1、Equity ResearchTechnology,Media,and Communications|CybersecurityAugust 11,2025CybersecurityHighlights From Black Hat USA 2025We attended Black Hat USA 2025 last week,which is the largest hacker-oriented conferencein the cybersecurity space;it shares developments and vulnerabilities in the industry.L

2、astyear,the conference drew information security professionals from 117 countries,over 400exhibitors,and more than 21,700 attendees(2025 is expected to have a similar number).Our overall takeaway is that challenges are heightening due to AI,AI-led security innovationis driving a lot of product direc

3、tion,automation continues to increase in importance,andspending is likely to continue increasing.Artificial intelligence(AI)was again a key topicthroughout the conference,both in the sessions and at the expo hall.Key focus areas of the conference among 22 tracks were AI/ML,application security,cloud

4、security,cryptography,OT/IoT,cyber resilience,vulnerability discovery,hardware,humanfactors,malware,mobile security,network security,platform security,policy,privacy,reverseengineering,and threat hunting/incident response.The conference reinforced our view thatcybersecurity continues to be very dyna

5、mic,with changing emphases from year to year.Areasthat are most top-of-mind,in our view,include AI security,cloud security,automation,identitysecurity,data security,application security,and cybersecurity resilience.Relative to our coverage,we continue to expect an increasing emphasis on protecting c

6、loud-based infrastructure,containers,IoT/OT,and XDR capabilities.Securing AI,broader platformapproaches,and increased automation continue to be preferred to enhance organizationssecurity postures.In our view,cybersecurity clearly remains a high priority investmentarea.We believe Black Hat provides a