Cybersecurity is taking center stage again.
This time for a good reason.
Back on Jan. 5, we noted: In 2023, experts warn we could see a sharp rise in attacks.
“According to an analysis by Cybersecurity Venture, the global annual cost of cybercrime could top $8 trillion in 2023,” as noted by Fox News. “That number could even underestimate the problem, according to numbers from Security Intelligence, who estimated that U.S.-based financial institutions alone lost close to $1.2 billion in ransomware attacks in 2021, an almost 200% increase over the previous year. If that rate increases at the same pace, global losses from cybercrime could be as high as $16 trillion in 2023.”
However, things may start to change for the better – soon.
In fact, the Biden Administration may soon approve a new national cybersecurity strategy. According to Slate magazine, the Administration “is getting more aggressive” on the issue.
As noted by Slate: The 35-page document, titled “National Cybersecurity Strategy,” differs from the dozen or so similar papers signed by presidents over the past quarter-century in two significant ways: First, it imposes mandatory regulations on a wide swath of American industries. Second, it authorizes U.S. defense, intelligence, and law enforcement agencies to go on the offensive, hacking into the computer networks of criminals and foreign governments, in retaliation to—or preempting—their attacks on American networks.
As things progress, keep an eye on cybersecurity stocks – especially the oversold ones like Palo Alto (PANW), Fortinet (FTNT), and Zscaler (ZS). Or, take a look at cyber ETFs, such as:
Global X Cybersecurity ETF (BUG)
“The Global X Cybersecurity ETF (BUG) seeks to invest in companies that stand to potentially benefit from the increased adoption of cybersecurity technology, such as those whose principal business is in the development and management of security protocols preventing intrusion and attacks to systems, networks, applications, computers, and mobile devices,” says Global X. Some of the ETFs top holdings include Fortinet, Crowdstrike, Palo Alto, Okta Inc., and Rapid7 Inc. to name a few.
iShares Cybersecurity and Tech ETF (IHAK)
According to iShares, “The iShares Cybersecurity and Tech ETF seeks to track the investment results of an index composed of developed and emerging market companies involved in cyber security and technology, including cyber security hardware, software, products, and services.”