Hello. Anthropic’s new Project Glasswing and a February selloff of cyber stocks raise questions about whether some parts of the cybersecurity industry will survive. 

Bug hunting, identity and access management and other areas are ripe for disruption, WSJ Pro's James Rundle reports. Read our full story.

Also today: Pro-Iran hackers are undaunted by the precarious cease-fire and may even escalate their targeting of U.S. businesses and critical infrastructure.

Scroll down for details, and more news.

“Cyber is the ultimate forever war,” said Marcus Fowler, chief executive of Darktrace Federal, a cybersecurity firm that works with the U.S. Defense Department, among other organizations. “It continues regardless of pauses in kinetic activity or shifts in geopolitical headlines,” Fowler said.

Businesses and infrastructure providers should expect Iran’s cyberwarfare tactics “to continue in the near term,” said Alex Orleans, head of threat intelligence at cybersecurity firm Sublime Security, and a veteran intelligence analyst specializing in Iranian cyber activity. That is especially so if discrepancies emerge over the terms of the cease-fire, she said.

On Telegram, an encrypted messaging app, the pro-Iran hacking group Handala said its operations remain active, posting that “the cyberwar did not begin with the military conflict and will not end with any military cease-fire,” according to threat intelligence firm Flashpoint.

Cyber company SonicWall said since the cease-fire was declared it continues to detect the type of online activity that federal officials have linked to Iran-affiliated hackers.

—Angus Loten

Read the full story at Dow Jones Risk Journal (gift link).

Russian denial: State-sponsored hackers in Russia haven't teamed up with pro-Iran hackers, Maria ‌Zakharova, Russian ​Foreign Ministry spokeswoman, said. Cyber officials in Ukraine recently made the accusation. (Reuters)

Security improvements have led to less-frequent cyber insurance claims, according to Chubb. Large U.S. companies with more than $1 billion in annual revenue filed an average of 10 cyber claims per 100 policies last year, the insurance giant said. That's down from more than 15 in 2024. Chubb analyzed customer claims from 2020 through 2025. 

• The severity of the claims, however, doubled. The average large-company claim last year was $4.4 million, up from $2.2 million in 2024.

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