The year 2021 is turning out to be a big year for cybersecurity stocks. When work became remote and cloud computing became more essential, organisations found themselves facing new challenges head-on. Businesses are now more aware than ever that they must protect themselves from data theft and other cyberattacks. Subsequently, demand for high-end protection software soared and share prices of many cybersecurity companies followed.
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Cyberattacks and the demand for ransom
It can start with one employee clicking on an innocent-looking link and might result in a crisis that can cost the business a fortune. The ways in which this might happen are multiple, and dangers such as disruption of production and supply chains are just a few of the dangers of cyberattacks. This often happens with the help of ransomware, which can infect computers and restrict access to all systems until a certain amount of money is paid as ransom in order to unlock it.
The global ransomware protection market size was valued at $162.5 billion in 2020, and is expected to record a 12.5% compound annual growth rate (CAGR) and reach $418.3 billion by 20281. With COVID-19 restrictions increasing companies’ dependence on remote work and cloud systems, cybersecurity companies’ prominence in the ransomware protection market is becoming increasingly apparent. Below are some of the interesting names in the cybersecurity industry.
Fortinet
Founded in 2000, Fortinet Inc. (FTNT) is a cybersecurity firm that develops products such as firewalls, antiviruses, and intrusion prevention software. Valued at a $47.8 billion market cap, the company is also involved in education and training through its Network Security Expert (NSE) cybersecurity certification program.
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Cloudflare
Cloud services company Cloudflare (NET) is an international tech firm focused on cybersecurity. The company’s products help protect and advance Internet applications without the need for any additional hardware or software. These products are used by approximately 10% of the Fortune 1,000 companies and around 18% of the top 10,000 websites, which helps bring Cloudflare to a market cap of $37.4 billion.
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BlackBerry
The name BlackBerry may be familiar to most as one of the early smartphones, but since 2015, BlackBerry Ltd. (BB) has been a provider focused on end-to-end secure communication for enterprise and government customers. Valued at $5.7 billion, BlackBerry is also involved with the International Space Station with its advanced operating system QNX.
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Mitek
Mitek (MITK) is a software company focused on stopping online identity fraud. The $913.9 million company engages in digital identity verification built on AI solutions related to mobile imaging applications and intelligent character recognition software.
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Cybersecurity: Here to stay
The cybersecurity industry is growing, and as long as the threat of cyberattacks still hangs over our heads, cybersecurity firms are not likely to be going anywhere. The market is only likely to get bigger, as CAGR forecasts predict, and investors will be following closely.
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