Cybersecurity plays a pivotal role in protecting networks, devices, and data amid the ongoing rapid, global digitalization. So, we think it could be wise to scoop up quality cybersecurity stocks NortonLifeLock (NASDAQ:NLOK), Qualys (NASDAQ:QLYS), and Radware (NASDAQ:RDWR) because they are well-positioned to benefit from the industry tailwinds. Furthermore, the dip in their share prices offers an attractive entry point. Read on.The economy was gradually recovering when the reports of a new variant of COVID-19 named omicron, first discovered in South Africa, posed a new concern for investors. The markets have remained volatile because investors have been treading carefully over the past few weeks due to rising COVID-19 infections in Europe and record-high U.S. inflation data for October. However, initial reports suggest that the fears related to the COVID-19 omicron variant may have been exaggerated because the variant has so far been found to cause mild illness.
With digitization sweeping across various industries, the need for cybersecurity has grown significantly. With data now being considered the new oil, it has become increasingly important for enterprises to spend on cybersecurity to protect their data from breaches. According to a Research and Markets report, the global cybersecurity market is expected to grow at a 9.7% CAGR to $345.40 billion by 2026.
Given this backdrop, we think it could be wise to buy the dip in quality cybersecurity stocks NortonLifeLock Inc. (NLOK), Qualys, Inc. (QLYS), and Radware Ltd. (RDWR), given their impressive growth potential.