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Work-from-home cyber worries may boost these four software names, CFRA says

  • The Covid-19 pandemic has created new challenges for companies as employees have shifted to working from home and targeted attacks have risen at the same time.
  • While companies are cutting back on spending, cyber security is vital and spending will continue to grow at a healthy pace, the analysts estimate.
  • As the top four market share holders in cyber security, Check Point Software (NASDAQ:CHKP), Cisco Systems (NASDAQ:CSCO), Fortinet (NASDAQ:FTNT) and Palo Alto Networks (NYSE:PANW) should benefit from the growing needs to spend to address these issues.
  • As employees have worked from home, cyber security concerns have spiked. The number of phishing emails soared 600% between February and March, according to Barracuda Networks.
  • The Federal Bureau of Investigation's Internet Crime Complaint Center has seen a four-fold increase in the number of reported online crimes in that same time.
  • Companies discovered that old network security solutions were poorly equipped to hand the mass migration of work from home.
  • CFRA expects new spending on security services like Virtual Private Networks (VPNs) as companies adapt to their work force being home.
  • In the last month, Checkpoint Software is off 3%, Cisco Systems is off 3%, Fortinet is off 4%, and Palo Alto Networks is off 3%.

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PANW--
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