Why Innovation Makes Crowdstrike Worth Buying
Defending ourselves from cyberattacks has moved well beyond the antivirus software that you used to install on your PC. Crowdstrike (NASDAQ: CRWD) protects its customers in the cloud, where the digital world is migrating. While the stock is already up more than 140% over the past year, here are four reasons why Crowdstrike is poised to keep winning for investors.
As the global economy goes increasingly digital, businesses are not keeping up with their cybersecurity needs. Crowdstrike estimates that in 2020, global cloud IT spending surpassed $100 billion, yet just 1.1% of that went toward cloud-based security to protect those workloads. Crowdstrike believes that cloud security spending could eventually expand to 5% to 10% of a company's IT budget.
Cybersecurity breaches can wreak havoc on businesses. In May, hackers shut down the Colonial pipeline, the largest petroleum pipeline in the United States, costing the pipeline's parent company tens of millions of dollars in shutdown expenses on top of the ransom it paid.
Source Fool.com
