TENB - Cyberattacks Might Soon Cost Businesses $10.5 Trillion Every Year -- 2 Cybersecurity Growth Stocks to Buy in 2024
2023-12-30 05:54:00 ET
Near the end of 2022, research and consulting firm McKinsey & Company completed a detailed study on cybersecurity spending among businesses. Its findings suggested the corporate sector should be investing a collective $2 trillion each year on cyber protection. But there's a problem.
In 2023, companies are on track to spend a grand total of just $189 billion on cybersecurity. Considering McKinsey estimates cyberattacks are on track to cause a whopping $10.5 trillion in damage per year by 2025, that number is grossly insufficient.
It leaves a $1.8 trillion spending gap, which will likely narrow in the coming years as the cost of not having cybersecurity skyrockets. That should benefit every cybersecurity provider, but especially Tenable (NASDAQ: TENB) and Zscaler (NASDAQ: ZS) , which might be among the best bets for investors in the new year.
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Cyberattacks Might Soon Cost Businesses $10.5 Trillion Every Year -- 2 Cybersecurity Growth Stocks to Buy in 2024