ZS - Cybercrime Costs Are Soaring Toward $20 Trillion: 2 Magnificent Growth Stocks to Buy Now and Hold Forever
2023-11-04 05:58:00 ET
Damages inflicted by cybercrime will total $11.5 trillion this year, according to Statista, but cloud migration and the proliferation of connected devices could push that figure north of $23 trillion by 2027. Not surprisingly, enterprises are redoubling their efforts to safeguard sensitive data.
In the third quarter, cybersecurity software saw the largest spending increase of any IT product category, according to a survey from Morgan Stanley . That is particularly interesting because artificial intelligence has dominated headlines this year, but businesses are actually more focused on improving their security posture.
Investors can capitalize on that opportunity by building a basket of cybersecurity stocks within their portfolios. Here's why CrowdStrike Holdings (NASDAQ: CRWD) and Zscaler (NASDAQ: ZS) belong in that basket.
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Cybercrime Costs Are Soaring Toward $20 Trillion: 2 Magnificent Growth Stocks to Buy Now and Hold Forever