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Businesses spend more on cybersecurity as threats increase

On Behalf of | Sep 10, 2021 | Cybersecurity |

As more and more companies shift to cloud-based platforms and with ransomware attacks on the rise, businesses must increasingly focus on cybersecurity measures.

Despite some companies returning workers to the office this fall, rising infection rates due to the Delta variant promise to keep work-from-home orders or options in place for some time.

Even when the pandemic is over, many companies plan to retain remote, or hybrid, work schedules, which has many businesses bolstering protections for laptops and mobile devices.

Three cybersecurity businesses on the rise in 2021

Financial and investment news magazine Barron’s recently highlighted three cybersecurity companies whose stocks have grown substantially over the past year as companies boost online protections:

  • Network security: Palo Alto Networks has traditionally protected on-site networks but is gaining traction in cloud security. The company expects to grow by 20% annually for the next several years.
  • Cloud security: Zscaler grew by an estimated 43% over the past year as corporate IT departments beefed up security. The product combines several security services into a single product and is listed as the “go-to” name in cloud security by some experts.
  • Malware protection: SentinelOne quickly jumped from tenth to fourth among “endpoint” security platforms – that protect laptops, tablets and other devices from phishing and different types of malware.

Report outlines the growing threat of cybercriminals

Many experts agree with a recent report by Cybersecurity Ventures that hackers will only increase their efforts to access vulnerable computer systems of companies, governments and individuals. Cyberattacks, on average, happen every 11 seconds in 2021, compared to every 19 seconds in 2019.

While malware attacks against the world’s largest meatpacker JBS and Colonial Pipeline were prominently covered in the news, cybercriminals are expected to inflict a total of $6 trillion worth of damages around the globe this year.