Premiere cybersecurity company Palo Alto Networks (PANW -0.58%) has seen significant growth in recent years, thanks in part to the increasing importance of cybersecurity in the modern world.
With the proliferation of connected devices and the rise of the Internet of Things, the need for effective cybersecurity solutions has never been greater.
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The growing menace
The cybersecurity industry as a whole has experienced strong growth in recent years, with the Identity Theft Resource Center reporting the number of data breaches surged 68% last year (though through the third quarter of this year they were running 69% below that threshold). Even so, it still represents over 166.7 million victims.
According to market research firm Gartner, global information security and risk management is expected to reach $188.3 billion in 2023, up from $157.7 billion in 2020. This growth can be attributed to a variety of factors, including the proliferation of remote work, a shift to cloud-based delivery models by businesses, and the increasing sophistication of cyber threats.
Despite this growth potential, however, the prospect for an economic downturn to impact…
