According to research firm McKinsey, the corporate sector is poised to spend $213 billion on cybersecurity software in 2024. However, that isn't nearly enough to defend against what Cybersecurity Ventures believes will be $9.5 trillion worth of damage caused by cybercrime throughout the year.

McKinsey believes companies should be collectively spending $2 trillion each year instead, which leaves a gap of $1.8 trillion. That spells opportunity for cybersecurity vendors, because the sheer cost of cyberattacks will push an increasing number of businesses to invest more heavily in protection.

CrowdStrike (NASDAQ: CRWD) is the second-largest cybersecurity vendor in the world, with a market capitalization of $91 billion. However, it's growing its revenue twice as fast as the current leader, Palo Alto Networks, and could soon snatch first place considering its stock skyrocketed 147% in the past year alone.

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Source Fool.com