My Best Cybersecurity Stock for 2021
Up to 1.5 billion cyberattacks occurred globally last year, according to the cybersecurity firm Kaspersky, as outdated systems and a shift to remote work during the pandemic created new opportunities for hackers. A single data breach costs a company an average of $3.92 million, according to Security Intelligence, due to the high costs of recovering lost data.
Those threats have lit a fire under the cybersecurity market, which Grand View Research valued at $156.6 billion in 2019. The research firm expects that market to grow at a compound annual growth rate of 10% between 2020 and 2027 as cyberattacks evolve and intensify worldwide.
Investors can simply buy the ETFMG Prime Cyber Security ETF (NYSEMKT: HACK), which owns a basket of top cybersecurity stocks, to gain broad exposure to that market. The ETF rallied about 80% over the past three years, and outperformed well-known players like FireEye (NASDAQ: FEYE) and Check Point Software (NASDAQ: CHKP).
Source Fool.com
