Traders are scrambling for protection early Monday, amid savage selling of technology shares.

The CBOE VIX index, a measure of expected S&P 500 volatility that's known as Wall Street's fear gauge, is soaring 28% to just above 19, as traders pay up for put options.

Put options provide the buyer with an opportunity to sell the underlying security at a particular level, and are often used to protect portfolios from market declines.