Cybersecurity companies seen entering a 'golden age' for network protection
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As the war between Russia and Ukraine enters its second month, the potential that Moscow will engage in widespread cyberattacks against Western enterprises and governments has shown no signs of receding. And, as such, the opportunities for cybersecurity companies to grow their businesses are reaching levels not seen in years.
That's the assessment of the cybertech market from Wedbush Securities analyst Dan Ives, who said that after gauging the level of company's spending plans, and the current global situation, there is "a golden age for the cybersecurity sector" in the months and years ahead.
"Cyber warfare adds to cybersecurity tailwinds," Ives said. "Well-positioned vendors should be a focus for tech investors."
Ives said that specter of "impending Russian cyberattacks" on the horizon has also created a situation of "unparalleled cooperation" between the leading cybersecurity players in the United States, Europe and Israel. Ives said that the move by companies to offer more cloud-based services is resulting in some "eye popping" spending and budgets in the cyber tech space.
Among the companies that Ives cited as leading the efforts against new Russian cyber attacks are Palo Alto Networks (NASDAQ:PANW), Zscaler (NASDAQ:ZS), CrowdStrike Holdings (NASDAQ:CRWD), SentinelOne (S), CyberArk (NASDAQ:CYBR) and Tenable (TENB). Ives said that these and other cybersecurity companies are "on the front lines" and have been "very successful in this ongoing cyber warfare that kicked off along with the heartbreaking Ukraine war."
Last week, CrowdStrike (CRWD) showed how its business might benefit from the growing need for more cybersecurity offerings as its shares soared following an upbeat earnings report and outlook.