Cybersecurity sees surge in financial backing
In the rapidly evolving landscape of technology, two companies, Ondas Holdings and Data Storage Corporation, are making significant strides in the cybersecurity and defense technology sectors. Both companies are set to invest a combined total of $150 million over the next two years, with a focus on artificial intelligence (AI) and autonomous systems. This move positions them as prominent players in the growing cybersecurity technology market, particularly in Eastern Europe and Ukraine.
The surge in cybersecurity investments is not confined to these two companies. According to recent reports, global spending on cybersecurity exceeded estimates of $145 billion, an increase of more than 50 percent compared to the previous estimate given by CSIS and McAfee for 2018. This growth is attributed partly to better reporting but also to the undeniable fact that cybercrime is on the rise.
In 2020 alone, cybercrime costs worldwide soared to an estimated $945 billion, a figure that represents about 1.3 percent of global GDP. This staggering figure is a testament to the growing threat posed by cyberattacks, a threat that has only been exacerbated by the COVID-19 pandemic.
The pandemic has dramatically increased our dependence on cyberspace, making us more vulnerable to cyberattacks. Interpol warned of an alarming rate of cyberattacks in the first four months of 2020, during worldwide lockdowns. The trend is expected to continue, with Interpol predicting a further increase in cybercrime due to the rise in online shopping and remote working.
The increasing demand for cybersecurity solutions is a closely monitored trend in FinTech and New World Financials equity strategies. Companies must continue to invest in cybersecurity infrastructure, especially in the financial services industry. Patrick Lemmens, a noted expert, expects cybersecurity budgets to increase in this context.
The potential returns in the cybersecurity space are worth the effort, but it's crucial to keep an eye on the (relative) valuation. Spending on security technologies in the areas of the internet and email is expected to be the most dynamic. The analysis firm expects cybersecurity investments to increase by between approximately 6.6 and 10 percent in 2021.
From an investor's perspective, the significant rise in cybercrime presents an opportunity to invest in companies that offer solutions to tackle this growing challenge. The total cost of cybercrime is around $1.1 trillion worldwide, a figure that underscores the need for robust cybersecurity measures.
In 2020, 30 billion data sets were stolen, more than in the previous 15 years combined. This underscores the urgency of investing in cybersecurity technologies. Despite the challenges posed by the pandemic, the dependence on cyberspace is likely to continue even after the pandemic. This means that the need for cybersecurity solutions will remain a pressing issue for years to come.
In conclusion, the cybersecurity sector presents a lucrative investment opportunity, particularly in the wake of the COVID-19 pandemic. Companies like Ondas Holdings and Data Storage Corporation are leading the charge, investing heavily in AI, autonomous systems, and other cutting-edge technologies. As cybercrime continues to escalate, the demand for robust cybersecurity solutions is expected to grow, making the cybersecurity sector a promising area for investment.
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