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President Trump: “No Computer is Safe”

Wednesday, February 22, 2017 13:05
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This post President Trump: “No Computer is Safe” appeared first on Daily Reckoning.

Cyberthreats are a growing trend that threatens to cripple our economy.

Data breaches accelerated at double-digit rates in the first half of 2016 — the most common kind is identity theft.

Businesses suffered. It’s critically important for organizations to protect their data, including their customer data. Dropping the ball violates the trust that businesses need in order to operate successfully.

It isn’t just a problem in the US. More than 90% of European businesses have been hit by a data breach, according to a Lloyd’s report.

The cybersecurity market isn’t growing due to just threats. It’s growing because more and more data and devices need to be secured…

More and more sensitive data is being stored in the cloud and transmitted across the internet…

More and more connected devices need to be protected from malice and mischief.

But every cybersecurity problem is also an opportunity.

And President Trump could hold the key.

Because while the debate continues over a physical border wall, a very different one will quietly be built without attracting nearly as much attention.

And that’s a digital one to protect our cyberspace borders.

The cyber realm is under a state of rapid change and our government institutions and critical infrastructure are all vulnerable to attacks. Politically high-profile cyberinvasions have shaken the country over the past few months.

We are living with an explosion of smart connected devices, a phenomenon often called the “internet of things.” Never before have there been so many connected devices.

Recent attacks in the last half of 2016 on popular websites and services have been based on hacking ubiquitous devices like security cameras. When your fridge can be hacked and used as the basis for a cyberattack, the threat environment has changed radically.

Trump believes “no computer is safe” and wants to strengthen the government’s commitment toward improving our cybersecurity.

Recently, an executive draft order outlining President Trump’s cybersecurity outlined his administration’s strategy for defending of our cyber infrastructure and capabilities.

Trump intends to hold each Cabinet secretary responsible for the cybersecurity and agency head accountable for what happens to the cybersecurity of the organizations under their watch.

Underscoring the changes, Trump just fired the White House’s chief security officer and had him escorted out of the building.

He also wants a greater degree of accountability for the myriad of companies that contract with the federal government.

This is going to spur further cybersecurity spending, which will be very good for the cybersecurity plays in your portfolio.

Says my colleague and fellow analyst Greg Guenthner, “Cyber security trades were mostly underwhelming in 2016. The entire sector took a massive hit during the winter downturn. And sometimes big idea trades—no matter how impressive—get gobbled up by an ornery market. That’s just the way it is.”

But this sector is going to rally big in 2017…

“I have no doubt that many of these (cybersecurity) stocks will march higher in the long run. Cyber security will become one of the most lucrative plays of the decade.” Says Greg.

Cybersecurity is set to be a $20 billion industry in the next five years. The time to add this sector to your portfolio is now.

To a bright future,

Ray Blanco
for The Daily Reckoning

The post President Trump: “No Computer is Safe” appeared first on Daily Reckoning.

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