07 Nov Cybersecurity Growth Stock to Buy During the Latest Market Sell-Off
This week in cybersecurity from the editors at Cybercrime Magazine
–Read the Full Story in The Motley Fool
Sausalito, Calif. – Nov. 7, 2024
The Motley Fool reports that Tenable (NASDAQ: TENB) generated $227.1 million in revenue during the third quarter of 2024, a 13 percent increase from the year-ago period. The company serves over 44,000 customers, which includes 65 percent of the Fortune 500. A record 1,853 customers were spending at least $100,000 annually with Tenable as of the end of Q3, an 18.4 percent jump from the year-ago period.
Tenable values its addressable market at $33 billion, but that might be a very conservative estimate. According to Cybersecurity Ventures, cybercrime will cause up to $10.5 trillion in damage in 2025. Research firm McKinsey and Company believes businesses should be spending a collective $2 trillion on cybersecurity software every year to mitigate those threats, but they are currently spending around 10 percent of that.
As the financial and reputational costs of cyberattacks increase, cybersecurity spending will only trend in one direction. That’s why Tenable stock might be a great long-term buy on any market dip.
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