The popularity of hybrid work structures and digitization trends across almost every sector have fostered increasing use of cloud-based and digital solutions, bringing greater risks of…
cyber threats. According to the Identity Theft Resource Center (ITRC), the frequency of data breaches so far this year has already exceeded the 2020 total.
On the bright side, people are becoming increasingly cognizant of the need for cybersecurity. Governments and private organizations worldwide are investing significantly to enhance their security infrastructure and safeguard against potential thefts. Driven by the increasing demand, the global cybersecurity industry is expected to increase at a 10.9% CAGR from 2021 – 2028. Earlier this year, President Biden issued an executive order seeking to strengthen national cybersecurity and protect government networks following the ransomware attacks on the Colonial Pipeline. Federal Agencies reminded corporates and businesses of their obligation to keep up with the industry standards for cybersecurity after the Federal Trade Commission (FTC) upgraded its cybersecurity enforcement actions.
Given the growing cybersecurity market, we think the shares of solutions providers in this space, NortonLifeLock Inc. (NLOK – Get Rating), McAfee Corp. (MCFE – Get Rating), and Redwares Ltd. (RDWR – Get Rating), could be solid bets now. These stocks are rated ‘Strong Buy’ or ‘Buy’ in our proprietary POWR Ratings system.
NortonLifeLock Inc. (NLOK – Get Rating)
NLOK in Mountain View, Calif., is a worldwide provider of cybersecurity solutions. The company’s offerings include Norton 360, a subscription service that protects devices against online threats, and the Norton Secure VPN, which provides online privacy through an encrypted data tunnel.
On October 5, NLOK unveiled its new privacy offering called Norton™ AntiTrack, an app and web extension that provides users with online privacy. The latest offering might expand NLOK’s privacy portfolio beyond traditional VPN.
In August, the company reached an agreement regarding merger with…
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