According to Cybersecurity Ventures, cybercrime will cost the global economy $9.5 trillion this year. Companies continue to shift more of their operations, sales channels, and valuable assets online using cloud computing, which makes them more vulnerable to attacks than ever before.

Generative artificial intelligence (AI) enhances the cyber threat even further by empowering malicious actors with the ability to create realistic email, video, and audio content to trick corporate employees into handing over sensitive information. PwC recently surveyed 4,702 CEOs and found that 64% were worried AI could increase their cybersecurity risk going forward.

One beneficiary of the shifting landscape is Zscaler (NASDAQ: ZS) because it's a leader in zero trust and cloud cybersecurity. The company just reported its financial results for the fiscal 2024 third quarter (ended April 30), and they came in far better than expected, which sent its stock soaring 8.5%.

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Source Fool.com