Looking to add some new names to the portfolio?
Real Money contributor Chris Versace joined TheStreet's Katherine Ross to weigh in on the data privacy and cybersecurity sectors and specific names that he's eyeing.
Watch the full video above for more.
Katherine Ross: We've heard plenty of reports of various cyber attacks, phishing schemes, et cetera during this pandemic, which has forced people to stay home. So Real Money's, Chris Versace joins me to discuss what stocks he's watching in the cybersecurity and data privacy sectors. Chris, I want to start with cybersecurity stocks. Are there any particular names that you're keeping a close eye on?
Chris Versace: Well, Katherine, let me walk you back a second. Because cybersecurity data privacy is generally speaking a huge issue in terms of our digital ecosystem, right? We know that even before the pandemic we were accelerating, whether it's how we shop, how we buy, how we transact, how we communicate, social media and the like. So there's a huge huge growth curve, or cybersecurity data privacy, I actually see it as the black underbelly, if you will, of our accelerating Digital Lifestyle. So what I would say is, think of it like insurance, you're going to want to have this if you're an individual or if you're a company Because you never know what's going to happen. Most attacks are only revealed seven months after they've occurred.
Katherine Ross: Seven months. Wow, that's quite a timetable. So then let's talk from an investing point of view. If I'm an investor and I'm looking at the headlines that I saw about zoom a month ago, what stocks are you watching that maybe our investors watching this should consider adding to their bullpens?
Chris Versace: Sure, so there are really three that I would kind of point out. The first one is NortonLifeLock...that's one that we own in the Trifecta Portfolio. We also like CloudFlare, we like Ping Identity, because they are more focused on data privacy, they do have elements of cybersecurity, but really on data privacy. And the key reason to focus on data privacy is in the last couple quarters, we've seen the passage of data privacy regulations GDPR over in the Eurozone. And in California, the CCPA and the shield act in New York, and they have effectively weaponized data privacy attacks, meaning that companies are responsible in terms of fines or data privacy violations on individuals. This is a game-changer, Katherine, so it's no longer just cybersecurity. It's data privacy as well.
Katherine Ross: Chris, as always, thank you for taking the time to join us and for more on the Coronavirus pandemic, and its impact on businesses head on over to the street.com and read more from Chris over on RealMoney.com
You can follow Katherine Ross on Twitter at @byKatherineRoss.