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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.
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About the Author
Michael A. Robinson is one of the top financial analysts working today. His book "Overdrawn: The Bailout of American Savings" was a prescient look at the anatomy of the nation's S&L crisis, long before the word "bailout" became part of our daily lexicon. He's a Pulitzer Prize-nominated writer and reporter, lauded by the Columbia Journalism Review for his aggressive style. His 30-year track record as a leading tech analyst has garnered him rave reviews, too. Today he is the editor of the monthly tech investing newsletter Nova-X Report as well as Radical Technology Profits, where he covers truly radical technologies – ones that have the power to sweep across the globe and change the very fabric of our lives – and profit opportunities they give rise to. He also explores "what's next" in the tech investing world at Strategic Tech Investor.
Tags: tech stocks