Business Security Weekly (Audio) Security Money: The Index Dips and 20 Years of Cybersecurity Consolidation - Ross Haleliuk - BSW #411
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Sep 3, 2025 
Jackie McGuire, a finance expert in cybersecurity marketing, and Ross Haleliuk, co-founder of a stealth mode startup, dive deep into the swift consolidation of the cybersecurity industry. They reveal how 200 companies shrank to just 11 over 20 years. The duo discusses the evolving roles of startups and the crucial need for innovation against emerging threats. They also analyze the fluctuating Security Weekly 25 index, and the trend of founders shying away from IPOs, opting instead for private equity routes.
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Startups As De Facto R&D Engines
- Cybersecurity has many startups because it functions like decentralized R&D to outpace attackers.
- Startups educate markets and push innovation, which large incumbents often cannot do fast enough.
Why Consolidation Accelerates
- Consolidation is driven by buyer pressure to reduce vendor counts and by large acquirers buying growth with stock.
- Big companies often buy innovation because internal development slows as they scale.
Wiz Built On Prior Failures
- Wiz emerged after many prior cloud security attempts and benefited from accumulated knowledge.
- Its founders had years in cloud security and built Wiz on lessons from earlier products.
