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ASX Cybersecurity Stocks: 8 Biggest Companies in 2023
Cybersecurity is a growing issue globally, and demand for threat protection is increasing alongside it. Tech-savvy investors have an opportunity to harness these trends using ASX cybersecurity stocks.
Cybersecurity has become a global concern, and demand for technological security is increasing in tandem.
In Australia, sales related to cyber solutions are expected to grow to AU$7.6 billion by 2024.
With many companies shifting to work-from-home and remote models in recent years due to the COVID-19 pandemic, there's been extra pressure on the cybersecurity sector, making it an industry that’s expected to see rapid expansion in the coming years. Read on to learn more about the cybersecurity landscape in Australia.
What do cybersecurity companies do?
The cybersecurity stocks category includes companies that offer cyber recovery solutions in the event of an attack, as well as companies that offer consultations on cybersecurity for businesses and organisations.
Cybersecurity companies may also bolster cyber defences via hardware and cloud-based software technology, particularly in software-as-a-service (SaaS) applications. This is to help prevent attacks or breaches before they happen and keep private data safe.
Because the industry is new, most Australian cybersecurity businesses are less than 10 years old and are primarily private. Gauging performance can be challenging as company values are based on the aftermath of a cyberattack.
Even so, there are opportunities for potential profit. To give investors an idea of the options available in Australia, the Investing News Network has gathered the top ASX-listed cybersecurity stocks using TradingView's stock screener. Companies are listed in order by market cap, and data was current as of April 6, 2023.
1. Family Zone Cyber Safety
Market cap: AU$196.62 million
Family Zone Cyber Safety (ASX:FZO) offers an app to help control screen time and restrict cyber bullying. Parents can use the app to restrict social media, block inappropriate apps, set up an internet filter and limit in-app purchases.
2. Tesserent
Market cap: AU$94 million
Tesserent (ASX:TNT) provides a range of internet security services for the education, manufacturing, insurance, legal, finance, logistics and government markets. The company, known as one of Australia’s leading cybersecurity companies, hangs its hat on its Cyber 360 strategy, which has three components: identifying and assessing threats, risks and protection; taking corrective action; and responding to threats and other incidents.
3. FirstWave Cloud Technology
Market cap: AU$83.12 million
FirstWave Cloud Technology (ASX:FCT) is an Australian company based in New South Wales. The company specialises in IT services, providing a software solution to automate cybersecurity and network management. FirstWave’s patented technology, called CyberCision, is a comprehensive platform that helps service providers provide safe and secure services to their clientele. The platform is built to streamline the process and simplify each stage.
4. Prophecy International Holdings
Market cap: AU$35.52 million
Prophecy International Holdings (ASX:PRO) is a software company with two products: EMite is a SaaS analytics platform, and Snare is a scalable platform of centralised log management and security analytics products that help customers manage cyber threats in real time.
5. Senetas
Market cap: AU$34 million
Senetas (ASX:SEN) and its subsidiaries provide network data security solutions. The company is considered a leader in the cybersecurity sector. Based in Melbourne, its main customers are governments and businesses all over the world. Since 1999, Senetas has provided products used in cloud services, big data protection and encryption security services.
6. ArchTIS
Market cap: AU$28.54 million
ArchTIS (ASX:AR9) is an Australian company that designs and develops secure information-sharing and collaboration infrastructure around the world. It offers its Kojensi Cloud Service for organisations to share documents securely, as well as Kojensi Enterprise for collaboration on classified material and Kojensi Field for military and aid workers to collaborate in the field.
7. Sovereign Cloud Holdings
Market cap: AU$18.71 million
Sovereign Cloud Holdings (ASX:SOV) and its AUCloud product serve Australian government clients, the Australian Defence Force and critical national industry communities. A leading infrastructure-as-a-service company, the company provides cloud-based computing services like virtual desktops.
8. WhiteHawk
Market cap: AU$12.48 million
Launched in 2016, WhiteHawk (ASX:WHK) offers an online tool to small- and medium-sized enterprises to take action against cybercrime. It is one of the first global online cybersecurity marketplaces. The cloud-based platform delivers artificial intelligence solutions through intuitive virtual consults.
WhiteHawk’s software allows users to quickly identify any risks and will help companies get matched to the right service. The company has won multiple US federal government contracts, and is also working with other large entities such as universities.
This is an updated version of an article first published by the Investing News Network in 2021.
Don't forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Marlee John, hold no direct investment interest in any company mentioned in this article.
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Originally from a smaller town just outside of Toronto, Marlee has a BA in English from York University. Marlee is comfortable writing about various topics and has a passion for journalism and current events. Outside of writing she loves reading, music and peanut butter on a spoon.
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