Nahal and Lucas-Leclin listed several potential investment targets in the cybersecurity industry. These included Barracuda Networks, which supplies email and web security appliances to the likes of CitiBank, Coca-Cola, Harvard University, IBM and Oreal, and Santa Clara-based Palo Alto Networks, which specializes in firewalls.
(Read more: Cybercrime hits US companies harder: Report)
Other companies for which cybersecurity is a growth-driver or sole business include FireEye, Fortinet, Symantec, VMware Inc and Trend Micro, according to Bank of America.
Nahal and Lucas-Leclin wrote that the cybersecurity industry was part of a global "megatrend" in safety and security, which also covered the auto, energy, real estate and life sciences sectors, among others.
"Although it is difficult to accurately gauge the link between such exposure (to companies working in safety and security) and share price performance (as many factors outside the scope of this analysis are likely to play a role in short- and long-term price development), we still consider that safety and security exposure is an important and positive point to track, given that it is a megatrend with a 25-50-year lifespan," they added.
—By CNBC's Katy Barnato. Follow her on Twitter: @KatyBarnato