3 Cybersecurity Stocks to Consider

These stocks could benefit as governments and corporations beef up cybersecurity

Vikram Barhat 4 August, 2021 | 1:21AM
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Cybersecurity

Amid the chaos and confusion caused by the coronavirus pandemic, cyber criminals have been having a field day. The FBI’s Cyber Division noted a 400% increase in cyberattacks from pre-pandemic levels. A more recent FBI report puts the cyber-scam figures at 791,790 in 2020 — more than doubling from 300,000 in 2019 — with losses exceeding US$4.2 billion. Interpol has also reported an alarming rate of cyberattacks targeting large corporations, governments, and critical infrastructure.

The most notable of these was the disruptive ransomware attack on Colonial Pipeline which brought the spotlight back on cybersecurity stocks. The spike in cyberattacks has forced governments and organizations to ramp up their spending on cybersecurity creating a tailwind for some tech stocks.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Check Point Software Technologies Ltd117.47 USD1.66Rating
Okta Inc A253.43 USD-0.76Rating
Palo Alto Networks Inc490.47 USD1.52Rating

About Author

Vikram Barhat

Vikram Barhat  Vikram Barhat is a Toronto-based financial writer specializing in investing, stock markets, personal finance and other areas of the financial services industry. He also writes for CNBC, BBC, The Globe and Mail, and Toronto Star.

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