August 11, 2022
Photo: Annie Spratt/Unsplash
Hello, and welcome to Protocol Enterprise! Today: why big funding rounds for security startups are starting to wane, and forget about bug bounties — now there are hacker bounties. Plus: this week in enterprise tech moves.
While cybersecurity spending is widely expected to be more resilient in the face of an economic slowdown than many sectors, a lot of startups in the space are under pressure.
The likely result, industry watchers say, is a much-needed shrinking of the vast landscape of security companies. And data on recent funding and valuations in security suggests the groundwork is being laid.
That's important because much of the M&A ahead will involve earlier-stage security startups getting acquired by larger players, according to security-focused venture investors who I've spoken with recently,
One cybersecurity company that has upped its M&A activity recently is cloud security vendor Netskope, which has acquired two security startups — Infiot and WootCloud — since June.
Chip shortage could undermine national security: The global shortage of semiconductors has impeded the production of everything from pickup trucks to PlayStations. But there are graver implications than a scarcity of consumer goods. If the U.S. does not ensure continued domestic access to leading-edge semiconductor manufacturing, experts say our national security could suffer.
Over the past week Salesforce shook up its leadership team, Atlassian hired a finance exec from Microsoft, UiPath snapped up an exec from Google Cloud and more.
Brian Millham was appointed president and COO at Salesforce. Millham was previously president of the customer success group.
Gavin Patterson was promoted to chief strategy officer at Salesforce. Patterson was previously chief revenue officer where he helped push a global growth strategy.
Joe Binz was appointed CFO of Atlassian. Binz was formerly corporate vice president of finance at Microsoft.
Brigette McInnis-Day is the new chief people officer at UiPath. McInnis-Day was formerly VP of human resources at Google Cloud and COO of SAP SuccessFactors.
Amy Appleyard is now chief revenue officer at LastPass. Appleyard was formerly senior vice president of global sales at Malwarebytes and vice president of sales VMware.
Jesse Calderon joined Modern Health as CTO. Calderon was formerly senior vice president at Tableau and a VP of engineering at SAP.— Aisha Counts (email | twitter)
The U.S. government announced it would offer rewards as large as $10 millionfor information leading to the arrest of five members of the Conti ransomware gang.CenturyLink suffered a major outage affecting customers in the Mountain Time Zone, according to NetBlocks.
Chip shortage could undermine national security: To ensure American security, prosperity and technological leadership, industry leaders say the U.S. must encourage domestic manufacturing of chips in order to reduce our reliance on East Asia producers for crucial electronics components.
Thanks for reading — see you tomorrow!