Near the end of 2022, research and consulting firm McKinsey Company completed a detailed study on cybersecurity spending among businesses. Its findings suggested the corporate sector should be investing a collective $2 trillion each year on cyber protection. But there's a problem.

In 2023, companies are on track to spend a grand total of just $189 billion on cybersecurity. Considering McKinsey estimates cyberattacks are on track to cause a whopping $10.5 trillion in damage per year by 2025, that number is grossly insufficient.

It leaves a $1.8 trillion spending gap, which will likely narrow in the coming years as the cost of not having cybersecurity skyrockets. That should benefit every cybersecurity provider, but especially Tenable (NASDAQ: TENB) and Zscaler (NASDAQ: ZS), which might be among the best bets for investors in the new year.

Continue reading

Source Fool.com