專家猜測(cè)網(wǎng)絡(luò)安全產(chǎn)業(yè)泡沫正在形成(4)

1、Cybersecurity has gotten big real big. Crime involving computers and networks has cost the world economy more than $445 billion annually, according 1 to a June 2014 report by the Center for Strategic and International Studies. Increasingly, hackers have grown more sophisticated targeting major corp2

2、orations from retailers Target TGT 0.74% andNeiman Marcus to financial juggernaut JP Morgan JPM 0.97% and technology leaders eBay EBAY 0.12% , Snapcha3t and Adobe ADBE -0.12% , and countless others. 網(wǎng)絡(luò)安全已經(jīng)發(fā)展成了一個(gè)非常龐大的產(chǎn)業(yè)。據(jù)美國(guó)戰(zhàn)略與國(guó)際研究中心（Center for Strategic and International Studies）2014年6月的一份報(bào)告顯示，全球每年花在

3、防4范計(jì)算機(jī)與網(wǎng)絡(luò)犯罪上的投入高達(dá)4450億美元。黑客技術(shù)的發(fā)展也日新月益，而且黑客們也越來越把目標(biāo)瞄向一些全球知名企業(yè)，比如零售業(yè)的塔吉特（Target）和尼曼（Neiman）、金融巨頭摩根大通（JP Morgan）、科技巨擘eBay、Snapchat、Adobe，以及無數(shù)其他公司。 The thre5ats are indeed real and escalating for many corporations, but its worth asking if the fears are overplayed and if a cybersecurity bubble is brewing

4、? 6For the past two years, consumer curiosity and fear,often unjustified, has fueled mainstream media coverage of cybersecurity breaches causing more fea7r and more coverage, resulting in hype. Many investors looking to speculate on the next big thing have been buying into the industry with little r

5、egar8d for sound financial metrics such as the industrys total addressable market, its reasonable growth rate, and each vendors slice of the overall pie.9 網(wǎng)絡(luò)安全威脅對(duì)很多企業(yè)來說無疑是真實(shí)存在的，而且風(fēng)險(xiǎn)還在逐年上升。但是我們有必要問一句，人們對(duì)網(wǎng)絡(luò)安全的擔(dān)心是否有些過頭了？眼下是否確實(shí)有一個(gè)網(wǎng)絡(luò)安全泡沫正在發(fā)酵？過去兩年里，經(jīng)常有一些未經(jīng)證實(shí)的案例吸引了消費(fèi)者的好奇和恐慌，同時(shí)也導(dǎo)致主流媒體加大了對(duì)網(wǎng)絡(luò)安全泄密事件的報(bào)道力度，從而引起了

6、更多人的10恐慌。隨之而來的是更多的報(bào)道，將網(wǎng)絡(luò)安全的威脅渲染到了無以復(fù)加的地步。很多希望通過發(fā)現(xiàn)“下一個(gè)大事件”而發(fā)一筆橫財(cái)?shù)耐顿Y人還沒有慎重考察這個(gè)行業(yè)的基本財(cái)務(wù)指標(biāo)（比如行業(yè)的總體目標(biāo)市場(chǎng)、合理增長(zhǎng)率和每個(gè)廠商能分得的市場(chǎng)份額等），就匆忙跳進(jìn)了這個(gè)行業(yè)。 Investors have been too e11nthusiastic, and as a result, the shares of cybersecurity companies are overpriced. Overinvestment has been rampant in both the public and pri

7、vate mar12kets. In the public market, thecorrection is already underway. FireEye FEYE -0.81% , the current poster-child of public cybersecurity pure plays is cu13rrently valued at $5.2 billion, down from $13 billion in March, with only $207 million in annual revenues. Imperva IMPV 1.41% is now worth

8、 $573 millio14n, down from $1.7 billion in March, with $141 million in annual sales. Both companies have yet to turn a profit. 由于投資人表現(xiàn)得過于熱情，網(wǎng)絡(luò)安全公司的股價(jià)往往被高估。在公開和私募市場(chǎng)上15，對(duì)網(wǎng)絡(luò)安全公司過度投資的現(xiàn)象都可以用泛濫一詞來形容。公開市場(chǎng)上現(xiàn)在已經(jīng)出現(xiàn)了糾正的跡象。比如FireEye公司就是網(wǎng)絡(luò)安全行業(yè)上市公司中的典型代表，雖然它的年收益只有2.07億美元，但今年3月它的估值一度高達(dá)130億美元，但目前已經(jīng)回落到52億美元。 In the

9、private market, 16venture capital firms invested a record of $1.4 billion in 239 cybersecurity companies in 2013, according to CB Insights. The median deal size and ave17rage pre-money valuation for these transactions increased significantly. When investors buy assets priced much higher than intrins

10、ic values and are ov18erly optimistic about financial metrics influenced by hype, one can suspect that one is witnessing an asset bubble. 據(jù)美國(guó)市調(diào)公司CB Insights披露，在私募市場(chǎng)上，2013年各19大風(fēng)投公司向239家網(wǎng)絡(luò)安全公司投入了創(chuàng)記錄的14億美金的資本。這些交易的融資規(guī)模中值和交易前估值都呈現(xiàn)顯著上漲的勢(shì)頭。如果投資人以顯著高于公司內(nèi)在價(jià)值的價(jià)格購(gòu)買一筆資產(chǎn)，同時(shí)在宣傳的影響下對(duì)它們的財(cái)務(wù)標(biāo)準(zhǔn)過于樂觀，那么可以想見，我們正在見證一個(gè)資產(chǎn)泡

11、沫的形成。 At YL Ventures, we20 experience this phenomenon even with seed-stage startups! The number of new cybersecurity companies looking for funding has dramatically increased si21nce 2012; early-stage funding rounds got a lot bigger; pre-money valuations have increased dramatically; and investors tha

12、t have no experience investi22ng in the space are flocking into it. These observations are true for both the U.S. and theIsraeli markets to which we have exposure both are hotbed23s of cybersecurity innovation. 在我們YL Ventures公司，我們發(fā)現(xiàn)這種現(xiàn)象甚至出現(xiàn)在了種子階段的創(chuàng)業(yè)公司身上！自從2012年以來，新的網(wǎng)絡(luò)安全公司如雨后春筍般涌現(xiàn)，四處融資；同時(shí)，對(duì)這個(gè)領(lǐng)域毫無經(jīng)驗(yàn)的投資人也蜂擁而入。由于我們?cè)诿绹?guó)和以色列市場(chǎng)都有敞口