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August 2024 Cybersecurity Market Update & Trends
Stay informed on August 2024's cybersecurity market trends, investments, major acquisitions, and key insights in this monthly wrap-up.
Mike Privette
September 12, 2024 • Reading Time: 5 minutes
Welcome to the monthly wrap-up issue of Return on Security, where I’ll cover this month’s most relevant cybersecurity market and funding updates. I spend hours collecting, curating, and analyzing this information every week, so you don’t need to - here we go👇
If you want more detailed insights like these and a ton more delivered straight to your inbox each week, you should sign up for the weekly newsletter.
Table of Contents
⚠️ Important: All of the charts are interactive, so you can click around, filter, hover over, and even download the data to get the most out of it. |
By the Numbers
After a downward trend for global cybersecurity funding in June and July, August 2024 saw a bit of a rebound. Funding reached $1.2 billion in August.
August 2024 was also a bit of an anomaly. While the month had a strong showing in terms of amount raised after a downward trend over the summer, August only had 26 total events across 19 unique product categories. The average number of events by month in 2024 so far is 56, making August a 54% reduction in volume.
Here is a breakdown of funding events by product category:
Global Distribution
In August 2024, the global cybersecurity sector saw even less variation than in July, with companies from seven countries securing funding.
American once again dominated the space, capturing 98% of the $1.2 billion in funding across 16 events. Denmark, South Africa, and Japan each accounted for roughly half a percent in August.
Most notably, however, was what was missing. In August, there was no publicly available funding data for Israeli companies.
Mergers & Acquisitions
Merger and acquisition activity in August saw a slight uptick after two consecutive months of downward momentum. Most notably, were two Artificial Intelligence (AI) Security companies being acquired, one of which was acquired by another AI Security company:
Robust Intelligence, a United States-based application security platform for securing AI applications and services, was acquired by Cisco for an undisclosed amount. (more)
SydeLabs, a United States-based automated red team testing platform for generative AI applications, was acquired by Protect AI for an undisclosed amount. (more)
Services-based businesses, Professional Services firms and Managed Security Services Providers (MSSPs), still led the way for cybersecurity M&A in August 2024, constituting 50% of transactions.
Top Content For the Month
Some of my favorite Great Reads and other content from this past month that you might have missed.
Here are the past weekly newsletters from last month.
Data Methodology and Sources
All of the data is captured point-in-time from publicly available sources.
All financial figures are converted to U.S. dollars (USD) when collected.
Company country locations are pulled from publicly available sources.
Companies are categorized using our own system at Return on Security, and we write all of the company descriptions.
Sometimes, the details about deals, like who led the round, how much money was raised, or the deal stage, might get updated after the issue is first published.
Let us know if you spot any errors, and we’ll fix them.
About Return on Security
Return on Security is all about breaking down the cybersecurity industry for you with expert analysis, hard facts, and real-life stories. The goal? To keep security pros, entrepreneurs, and investors ahead in a fast-moving field. Read more about the “Why” here.
Feel free to borrow any data, charts, or advice you find here. Just make sure to give a shoutout to Return on Security when you do.
Thank you for reading. If you liked this summary, please share it with your friends, colleagues, and anyone interested in the cybersecurity market.