Ransomware attacks have been dominant for hackers. And according to Investor's recent article, this means good news for cybersecurity stocks.
There have been several publicized attacks in the last few years such as the SolarWinds exploit, the Kaseya hack, and many other attacks that have impacted all types of organizations. And according to Coveware, the average ransomware payment have significantly risen in frequency in the last year.
These alarming numbers have resulted in cybersecurity spending to significantly increase. Per Gartner, "Cybersecurity spending worldwide will pop an estimated 13% in 2021 to $172 billion, accelerating from 8% growth in 2020. In both 2022 and 2023, Gartner forecasts 11% growth in cybersecurity spending."
Companies plan to step up investments to counter ransomware attacks, upgrade out-of-date computer network software, and reduce vulnerability to their supply chains.
Although additional security layers mentioned above are helpful, it is just applying a band-aid to the real problem - lack of end user education. New-school security awareness training can help your users spot the common red flags and report any suspicious activity.
Investor's Business Daily has the full story.
