Multiple malicious cyberattacks on U.S.-based and international companies have heightened the need for cybersecurity globally. As federal agencies and private organizations invest heavily to encrypt their operations, we think popular cybersecurity stocks NortonLifeLock (NASDAQ:NLOK), McAfee (MCFE), Trend Micro (OTC:TMICY), and Radware (NASDAQ:RDWR) could be solid bets now. Read on. Cyberattacks have been on the rise since last year and currently pose one of the greatest threats to the digital transformation of industries worldwide. From the Colonial Pipeline attack earlier this year to the ransomware attack on more than 200 U.S. companies in July and the 2020 U.S. federal government data breach, the increasing need for cybersecurity is clearer than ever.
Amid such developments, on July 28, President Biden announced the National Security Memorandum on Improving Cybersecurity for Critical Infrastructure Control Systems. The global cybersecurity market is projected to grow at a 10.9% CAGR over the next seven years.
Thus, fundamentally sound cybersecurity companies NortonLifeLock Inc. (NLOK), McAfee Corp. (MCFE), Trend Micro Incorporated (TMICY), and Radware Ltd. (RDWR) are expected to exhibit steady growth. As such, we believe investors looking to cash in on the industry’s solid growth prospects could bet on these stocks now.