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Where some might get mad, I like to get even.
See, when we spoke back on Oct. 22, I told you how I've fallen for my 2019 Acura MDX hybrid, and the broader scope of autonomous driving capabilities.
Thing is, I left out an embarrassing anecdote. As it turns out, what happened to me during the buying process also happens to millions of others. And today, I want to show you a great way to play the best firms that are addressing the issue.
But before I do, let's go back to what happened at the Acura dealership. See, everything was running smoothly until the finance manager came to tell my wife and me that our credit didn't go through.
No, we are not deadbeats. We have very high credit scores. We had simply forgotten one small detail: After the infamous 2017 hack at Equifax Inc. (NYSE: EFX) compromised 143 million accounts, including ours, we froze our credit.
This meant that no one, not even us, could take out a loan or credit card in our name. Fortunately, it only took a few minutes for us to log in to the credit agency and get the lease financing approved.
But the situation got me thinking a lot about our brute-force protection system when reading about the latest big cyber intrusion. This one, announced Nov. 30 of last year, involved 500 million hotel customers – once again, including my wife and me.
It seems that consumers like us can't go very far these days without hearing about some sort of corporate data breach that compromises our private data.
Fortunately, this steady stream of computer hacks and cybercrimes aren't only a cause of concern.
They also present the opportunity for savvy investors to choose an investment that will beat the market, again, this year…
You're going to want to see this…
How to Profit from the Hacks
Let's be clear: Shutting down your credit accounts isn't exactly a move filled with finesse. It doesn't stop thieves from hacking into your online accounts or prevent a data loss if they hit a third-party account you have online.
But it does prevent them from stealing your identity and then using that to start new accounts in your name. If they steal your identity, your life will be turned upside down – and will likely cost you thousands in charges you have to dispute.
My wife and I were discussing this very topic after the latest big hack made the news. See, we're longtime clients at hotels run by Marriott International Inc. (Nasdaq: MAR).
The firm's Starwood properties, where we also stay, started getting hacked back in 2014. The break-in went undetected until last September. No wonder the bad guys compromised 500 million accounts.
Is this the end of the traditional golden retirement?
Here's the thing: The rate of cyber intrusions isn't likely to abate any time soon. So, there are basically two things you can do:
- Protect your online identity the way my family has, or by subscribing to a professional service.
- Profit from this red-hot trend.
A Hackable Market
Consider that MarketsandMarkets says 2018's cybersecurity value was $137.8 billion. By 2022, that figure will hit $231.9 billion, for a compound annual growth rate of 111%.
Forecasters at Cybersecurity Ventures predict that cybercrime damages will hit $6 trillion annually by 2021, double the figure from 2016. And over the next five years, cyber spending will total more than $1 trillion.
About the Author
Michael A. Robinson is a 35-year Silicon Valley veteran and one of the top technology financial analysts working today. He regularly delivers winning trade recommendations to the Members of his monthly tech investing newsletter, Nova-X Report, and small-cap tech service, Radical Technology Profits. In the past two years alone, his subscribers have seen over 100 double- and triple-digit gains from his recommendations.
As a consultant, senior adviser, and board member for Silicon Valley venture capital firms, Michael enjoys privileged access to pioneering CEOs and high-profile industry insiders. In fact, he was one of five people involved in early meetings for the $160 billion "cloud" computing phenomenon. And he was there as Lee Iacocca and Roger Smith, the CEOs of Chrysler and GM, led the robotics revolution that saved the U.S. automotive industry.
In addition to being a regular guest and panelist on CNBC and Fox Business Network, Michael is also a Pulitzer Prize-nominated writer and reporter. His first book, "Overdrawn: The Bailout of American Savings" warned people about the coming financial collapse - years before "bailout" became a household word.
You can follow Michael's tech insight and product updates for free with his Strategic Tech Investor newsletter.
Tags: tech stocks