专家猜测网络安全产业泡沫正在形成(2)

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. 网络安全已经发展成了一个非常庞大的产业。据美国战略与国际研究中心（Center for Strategic and International Studies）2014年6月的一份报告显示，全球每年花在

3、防4范计算机与网络犯罪上的投入高达4450亿美元。黑客技术的发展也日新月益，而且黑客们也越来越把目标瞄向一些全球知名企业，比如零售业的塔吉特（Target）和尼曼（Neiman）、金融巨头摩根大通（JP Morgan）、科技巨擘eBay、Snapchat、Adobe，以及无数其他公司。 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 网络安全威胁对很多企业来说无疑是真实存在的，而且风险还在逐年上升。但是我们有必要问一句，人们对网络安全的担心是否有些过头了？眼下是否确实有一个网络安全泡沫正在发酵？过去两年里，经常有一些未经证实的案例吸引了消费者的好奇和恐慌，同时也导致主流媒体加大了对网络安全泄密事件的报道力度，从而引起了

6、更多人的10恐慌。随之而来的是更多的报道，将网络安全的威胁渲染到了无以复加的地步。很多希望通过发现“下一个大事件”而发一笔横财的投资人还没有慎重考察这个行业的基本财务指标（比如行业的总体目标市场、合理增长率和每个厂商能分得的市场份额等），就匆忙跳进了这个行业。 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. 由于投资人表现得过于热情，网络安全公司的股价往往被高估。在公开和私募市场上15，对网络安全公司过度投资的现象都可以用泛滥一词来形容。公开市场上现在已经出现了纠正的迹象。比如FireEye公司就是网络安全行业上市公司中的典型代表，虽然它的年收益只有2.07亿美元，但今年3月它的估值一度高达130亿美元，但目前已经回落到52亿美元。 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. 据美国市调公司CB Insights披露，在私募市场上，2013年各19大风投公司向239家网络安全公司投入了创记录的14亿美金的资本。这些交易的融资规模中值和交易前估值都呈现显著上涨的势头。如果投资人以显著高于公司内在价值的价格购买一笔资产，同时在宣传的影响下对它们的财务标准过于乐观，那么可以想见，我们正在见证一个资产泡

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. 在我们YL Ventures公司，我们发现这种现象甚至出现在了种子阶段的创业公司身上！自从2012年以来，新的网络安全公司如雨后春笋般涌现，四处融资；同时，对这个领域毫无经验的投资人也蜂拥而入。由于我们在美国和以色列市场都有敞口