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Our world is becoming increasingly digital and interconnected, bringing us new opportunities, but also creating enormous challenges. The abundance of digital information and sophisticated tools available to process and share that information make it very hard to ensure data security in this interconnected world. That is why cybersecurity threats and cyberattacks are on the rise.

Consequences of hacking can be enormous and, in most cases, the full extent of damage is almost impossible to be quantified and may not be known for many years. Cybersecurity has been in focus of late due to a number of large data breaches.

According to a new report by Cybersecurity Ventures, cybercrime will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015. Global spending on cybersecurity products and services is expected to exceed $1 trillion cumulatively over the next five years, from 2017 to 2021.

Since many companies in this space are newer and riskier, it is preferable to look at a couple cybersecurity ETFs for diversified exposure to this promising but volatile space.

The ETFMG Prime Cyber Security ETF (HACK - Free Report) follows a modified equal-weighted index and includes cybersecurity companies with a minimum market cap of $100 million. It is up almost 18% this year.

The First Trust Nasdaq Cybersecurity ETF (CIBR  - Free Report) follows a modified liquidity weighted index that tracks cybersecurity companies with a minimum market capitalization of $250 million. It has risen about 16% this year.