The need for cybersecurity has risen due to the fast pace of digitization and increasing remote-working mandates. These trends are rendering organizations even more vulnerable to cyberattacks. So, we believe fundamentally strong cybersecurity stocks Checkpoint Software (CHKP), McAfee (MCFE), and Radware (NASDAQ:RDWR) should witness substantial demand for their solutions. and that the recent dip in their share prices provides the perfect buying opportunity. Read on.Amid an accelerated pace of global, digital transformation, the number and severity of cyber frauds have risen significantly over the past year, resulting in significant losses for corporations worldwide. Furthermore, last month, the ransomware attack on nearly 200 companies in the U.S. pushed the government to strengthen its cybersecurity strategy. Consequently, the government has allocated approximately $2 billion for cybersecurity purposes in the Senate’s recently passed $1 trillion bipartisan infrastructure bill.
With cyberattacks increasing significantly due to remote working trends, organizations worldwide are boosting their investment in advanced information security solutions. The global cybersecurity market is expected to reach $345.4 billion by 2026, registering a 9.7% CAGR .
Checkpoint Software Technologies Limited (CHKP), McAfee Corp. (MCFE), and Radware Ltd. (RDWR) are well-established companies in the cybersecurity space. They are expected to witness steady growth in the foreseeable future. So, we believe they could be great picks now because they are currently trading below their 52-weeks highs.