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Security Industry Overview

Thomvest Ventures
Thomvest Ventures
Thomvest VenturesThomvest Ventures

Overview on the cybersecurity industry, diving into current market dynamics, today's technologies and the private landscape.

Security Industry Overview

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Security industry overview
December 2016
Agenda
2
Security overview
Current technologies
Startup landscape
Industry regulation
Data breaches are here, and they’re not going away anytime soon
“We believe that data is the phenomenon of our time. It is the world’s
new natural resource. It is the new basis of competitive advantage, and it
is transforming every profession and industry. If all of this is true – even
inevitable – then cyber crime, by definition, is the greatest threat to every
profession, every industry, every company in the world.”
– IBM chairman, CEO and President Ginni Rometty
3
These trends get us most excited about security
4Source: Morgan Stanley
• Targeted attacks: sophisticated malware
attacks are avoiding traditional firewalls and
seeking vulnerable entities
• Nation-state involvement: nation-states are
increasingly funding attacks, driven by not
only economic incentives but also political
motives
• Dynamic malware: attackers can now sense
potential environment detection and
manipulate appearance
With the increase in the number of breaches in recent years, there is a growing perception amongst CISOs that the current security
paradigm isn’t effective enough.
Increasingly
malicious threat
environment
Expanding surface
area
Current security
ineffectiveness
• Cloud apps and infrastructure: we’re
witnessing a rise in vulnerability from the
increased adoption of cloud-based
applications
• Mobility: enterprises are looking to secure
mobile applications, as bring-your-own-
device (BYOD) becomes the new standard
• Internet of Things (IoT): rapid growth in the
number of connected devices is evident
• Incident count: number of security incidents
occurring annually is at an all-time high
• Incident cost: as it becomes more and more
costly to remediate hacks, enterprises will
continue to allocate a higher portion of their
IT budget on superior security products
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015
5
Cybersecurity is a growing problem, despite increased spend on technology & services
Source: Morgan Stanley, press
Total number of cybersecurity incidents,
worldwide
Recent high-profile hacks
September 2016
May 2016
March 2016
September 2016
August 2016
$3.0
$3.1
$3.2
$3.3
$3.4
$3.5
$3.6
$3.7
$3.8
$3.9
$4.0
2013 2014 2015
6
The cost of cyber breaches has increased significantly as well
Source: Morgan Stanley
Average cost of a data breach (US$m)
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Security Industry Overview

