Edge computing specialist Fastly (NYSE: FSLY) had an excellent day on the stock market Wednesday, with its share price closing nearly 10% higher. On a generally fine trading session for tech titles, Fastly's rise was also due to internal research indicating significant under-spending by businesses into modern IT services.
Fastly's research indicates that although the vast majority of enterprises around the world are increasing their spending on cybersecurity , they are not doing so wisely.
All told, according to the company's data, while 73% of businesses surveyed are boosting their budgets for these solutions, a mere 61% of their cybersecurity tools are either fully active or deployed for use. Overlap is also a problem, with more than one such tool performing the same function.
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Why Fastly Stock Blasted Ahead Today