Best Cybersecurity Stocks to Invest in as Biden Administration Meets With Big Tech Companies

Cybersecurity plays a crucial role in protecting our online activity and the information we store on the internet. We’ve already had multiple cyber attacks this year, raising concerns about protection of user data and disruption of crucial services. In efforts to improve cybersecurity, the chief executives of Apple, Microsoft and Amazon are scheduled to attend a White House meeting with President Joe Biden on Wednesday, according to Bloomberg.

The CEOs of Google, JP Morgan & Co. and IBM were invited to the meeting as well. It’s uncertain what will be discussed specifically, but it’s plausible to assume there’ll be talks about recent cyber attacks such as the Solarwinds hack and the ransomware attack on the Colonial Pipeline. Even Microsoft fell victim to cyber attacks on their exchange servers in January of 2021.

Cybersecurity companies are more heavily relied upon by consumers and companies as online activity around the world steadily increases. Remote work, education, and online investing are some of the types of online activity that have increased rapidly compared to previous years. This creates more targets for cyber attacks from hackers and scammers.

Multiple tech companies that were invited to the White House meeting, have already become more involved with cyber security companies such as CrowdStrike and Palo Alto Networks. Those companies recently agreed to be in a joint effort with the Cybersecurity and Infrastructure Security Agency (CISA) to fight ransomware attacks, according to CNBC. Amazon, Google and Microsoft are among those companies in the joint agreement.

CrowdStrike

Ranked by market cap, CrowdStrike is currently the top cybersecurity stock with a current market cap of $60.31 billion. CrowdStrike is one of the more recent cybersecurity companies to have gone public, first opening on the Nasdaq at $63.50 in June of 2019. Since then, its price has reached over $270, increasing over 250 percent from the time it was first listed on the Nasdaq.

Fortinet

Another cybersecurity company that has seen its stock constantly increase this year is Fortinet. With a current market cap of $49.36 billion, shares increased in value by over 100 percent within a year’s span.

Palo Alto Networks

Although they have a lower market cap than the previously mentioned cybersecurity companies, Palo Alto Networks currently has the highest priced stock at more than $400 per share. Having a current market cap of $42.61 billion, Palo Alto Networks’ stock has increased by over 60 percent within a year’s span.

Cybersecurity stocks in general have seen great success for the year of 2021, and are in a constant uptrend. Fortinet and Palo Alto Networks have had their stock prices reach all-time highs this month, while CrowdStrike had an all-time high this past July. All stocks are on pace to break all-time highs again.

There are multiple platforms that allow you to invest in cybersecurity stocks such as Robinhood, WeBull and Fidelity. If you would rather trade cybersecurity stocks, there are platforms that allow you to have brokerage accounts, including Fidelity, TD Ameritrade and Charles Schwab.