  • 3. Data breaches are here, and they’re not going away anytime soon “We believe that data is the phenomenon of our time. It is the world’s new natural resource. It is the new basis of competitive advantage, and it is transforming every profession and industry. If all of this is true – even inevitable – then cyber crime, by definition, is the greatest threat to every profession, every industry, every company in the world.” – IBM chairman, CEO and President Ginni Rometty 3
  • 4. These trends get us most excited about security 4Source: Morgan Stanley • Targeted attacks: sophisticated malware attacks are avoiding traditional firewalls and seeking vulnerable entities • Nation-state involvement: nation-states are increasingly funding attacks, driven by not only economic incentives but also political motives • Dynamic malware: attackers can now sense potential environment detection and manipulate appearance With the increase in the number of breaches in recent years, there is a growing perception amongst CISOs that the current security paradigm isn’t effective enough. Increasingly malicious threat environment Expanding surface area Current security ineffectiveness • Cloud apps and infrastructure: we’re witnessing a rise in vulnerability from the increased adoption of cloud-based applications • Mobility: enterprises are looking to secure mobile applications, as bring-your-own- device (BYOD) becomes the new standard • Internet of Things (IoT): rapid growth in the number of connected devices is evident • Incident count: number of security incidents occurring annually is at an all-time high • Incident cost: as it becomes more and more costly to remediate hacks, enterprises will continue to allocate a higher portion of their IT budget on superior security products
  • 5. 0 10 20 30 40 50 60 2009 2010 2011 2012 2013 2014 2015 5 Cybersecurity is a growing problem, despite increased spend on technology & services Source: Morgan Stanley, press Total number of cybersecurity incidents, worldwide Recent high-profile hacks September 2016 May 2016 March 2016 September 2016 August 2016
  • 6. $3.0 $3.1 $3.2 $3.3 $3.4 $3.5 $3.6 $3.7 $3.8 $3.9 $4.0 2013 2014 2015 6 The cost of cyber breaches has increased significantly as well Source: Morgan Stanley Average cost of a data breach (US$m)
  • 7. Typical attack life cycle 7 Step 1 Research: Hackers want PII, PHI and PEI. Step 5 Monetization: They sell the data to people who want it. Step 4 Capture: They take the data & store it away slowly. Step 2 Infiltration: They attack. Step 3 Discovery: They’re inside. They find what they are looking for.
  • 8. $0 $20 $40 $60 $80 $100 $120 $140 2015 2016E 2017E 2018E 2019E 2020E 8 The security market is poised for robust growth Source: Morgan Stanley $55B market in 2015 $128B market by 2020 Security market (US$B)
  • 9. $10.3 $12.7 $13.1 $14.0 $19.0 $10.0 $11.0 $12.0 $13.0 $14.0 $15.0 $16.0 $17.0 $18.0 $19.0 $20.0 2013 2014 2015 2016E 2017E 9 U.S. federal spending in security is expected to grow 35% YoY in 2017… Source: Morgan Stanley, FISMA Annual Report to Congress Federal cybersecurity budget (US$B)
  • 10. …while non-government security spend is also on the rise 10Source: Forbes $500m $400m $300m $250m $1.5B spent on cybersecurity annually between these four alone… AND THAT NUMBER IS EXPECTED TO GROW The U.S. financial services cybersecurity market reached $9.5B in 2015, becoming the largest non-government cybersecurity market. Annual budget:
  • 12. Access control 12Source: IDC, Morgan Stanley, Gartner 1) Identity & access management (IAM): • Captures user identities and controls access to resources by checking user rights and restrictions • Is an area of increasing focus for enterprises as a number of recent high profile breaches have resulted from insiders gaining access to critical files • $5.5B market in 2015 2) Virtual private network (VPN): • Creates secure connections between users at home or in remote offices and the corporate network • Creates a virtual tunnel using encryption and authentication protocols • $0.5B market in 2015 3) Data loss prevention (DLP): • Makes sure that users do not send critical information outside a corporate network, with a dedicated administrator controlling what data users can transfer • $0.9B market in 2015 Selective restriction of access to a place or other resource. Technologies include:
  • 13. Endpoint threat prevention 13Source: IDC, Morgan Stanley, Gartner 1) Consumer endpoint: • Includes personal firewalls and anti-virus protection • Also now beginning to prevent malware, secure mobile devices and safeguard against identity theft & online transactions • $4.8B market in 2015 2) Corporate endpoint: • Protects corporate devices from the installation of malicious software that seeks to disrupt business processes and / or steal confidential data • Multiple layers of protection, aiming to identify, prevent, block and contain known and unknown threats on devices themselves • $4.4B market in 2015 Aims to protect the perimeter of the company. Technologies include:
  • 14. Network threat prevention 14Source: IDC, Morgan Stanley, Momentum Partners 1) Firewall / unified threat management (UTM): • Firewall: assesses traffic over a network and subsequently allows or denies network access based on previously determined specifications and policies • UTM: integrates a number of security features into one device, namely a firewall, network intrusion detection & prevention as well as the securing of web / email gateways • $7.7B market in 2015 2) Intrusion detection & prevention (IDP): • Monitors the network continuously, informing IT teams when detecting security violations or information leakage • $2.2B market in 2015 3) Email / messaging security: • Scans emails for spam, malware, viruses and phishing attempts; encrypts outbounds • $2.0B market in 2015 4) Web security: • Employs anti-malware to protect employees from accessing malicious websites, while using web application firewalls (WAFs) to protect against external users attempting to gain access to internal systems • $2.0B market in 2015 Seeks to prevent unauthorized access to the corporate network. Technologies include:
