Over the last decade, cyber scams have become more sophisticated and governments and agencies alike have had to increase their security measures. This industry has seen impressive growth as a result of increased spending on cybersecurity solutions. Thus, we think fundamentally sound cybersecurity stocks of NortonLifeLock (NASDAQ:), McAfee (MCFE), and Radware (NASDAQ:) could now be solid bets to cash in on the industry’s immense growth prospects. These stocks are rated ‘Buy’ in our proprietary rating system. So, let’s discuss these names in more detail.The popularity of hybrid work structures and digitization trends across almost every sector have fostered increasing use of cloud-based and digital solutions, bringing greater risks of cyber threats. The Identity Theft Resource Center, (ITRC) says that data breaches this year have already exceeded those of 2020.

The bright side is that people are increasingly aware of cybersecurity. Private and public organizations around the globe are increasing their investment in cybersecurity to protect against possible thefts. Due to increasing demand for cybersecurity services, global growth is projected at 10.9% from 2021-2028. In response to the ransomware attack on Colonial Pipeline, the President of the United States, Joe Biden issued an executive directive emphasizing strengthening national cybersecurity and protecting government networks. Federal Agencies reminded corporations and businesses that they must adhere to the cybersecurity standards set by the Federal Trade Commission after it upgraded its enforcement of cybersecurity laws.

We believe that the cybersecurity market is growing and NortonLifeLock Inc., McAfee Corp., Redwares Ltd., and McAfee Corp. are solid investments now. These stocks are rated ‘Strong Buy’ or ‘Buy’ in our proprietary POWR Ratings system.

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