Increased exposure to large-scale data breaches and ransomware attacks upon rapid digitization of operations and growing adoption of cloud computing in hybrid working has led to many companies increasing their spending on their cybersecurity, allowing cybersecurity companies to benefit. Moreover, rising corporate and government investments in cybersecurity because of growing concerns over cyberattacks from Russia due to escalating sanctions on the nation should benefit the cybersecurity industry.
Investors’ interest in this space is evident from the Global X Cybersecurity ETF’s (BUG) 10.7% gains over the past three months versus the SPDR S&P 500 Trust ETF’s (SPY) negative returns. The global cybersecurity market is expected to grow at a 12% CAGR to $500.70 billion by 2030.
