiting out high valuations, a volatile economy and going public or staying private. Read the full story. 

Also today: 

• Cyber insurance payout boosts Clorox earnings
• Scattered Spider hackers blamed for hacks at U.K. retailers
• Signal-like app used by former Trump official Mike Waltz shuts down to investigate security incident
• UnitedHealth vets 1,000 AI use cases for privacy, security issues
• And more

Further reading from WSJ: 

• Clorox Cyberattack Brings Early Test of New SEC Cyber Rules
• Clorox Warns of Accruing Costs From Cyberattack

They're back: The hacking group that once shut down half the Las Vegas Strip has returned and is causing chaos at U.K. retailers Harrods, Marks & Spencer and Co-op.

• The hackers call themselves Star Fraud but are more widely known as “Scattered Spider,” a collective of largely young men and teenagers. The group hasn’t been publicly named as the culprit, but is suspected in at least some of the U.K. incidents.
• Scattered Spider represents a new kind of cyber threat. The hackers will use various techniques to enter and then move about corporate networks. Then, they steal data or lock up workstations with special software, grinding corporate operations to a halt and demanding millions of dollars in extortion payments. (WSJ) 

An app used by President Donald Trump's former national security adviser, Mike Waltz, shut down its services as it is "investigating a potential security incident." TeleMessage is a Signal-like app from Portland, Ore.-based Smarsh. A photo of Walz's phone screen showed him using it last week. TeleMessage was reportedly hacked, with some messages taken. (Reuters) 

New software security requirements to roll out from Defense Department. Under a program released Monday called the Software Fast Track Initiative, the Pentagon put out three requests for information related to attestations and ways to speed up risk assessments to, in turn, cut procurement times. (Cybersecurity Dive)

California healthcare provider PIH Health agreed to pay $600,000 to settle a federal investigation of a 2019 hack that compromised the personal and medical data of nearly 190,000 patients. The U.S. Department of Health and Human Services found that PHI failed to properly assess data risk and failed to notify people affected by the breach within the required 60 days of discovery.

The WSJ Pro Cybersecurity team is Deputy Editor Kim S. Nash and reporters Angus Loten, James Rundle and Catherine Stupp. Follow us on X @WSJCyber. Reach the team by replying to any newsletter you receive or by emailing Kim at kim.nash@wsj.com.