In today’s interconnected digital landscape, where businesses and individuals alike rely heavily on technology, cybersecurity has emerged as a critical component akin to traditional utilities such as water and electricity. Just as we depend on access to clean water and reliable electricity for our daily activities, the uninterrupted flow of data and the protection of digital assets have become indispensable aspects of modern life. Cybersecurity is no longer a “nice to have.” It is a must-have.

As proof, consider the latest cyber security attacks have already made the news this year, even though we’re not yet through the first quarter.

In January, approximately 15 million users of the popular project management software platform Trello fell victim to a data breach. The compromised data included a trove of sensitive information such as email addresses, names, and usernames.¹

In February, more than 57,000 Bank of America customers were ensnared in a data exposure incident stemming from a ransomware attack aimed at one of the bank’s service providers. The exposed data encompasses addresses, names, social security numbers, dates of birth, and in some instances, banking details such as account numbers and credit card information.² In the same month, Microsoft Azure suffered the largest data breach in its history, with hundreds of mid-level and senior executives the primary targets.³

By viewing cybersecurity as a new utility, we can foster a greater understanding of its importance and prioritize safeguards to our digital infrastructure to protect against all types of cybersecurity attacks that pose risks to both businesses and society.

How NASDAQ Leaders View Cybersecurity

Thinking of cyber security as a vital utility may already be taking root in some of the best-performing companies listed on the NASDAQ.

Take the example of Palo Alto Networks, which recently released financial results for its fiscal Q2 2024 (ended January 31, 2024). Total revenue surged 19% YoY to $2.0 billion, marking a significant uptick in performance. For fiscal Q3 of 2024, projected total billings now range between $2.30 billion to $2.35 billion, reflecting year-over-year growth of 2% to 4%. Similarly, total revenue for Q3 is forecasted at $1.95 billion to $1.98 billion, indicating a robust year-over-year increase of 13% to 15%. As for Fiscal 2024, updated guidance anticipates total billings between $10.10 billion and $10.20 billion, signalling a healthy year-over-year growth rate of 10% to 11%. Total revenue for the fiscal year is expected to range between $7.95 billion and $8 billion, representing YoY growth of 15% to 16%.⁴

With a market cap of ~$58.35 billion, Palo Alto Networks’ success is partly due to partnerships with various NASDAQ heavyweights, who prioritize cybersecurity for their products and their own business systems.

Palo Alto has partnered with Alphabet and Amazon to provide a comprehensive security platform for Google Cloud products and Amazon Web Services.5 6 They are co-selling integrated products and services with Microsoft to secure Microsoft Azure.⁷ And Palo Alto recently announced they were teaming with NVIDIA and others to provide end-to-end private 5G security solutions for partner networks.8

The same can be said for other major cybersecurity companies like Fortinet Inc (market capitalization ~$52.5 billion), whose products have 100+ integrations with Microsoft Azure and an edge security partnership with Google Cloud, and CrowdStrike Holdings Inc (market capitalization $30.6 billion) who late last year announced a partnership with Amazon AWS to make its SMB cybersecurity service, Falcon Go, available on Amazon Business.9 10 11

A Decade of Growth Projected for Cybersecurity

Beyond digital safety, thinking of cybersecurity as an essential utility will positively impact investment in cybersecurity in coming years.

According to projections, the global cybersecurity market is slated to witness impressive growth, potentially reaching close to $425 billion by 2030, boasting a compound annual growth rate (CAGR) of 13.8%. This surge in demand is largely attributed to cybersecurity’s critical role in safeguarding sensitive data across various sectors, including manufacturing, banking, financial services, insurance (BFSI), and healthcare.12

Some industry analysts are even more bullish on the prospects of the cybersecurity market, with estimations from suggesting a valuation exceeding $534 billion by the end of the decade, a significant leap from its 2022 figure of $193 billion.13 Subsegments within the cybersecurity industry are also poised for substantial growth. For instance, the industrial cybersecurity market is expected to surpass $40 billion by 2030, more than doubling its current size.14

Given these projections, it’s evident that investment in cybersecurity—the new must-have utility—offers significant growth opportunities as we face the cybersecurity challenges that lie ahead in the next decade.

CYBR ETF: Diversified Investing in Cybersecurity

A cybersecurity ETF offers a great alternative to gaining exposure to this industry without being locked into any single security and without the hassle of hand-picking individual stocks. ETFs allow you to diversify by investing in multiple companies in multiple markets, ensuring that a single market shock won’t tank your portfolio.

Canada’s first cybersecurity ETF, Evolve Cyber Security Index Fund (TSX Ticker: CYBR), invests in global companies involved in the cybersecurity industry. For more information, visit the fund page here:



  1. Hope, A., “Massive Trello User Data Leak: Hacker Lists 15 Million Records on a Dark Web Hacking Forum,” CPO Magazine, February 2, 2024;,names%20and%20other%20account%20info.
  2. Todd, D., “57,000 Bank of America Customers’ Data Compromised in Breach,” SecureWorld, February 15, 2024;
  3. Chowdhary, K., “Microsoft Azure Hit With The Largest Data Breach In Its History; Hundreds Of Executive Accounts Compromised,” TechReport, February 21, 2024;
  4. “Palo Alto Networks Reports Fiscal Second Quarter 2024 Financial Results,” Palo Alto Networks, February 20, 2024;
  5. “Palo Alto Networks with Google Cloud,” Google Cloud, n.d.;
  6. “AWS and Palo Alto Networks,” Amazon AWS, n.d.;
  7. “Palo Alto Networks secures customer successes with the Microsoft commercial marketplace,” Microsoft, January 6, 2023;
  8. “Palo Alto Networks Launches Private 5G Security Solutions with Partner Ecosystem,” Palo Alto Networks, February 25, 2024;
  9. “Cloud Security for Azure,” Fortinet, n.d.;
  10. “Fortinet Expands Its Global SASE Points-of-Presence with Google Cloud,” Fortinet, October 16, 2023;
  11. Riley, D., “CrowdStrike makes SMB cybersecurity service Falcon Go available on Amazon Business,” SiliconAngle, November 22, 2023;
  12. “Global Cyber Security Market Size [2023-2030] to Reach USD 424.97 Billion and Exhibit a CAGR of 13.8%,” Fortune Business Insights, April 19, 2023;
  13. “Cyber Security Market Size Is Valued At US$ 534 Bn by 2032: Data Analysis by Experts at Market.Us,” GlobalNewswire, March 23, 2023;
  14. Kovacs, E., “Industrial Cybersecurity Market Expected to Soar in Next Decade,” SecurityWeek, October 18, 2022;

Header image source: Getty Images, Credti: MirageC

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