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Accelerating digitalization has necessitated companies’ increased reliance on cloud-based solutions, making them vulnerable to cyberattacks. Consequently , the demand for cybersecurity solutions is expected to go up in the foreseeable future. According to Grand View Research, the global cybersecurity market is expected to grow at a 10.9% CAGR over the next seven years. Also, investors’ interest in the cybersecurity industry is evidenced by the First Trust Nasdaq CEA Cybersecurity ETF’s (CIBR) 26.9% returns over the past nine months.
Against this backdrop, we believe it is wise to bet on the shares of established cybersecurity companies Check Point Software Technologies Ltd. (CHKP), Tenable Holdings, Inc. (NASDAQ:TENB), and Radware Ltd. (RDWR). They are currently trading below their 52-week highs, but we think have plenty of upside to deliver.
