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Cybersecurity (Vol SYNC. Global investment themes: technology, media and telecoms Issue No. 139 Cybersecurity (Vol. II) 4 November 2016 The world has entered the era of the Code War where every digital device, however small and innocuous, can be “weaponised” – as the recent Dyn Inside cyber-attack aptly illustrated – to send “rogue code” deep into the Internet's . Players engine room to create mayhem. Even the spooks are scared. Trends . Value chain Today’s cybersecurity paradigm . Industry analysis Cybersecurity is critical to almost every business. Yet it is a non-core . Regulation competence for most boards. The frequency of high profile corporate data . M&A breaches will accelerate because CEOs are not sufficiently trained in cyber . Timeline risk as they are in other business risks. Stock watch list Almost every cyber-breach is an “inside job” – whether malicious or . Private companies list accidental – so real-time behavioural analytics is becoming increasingly . Cybersecurity scorecard important as a defence. Technology briefing . Glossary Meanwhile, the advent of new technology cycles such as the Internet of Things has dramatically extended the “attack surface” available to hackers. Overstretched IT managers are trying to manage too many piecemeal security products from too many suppliers. This yields an unmanageable volume of alerts to follow up and the curse of “false positives”. Security vendor lists are likely to be slimmed down and Chief Information Security Officers (CISOs) are likely to choose broad-based security Related reports platforms rather than niche security vendors going forward. Cybersecurity (Vol. I) How to invest in the cybersecurity investment theme By 2020, the global cybersecurity market is expected to be worth $170bn, up from $77bn in 2015. But the core issue is that companies need “better” rather than “more” security. Inside, we look at the 12 most important cybersecurity technologies and conclude that the most important ones in terms of driving the cybersecurity industry’s revenues over the next two years are unified threat management, cloud security and artificial intelligence. Our research indicates the winners in these high-growth cyber technology cycles over the next two years are as follows: . Unified threat management: Check Point Software, Cisco, Fortinet, IBM, Palo Alto Networks, SecureWorks, Sophos and Symantec Report type . Single theme . Cloud security: Barracuda Networks, Fortinet, Imperva, Micro Focus, . Multi-theme Qualys and Sophos . Sector Scorecard . Best Ideas . IBM, Microsoft, Alphabet, Splunk and Palantir Artificial intelligence: (privately held but likely to IPO in 2017) Cyrus Mewawalla Mike Orme Elgen Strait www.researchcm.com Managing Director, Research Senior Analyst, Research Managing Director, Sales [email protected] [email protected] [email protected] +44 (0) 20 3393 3866 +44 (0) 20 3393 3867 +44 (0) 20 3744 0105 High quality research requires investment Please do not copy or forward © CM Research 2016 SYNC, Issue 139 Cybersecurity (Vol. II) 4 November 2016 Contents PLAYERS ................................................................................................................................................................................................ 4 TRENDS ................................................................................................................................................................................................. 5 Changing nature of cyber threats .................................................................................................................................... 5 Evolution of key cybersecurity technologies.................................................................................................................... 6 Industry growth drivers .................................................................................................................................................... 8 Corporate governance trends .......................................................................................................................................... 9 Wider industry trends .................................................................................................................................................... 10 VALUE CHAIN ....................................................................................................................................................................................11 Where does cybersecurity sit in the Big Data value chain? .......................................................................................... 11 What are the key cybersecurity technologies? ............................................................................................................ 12 Network security ............................................................................................................................................................ 13 Unified threat management .......................................................................................................................................... 13 Artificial intelligence ...................................................................................................................................................... 14 Deception based cyber defences (subset of AI) ............................................................................................................. 14 Behavioural analytics (subset of AI) ............................................................................................................................... 15 Security information and event management ............................................................................................................... 15 Endpoint security ........................................................................................................................................................... 16 Mobile security (subset of endpoint security) ............................................................................................................... 16 Identity management..................................................................................................................................................... 17 Data security .................................................................................................................................................................. 17 Application security ....................................................................................................................................................... 18 Email security ................................................................................................................................................................. 18 Cloud security ................................................................................................................................................................ 19 Managed security services ............................................................................................................................................. 19 Post-breach consultancy services .................................................................................................................................. 20 Which of these cyber technologies are the most important? ....................................................................................... 21 INDUSTRY ANALYSIS ......................................................................................................................................................................22 Defining cyber risk.......................................................................................................................................................... 22 Investment landscape .................................................................................................................................................... 23 Today’s cybersecurity paradigm .................................................................................................................................... 23 Human factors ................................................................................................................................................................ 23 Deep learning as a cybersecurity solution ..................................................................................................................... 24 www.researchcm.com 2 SYNC, Issue 139 Cybersecurity (Vol. II) 4 November 2016 Regulation ................................................................................................................................................................... 25 USA ................................................................................................................................................................................. 25 Europe ............................................................................................................................................................................ 25 China .............................................................................................................................................................................. 26 Rest of world .................................................................................................................................................................. 26 Industry size and
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