Over the past year, the cybersecurity space gained immense traction due to the increasing cyber-attacks with the rapid digitization of operations, adoption of cloud solutions, and proliferation of smart devices.
According to Statista, cybercrime costs are expected to surpass $11 trillion in 2023. Meanwhile, the cybersecurity market’s revenues are projected to reach $173.50 billion in 2023.
As companies look to defend themselves against a rapidly evolving cyber threat, investing in fundamentally sound security stocks Check Point Software Technologies Ltd. (CHKP – Get Rating) and Radware Ltd. (RDWR – Get Rating) could be wise. On the contrary, SentinelOne, Inc. (S – Get Rating) might be best avoided considering its weak fundamentals.
The ongoing transition of organizations toward a digital-first workplace post-pandemic has resulted in increased adoption of cloud applications for scalability, cost-effectiveness, and convenience. As a result, companies have become increasingly vulnerable to cyberattacks, necessitating the need to protect their data and systems.
Earlier this year, Check Point Software Technologies Ltd. (CHKP – Get Rating) reported that cyberattacks against cloud-based networks rose 48% year-over-year in 2022. As cloud adoption increases, it will become a more lucrative target for cybercriminals looking for increasingly sophisticated ways to infiltrate company systems. Adding to the worse, Cybersecurity Ventures stated that global cybercrime costs will grow 15% year-over-year, reaching $10.5 trillion by 2025.
Propelled by the surging need for security solutions, the global cybersecurity market is projected to grow from $172.32 billion in 2023 to $424.97 billion by 2030, exhibiting a CAGR of 13.8%.
To that end, investors could lay their hands on fundamentally sound security stocks CHKP and RDWR to capitalize on…
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