Cybersecurity

What is changing

Cloud, AI, distributed work and more sophisticated attacks are making security a critical function.

Evidence

The incident record shows persistent risks to European data, services and infrastructure.

Limits of the evidence: Attack frequency does not determine which vendor will gain share or preserve margins.

Value chain

Identity, endpoints, cloud, network, data, compliance, incident response and managed services.

Who could capture value

Platforms with distribution, integration and the ability to reduce operational complexity may capture value.

Disclosed capital

13F · Q2 2026 · positions as of 30 June · delayed data

No company links have been verified for this trend within the observed universe. This does not imply a lack of exposure.

Vehicles to observe

Educational examples, not recommendations. Review holdings, costs, concentration and availability before studying a vehicle.

• CIBR · First Trust NASDAQ Cybersecurity ETF

  Dedicated ETF

  Dedicated ETF for observing cybersecurity, identity, networks and digital protection.

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• HACK · Amplify Cybersecurity ETF

  Dedicated ETF

  Dedicated vehicle for contrasting exposure to information security providers.

• XLK · Technology Select Sector SPDR Fund

  Sector ETF

  Broad technology context for comparing software and platforms.

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• QQQ · Invesco QQQ Trust

  Broad index

  Broad reference for observing dependence on technology megacaps.

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What would invalidate the hypothesis

It fails if consolidation compresses margins, customers cut duplicate tools, or a platform loses trust.

Risks

• Competition
• Valuation
• Concentration
• Excessive expectations
• Timelines and cycle