If investors want to future-proof their portfolio, they should purchase strong buy cybersecurity stocks since cyber assaults are becoming more sophisticated and could cost
The 2024 (NASDAQ: CRWD ) Global Threat Report revealed that cloud intrusions increased by 75% and malware-free attacks also increased. These attacks use legitimate credentials and technologies, making it difficult to detect and counter.
Over 25% of attacks in 2023 were on manufacturing. Financial cyberattacks, including interactive hacking, rose 80%.
The SEC has imposed a requirement on stock market firms that they must notify significant hacking incidents within four business hours.
The National Cybersecurity Strategy of the Biden-Harris administration emphasizes the importance in the national economy of strong cybersecurity stocks by shifting cybersecurity from smaller groups and individuals to larger companies who can manage attacks.
Investors will be attracted to the $2 trillion cybersecurity industry. However, the best way to invest is by purchasing strong cybersecurity stocks with upside potential.
CyberArk Software CYBR
CyberArk Software manages restricted access by locking down accounts that have special access to services. The average target price is $297 – up 16% on its current price of $257 – and 21 out of 22 analysts recommend purchasing the stock.
CYBR is acquiring the machine identity management pioneer Venafi under a $1.54billion agreement to strengthen its platform for identity security. CyberArk’s platform will be enhanced by integrating Venafi’s technologies following the acquisition.
The credibility of Coca-Cola Hellenic Bottling Company is also demonstrated by its selection of CyberArk Identity Security Platform to migrate to the cloud.
CyberArk’s security platform is hosted in the UAE, to comply with data sovereignty regulations and to provide better protection to local clients.
CyberArk exhibited CoRA AI at IMPACT 24 to boost its reputation as a cybersecurity stock to buy. New AI-powered features enhance identity security and risk identification in many settings. Analysts expect big things for CYBR in the future, given the advances in the UAE and the new AI services. The EPS is projected to rise 13% and 77% in fiscal 2024.
Zscaler (ZS)
After a 16% decline this year, Zscaler (NASDAQ: ZS), is a great bargain. With an average price of $230 and a 29% increase, it’s a great deal.
As the stock price dropped, investors began to think that Zscaler’s markets were saturated and that growth was halting. fiscal third-quarter sales increased 32%, to $553.2 millions. Net income grew 141%. This exceeded Wall Street’s expectations by double-digits. Calculated billings increased 30%, and GAAP net profit rose from $46 to $19.1 millions. Non-GAAP revenue grew by $139.8 millions.
Through their strategic partnership, Alphabet (NASDAQ:GOOG,NASDAQ:GOOGL), Google and Zscaler are also working to improve zero-trust security. Google Workspace-Chrome corporate integration improves threat identification, access control, VPN elimination, and corporate user safety.
Zscaler has upgraded its AI-driven data protection platform to. These technologies protect 400 billion data exchanges per day. Enterprise data security, threat detection and response will improve.
These services build on the four cybersecurity services that Zscaler recently launched. These services are designed to improve the Zero Trust Exchange platform. They include Zscaler Risk360 and Zero Trust Branch Connectivity.
Zscaler has also acquired Avalor Technologies, Airgap Networks and Zero Trust SASE to pioneer AI and zero trust SASE. These acquisitions enhance ZS’s appeal among cybersecurity stocks that are good buys. They also improve protection services.
Palo Alto Networks (PANW)
Palo Alto Networks is coming off another stellar quarter when it comes to its earnings. posted solid third-quarter financial performance and beat consensus projections of $1.2 with $1.32 per share. PANW’s revenue was $1.99 billion – above the projections of $1.97billion. This is the 12th consecutive quarter that PANW has exceeded Street estimates.
Palo Alto Networks uses AI and machine learning to identify and respond threats in its cybersecurity products. This will help PANW maintain its winning streak in the bottom line. This connection will provide proactive and automated security measures, relieving the IT staff and boosting safety.
PANW has launched a program that helps customers migrate from their old security solutions to Cortex for desktop security. This move is intended to provide more advanced safety measures that are unified to address the changing risks of the online world.
Palo Alto Networks has launched a private protection solution along with other firms. This solution provides comprehensive security for private 5G operators.
Palo Alto Networks, in line with its expansionary efforts and as part of its commitment to provide regional markets with access to its platform, is also investing in Qatari Cloud Infrastructure.
Faizan Farooque had no positions (directly or indirectly) in the securities mentioned in the article at the time of publication. The opinions expressed in the article are those of its author, subject to InvestorPlace.com’s Publishing Guidelines.