Frequent and increasingly sophisticated cyberattacks are costing companies millions every month. Businesses have responded by spending more on cybersecurity, which has meant new opportunities for a handful of tech firms in that sector, according to a Bank of America forecast. “We forecast a rise in cybersecurity budgets for industries such as healthcare, financial services, and industrials, and note that many organizations are already beginning to implement multiple vendors … to ensure there are no gaps of coverage, and no undetected threats,” the investment bank’s analysts said in a note to their clients on Dec. 8. The increase in demand appears to be coming even in a time of mass layoffs , rising bankruptcies , and tightening financial conditions . That new trend raises the question: Can cybersecurity companies sustain earnings through a recession? “These businesses are definitely not recession-proof, but they are certainly recession-resistant,” said Michael Loukas, CEO of TrueMark Investments, the issuer of the actively managed TrueShares Technology, AI & Deep Learning ETF . Loukas, whose fund holds cybersecurity stocks such as CrowdStrike and Zscaler , said that as more businesses move into the cloud and cybersecurity threats evolve, companies will continue to prioritize spending on protection regardless of economic conditions. “Given the tailwinds created … the fundamentals of cyber security companies will be some of the last ones to slow down in an economic downturn, but they’ll also be the first ones to recover.” CNBC Pro screened for stocks in the sector that could be promising investing opportunities. The stocks listed below meet the following criteria: They are constituents of the Indxx cybersecurity index At least 10 analysts cover each stock More than seven in 10 of those analysts have a “buy” rating Analysts expect an increase in sales in 2023 Anglo-American firm Darktrace topped the list. According to FactSet data, analysts expect the London-listed stock to rise by 89% in the next year. Shares in the company have been on a roller coaster this year as it was subject to a failed takeover attempt from private equity firm Thoma Bravo. Shares in Silicon Valley-headquartered firms Zscaler and Palo Alto Networks are also expected to rise by 62% and 45%, respectively. Meanwhile, analysts at Mizuho said CrowdStrike , a Texas-based cybersecurity firm, is an “unrivaled” market leader. Shares in the company are expected to rise by 61% to $175. “We believe CRWD’s cloud platform remains highly differentiated, its go-to-market strength is unrivaled in its industry, we’re confident the company can very successfully extend beyond traditional endpoint security markets, and [free cash flow] margins remain ~30%,” the Mizuho analysts said.