Cyber60 — 2024

Lightspeed, in partnership with Fortune, has released a list of the top 60 venture-backed cybersecurity companies (the Cyber60), as chosen by a survey of 200 US CISOs from companies with at least $500M in annual revenue. The list categorizes companies into groups of 20, based on their stage: early, early growth, and growth.

The survey also provides valuable insights into cybersecurity trends, growth areas, emerging opportunities, and the transformative impact of technologies like cloud and AI.

Let’s explore the key takeaways.

* Cybersecurity remains the top priority for enterprise tech spending: 68% of CISOs said their organizations were increasing cybersecurity budgets this year

* Consolidation ushers in a new wave of innovation: 50% of CISOs said vendor consolidation is a top priority for their organization over the next year

* Vendor consolidation continues: 7, the average number of cybersecurity products or solutions CISOs are currently employing

* AI has become imperative: 87% of CISOs say AI will have an impact on their vendor choices for cybersecurity over the next year

* The eight sub sectors of cybersecurity that continue to hold promise for future growth and startup and investment activity: Identity Access Management, Cloud Infrastructure, Application Security, Data Security, Zero Trust, Insurance/Resilience, Securing AI Applications, Securing AI Infrastructure

Conclusion

Statista projects that the global cost of cybercrime will soar to $13.8T by 2028, about 10% of the forecasted global GDP. These staggering figures highlight the need for enterprises to stay ahead of cybercriminals, who are increasingly using advanced technologies in their attacks.

This is why Fabrica Ventures, much like Lightspeed, remains bullish on cybersecurity — security spending already outpaces overall IT spend, and it is accelerating.

We are pleased to see that a few of our portfolio companies, Netskope and Sysdig, made the list, with more names on the horizon.