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Cybercrime and security were key topics of discussion at the World Economic Forum (WEF) in Davos, Switzerland, this January. And our best cybersecurity stock for 2018 will directly benefit from increased focus on this industry.
Cybercrime is on the rise across the globe, and it impacts everyone. That includes governments, businesses, and individual consumers. Spending on cybersecurity to combat these crimes is expected to reach $1 trillion by 2021, according to estimates by Cybersecurity Ventures.
Companies with the most sophisticated and up-to-date cybersecurity systems will be able to deliver their shareholders the largest slice of that $1 trillion pie.
Here's how the top cybersecurity experts advised the Davos meeting attendees, plus the best cybersecurity stock to buy in 2018…
World Economic Forum Reports on 2018 Cybersecurity Threats
According to the WEF's Global Risks Report 2018, business leaders of developed countries perceive cyberattacks to be the top global risk.
According to the WEF report, the intensity of cybercrime is also expected to increase more than any other risk in 2018. These experts also spent the last 12 months identifying 14 policy areas where WEF recommends public-private collaboration.
Yahoo Finance spoke with several top cybersecurity experts and sought their opinions on what cybersecurity topics business and government leaders needed to focus on in 2018.
Steve Grobman, chief technology officer of McAfee, and Rik Ferguson, VP of Security Research at Trend Micro, said they would like to see more cooperation between governing bodies, such as the European Commission and the private sector.
Leo Taddeo, chief information security officer of Cyxtera and former New York Office FBI special agent in charge of special operations/cyber division, mirrors this sentiment with his belief that traditional defense is no longer sufficient. Governments must ally with the private sector to both identify threats and identify all potential vulnerabilities in a system.
The common theme here is that the public and private sectors must cooperate in order to successfully combat the growing threat of cybercrime.
And that's creating a profitable investing strategy for investors who know which private sector company will benefit the most from these partnerships.
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While there are many excellent cybersecurity companies out there, the best cybersecurity stock to buy for 2018 has the potential to double your money over the next two years…