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According to cybersecurity firm Sophos, the average total cost of recovery from a ransomware attack has more than doubled in a year, increasing to $1.85 million in 2021 from $761,106 in 2020. So, cloud security companies’ products and solutions are expected to be in high demand in the coming months. However, not all companies are expected to perform well in this crowded space.
Given this backdrop, we think it could be wise to scoop up the shares of quality cloud security stocks Mimecast Limited (MIME) and Qualys, Inc. (QLYS) based on their continuing innovations. In contrast, we think it is better to avoid Okta, Inc. (OKTA) and Rapid7, Inc. (RPD) because their near-term prospects look bleak.
