Shares of Zoom Video Communications, which rose 716% over the past 12 months, rose 5.8% during trading on Monday, but closed with an increase of 1.23%.
This is very different from the general decline in the market on Monday – major US stock indexes closed lower: the S&P 500 by 1.86%, the Dow Jones by 2.29% and the Nasdaq Composite fell by 1.64%.
The reason for the rise in shares of Zoom Video was the announcement of the launch of a new end-to-end encryption for paid users and those who use the free version worldwide. Now the codes for joining users to the Zoom video conference are available only to its administrator (initiator) and the company’s servers do not have the necessary decryption key.
This solves the data privacy and security issues that were present this spring when there was a sharp jump in the growth of Zoom Video users. Then because of these mistakes, Zoom received a blow to its reputation and lost customers such as Tesla, Daimler AG, Ericsson, NXP Semiconductors and Bank of America, the Ministry of Education of New York and other government agencies from different countries then also banned its employees from using Zoom.
In its press release on Monday, Zoom wrote that the current launched feature called “E2EE” is a previous version and the company will work on its improvements over the next 30 days, taking into account user feedback. You can enable E2EE in your web bar at the account, group, and user level.
Zoom Information Security Director Jason Lee said: “This feature is in high demand by our customers and we are very excited to implement it. It’s an honor for our encryption team, which joined us from Keybase in May and developed this impressive security feature in just six months”.
Following the announcement of this news, Zoom shares are likely to rise each time the number of Zoom users grow given previous security improvements.
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