  • 15. Monitoring / forensics 15Source: IDC, Morgan Stanley, Gartner 1) Security information & event management (SIEM): • Aggregates, standardizes and stores all of the data from network & security devices • Allows greater visibility into user activity, enabling enterprises to more quickly identify malicious behavior • $1.9B market in 2015 2) Vulnerability assessment: • Scans enterprise infrastructure to identify vulnerabilities and remediate exposure to threats • Employs penetration testing products, which simulate attacks to find potential areas of weakness • $1.7B market in 2015 3) Forensics & incident investigation: • Captures how an intrusion affects a company’s files & systems • Uncovers historical vulnerabilities, which may have caused breaches, to remediate future attacks • $0.5B market in 2015 Aims to detect potential breaches quickly, remediate the problem and prevent future occurrences. Technologies include:
  • 16. Other 16Source: IDC, Morgan Stanley 1) Policy & compliance: • Helps companies remain compliant with the increasingly complex set of security regulations • Involves writing reports, providing audit information and establishing security policies • $1.2B market in 2015 2) Security system & configuration management: • Increases visibility over enterprise perimeter security products, such as firewalls and web security • Used to configure and monitor the health of security systems • $0.1B market in 2015 3) Security services: • Include IT consulting and systems integration • Help enterprises design their security architecture, deploy software and integrate security products • $19.4B market in 2015 Essentially anything else that hasn’t already been covered but falls within the larger cybersecurity umbrella. Technologies include:
  • 17. Network threat prevention, 25% Endpoint threat prevention, 17% Access control, 13%Monitoring / forensics, 7% Other, 38% Security industry by use case 17Source: Gartner $55B market in 2015 Network and endpoint protection lead the way, with the $19B security services market captured in “other” Global security market breakdown, 2015 Note: “Other” bucket is comprised of policy & compliance, security system & configuration management and security services.
  • 19. Selection criteria & analysis of sub segments 19Source: PitchBook Tier 1: 1) Vertical: cybersecurity 2) Stage: incubator / angel (limited to Bay Area deals including either Y Combinator or 500 Startups), seed, series A 3) Deal date: last two years 4) Headquarters: California, Texas, Washington, Oregon, Colorado Tier 2: 1) Vertical: cybersecurity 2) Stage: seed, series A 3) Deal date: last two years 4) Headquarters: New York, Massachusetts, D.C. area PitchBook screen employing the following criteria: Note: Data as of October 28, 2016.
  • 20. 19 10 9 9 8 7 6 5 5 4 4 4 4 3 2 2 2 1 1 1 1 1 1 1 0 2 4 6 8 10 12 14 16 18 20 Tier 1 – led by infrastructure and cloud security 20Source: PitchBook Note: Data as of October 28, 2016. Security investments by type 110 companies total
  • 21. 10 3 3 2 2 2 2 1 1 1 1 1 1 1 1 0 2 4 6 8 10 12 Tier 2 – east coast led by infrastructure, email / messaging and mobile security 21Source: PitchBook Note: Data as of October 28, 2016. Security investments by type 32 companies total
  • 22. Areas we will be exploring for future security investments 22Source: Forbes, IDC, Gartner, TechEmergence, Grand View Research IAM Infonomics Cloud security IoT IAM: $25B market projected by 2022 Infonomics: “are all these products worth their cost?” – every CISO ever IoT: over 25% of identified attacks in enterprises will involve IoT by 2020 Cloud security: 15% of enterprise spend today, rising to 33% by 2018 AI & machine learning Verticals: Horizontal technology: AI & machine learning: 22% cyber intelligence market share (#1 end market)
  • 23. Prominent players within our focus areas 23Source: Morgan Stanley, PitchBook, Gartner, press IAM Infonomics Cloud security IoT AI & machine learning (Blue Coat & Elastica) (Palerra)
  • 24. Where our portfolio companies fit in all of this 24 Cloud / CASB Endpoint – AI & machine learning Network
  • 25. 206 190 197 159 194 149 340 356 440 462 405 0 50 100 150 200 250 300 350 400 450 500 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E Security VC investments will likely see a slight dip in 2016, but still well above median 25Source: Pitchbook Note: Data as of October 18, 2016. Total security venture investments globally Projected Median = 206
  • 26. Top security investors – last three years 26 28 23 21 20 20 19 18 17 16 14 14 14 14 14 0 5 10 15 20 25 30 Source: Pitchbook Note: Data as of October 18, 2016. Excludes accelerator & pre-seed rounds. Excludes individuals. Top investors by # of security investments Not considered top investor in last 12 months
  • 27. 13 9 7 7 7 6 6 6 5 5 5 5 5 5 0 2 4 6 8 10 12 14 Top security investors – last twelve months 27Source: Pitchbook Note: Data as of October 18, 2016. Excludes accelerator & pre-seed rounds. Excludes individuals. Top investors by # of security investments Only recently considered top investor in last 12 months
  • 29. Regulations within the security industry have seen increased attention in recent years 29 Among other things, mandated that healthcare organizations, financial institutions and federal agencies protect their systems & information. However, some argued the language within was too vague 1996 1999 2002 2003 2012 2013 2013 Health Insurance Portability and Accountability Act (HIPAA) Gramm-Leach- Bliley Act Federal Information Security Management Act (FISMA); part of Homeland Security Act President’s National Strategy to Secure Cyberspace (Bush) Made Dept. of Homeland Security responsible for national security guidance & solutions Aimed to create standards for protecting vital infrastructure Cybersecurity Act of 2012 (failed to pass through Senate) Improving Critical Infrastructure Cybersecurity (White House- issued) Allows the Executive Branch to share information about threats with companies & individuals Protects against lawsuits aimed at companies that disclose breach information Cyber Intelligence Sharing and Protection Act (CISPA) 2015 Cybersecurity National Emergency Declared (Obama) Executive order to include $14B for cybersecurity spending in 2016 budget