13 Jun 2 Super Cybersecurity Stocks To Buy: SentinelOne And Tenable
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This week in cybersecurity from the editors at Cybercrime Magazine
– Read The Motley Fool Story
Sausalito, Calif. – Jun. 13, 2024
According to research firm McKinsey, the corporate sector is poised to spend $213 billion on cybersecurity software in 2024. However, that isn’t nearly enough to defend against what Cybersecurity Ventures believes will be $9.5 trillion worth of damage caused by cybercrime throughout the year.
McKinsey believes companies should be collectively spending $2 trillion each year instead, which leaves a gap of $1.8 trillion. That spells opportunity for cybersecurity vendors, because the sheer cost of cyberattacks will push an increasing number of businesses to invest more heavily in protection.
CrowdStrike (NASDAQ: CRWD) is the second-largest cybersecurity vendor in the world, with a market cap of $91 billion. However, it’s growing its revenue twice as fast as the current leader, Palo Alto Networks (NASDAQ: PANW), and could soon snatch first place considering its stock skyrocketed 147 percent in the past year alone.
It will take more than one or two vendors to fill the enormous spending gap highlighted by McKinsey. The Motley Fool examines why investors might want to consider buying shares in SentinelOne (NYSE: S) and Tenable (NASDAQ: TENB) as well.
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