Cyberattacks Might Soon Cost Businesses $10.5 Trillion Every Year -- 2 Cybersecurity Growth Stocks to Buy in 2024
Near the end of 2022, research and consulting firm McKinsey Company completed a detailed study on cybersecurity spending among businesses. Its findings suggested the corporate sector should be investing a collective $2 trillion each year on cyber protection. But there's a problem.
In 2023, companies are on track to spend a grand total of just $189 billion on cybersecurity. Considering McKinsey estimates cyberattacks are on track to cause a whopping $10.5 trillion in damage per year by 2025, that number is grossly insufficient.
It leaves a $1.8 trillion spending gap, which will likely narrow in the coming years as the cost of not having cybersecurity skyrockets. That should benefit every cybersecurity provider, but especially Tenable (NASDAQ: TENB) and Zscaler (NASDAQ: ZS), which might be among the best bets for investors in the new year.
Source Fool.com
Zscaler Inc Stock
The stock is one of the favorites of our community with 65 Buy predictions and 1 Sell predictions.
With a target price of 204 € there is a positive potential of 28.32% for Zscaler Inc compared to the current price of 158.98 €.