Equity · Wednesday, September 23, 2026
Shardul Shah of Index Ventures discusses the significant growth in the cybersecurity market, with public companies now valued close to a trillion dollars. He suggests that AI might represent a new security category, moving beyond the traditional view of cybersecurity as a cyclical market.
“Yeah, and so much has changed since we last, um, met. I think if you sum up the market caps of public companies, um, it's it's close to a trillion dollars, um, of valuation exposed to cyber companies.”
“And I think that speaks to the permanent, resilient need for security that's only growing, um, as there's more tech in the world.”
“So I think it's really relevant to think about not cyber as a cycle, but if AI represents a new category of security.”