Industry analysts at Cybersecurity Ventures expect cybercrime damages to reach $6 trillion annually by 2021. And that means increased spending on cybersecurity, which is a boon for the best cybersecurity stock to buy.
Cybercrime is bad news, yes. But as Money Morning Chief Investment Strategist Keith Fitz-Gerald says, war, terrorism, and ugliness are Unstoppable Trends. And cybercrime – identity theft, hacking, ransomware, compromised files, and more – is, unfortunately, ugliness at its finest.
Cybersecurity Ventures predicts that the total damages from just ransomware will soar 130% this year alone. Last year, total damages attributed to ransomware reached $5 billion. By the end of this year, it's expected to reach $11.5 billion.