Investing in cyber: should we follow the money?

Europe's cybersecurity industry is worth some $50bn and is growing at 10% a year.

It's also pretty fragmented – at least when it comes to vendors. Europe -- even more so than the US -- is now ready for market consolidation.

Some of that is being driven by acquisitions by the large technology firms, as they look to broaden their cybersecurity offerings.

But firms, and their investors, are looking for scale.

And CISOs are looking for simplicity and greater security. Could vendor consolidation achieve this? And what is the role of cybersecurity "platforms" as the industry changes shape?

Our guest is Mark Smith, of advisory firm Houlihan Lokey.

Interview by Stephen Pritchard.