Cyber war could mean megabucks for security software businesses.

Amid growing fears of cyber hacking spurred on by Google’s report last week that its computers were hacked in China, security software companies such as Symantec, McAfee and Checkpoint are scrambling to handle what they called a tremendous increase in interest in their software, Businessweek.com reported.

Investors are speculating that businesses and government agencies will boost buying of computers and software, and as a result shares of the security software companies are getting a lift.

Symantec stock closed on Jan. 15 at $18.85, its highest point since October 2008 (currently $18.71), while on the same day Checkpoint hit $34.41, a 64 percent increase from the previous year (currently $33.67). McAfee’s stock has risen approximately 40 percent in the past year and is currently at $40.19.

Overall, information technology spending could increase to $1.5 trillion, a 3.2 percent increase from 2009, after spending decreased by almost the same amount the year prior.

FBR Capital Markets analyst Daniel Ives told BusinessWeek.com he expects to see government spending on security significantly increase, because it is constantly fighting a “cyber war.”

Skeptics, however, say that security software stocks tend to perform worse during economic recoveries than during recessions, and that the security companies will be facing competition from Microsoft because its new Windows 7 operating system includes free antivirus software.