As the stock market witnesses a massive sell-off due to a variety of reasons, the technology sector has been among one of the hardest hit sectors of the market. As the bear market continues, the tech-heavy Nasdaq Composite has lost 28.8% year-to-date.
However, one of the technology segments, the cybersecurity industry, has survived the market turmoil relatively well thanks to the surging demand for cybersecurity solutions as firms pay big to be protected from cyber-attacks. Since the onset of the COVID-19 pandemic, the accelerated digital transformation and cloud migration have significantly exposed enterprises to these attacks.
