Over the past weeks, I’ve had a series of conversations across the cybersecurity ecosystem. Founders in early-stage security startups, VC firms exploring new segments, PE groups accelerating roll-ups, MSP leaders navigating change, and friends pushing the boundaries of what AI can do.

Individually, each conversation was fascinating. Taken together, they paint a picture of where the industry is heading — and where the real opportunities are emerging.

1. Network Security Isn’t Dead at All

One of the more surprising conversations was with a founder building something genuinely innovative in network security. For years, many assumed the category had settled — but the reality is that architectures, workloads, and adversaries continue to evolve. Even the DDoS and WAF spaces are not dead. To my surprise when I worked with one of the PEs to look at the space in more detail again.

The lesson: even “mature” markets have seams where real innovation can take hold.

2. The MSP Landscape Is Vast — and Misunderstood

I spoke with a VC firm considering deeper investments in the MSP ecosystem. There’s real opportunity, but also complexity that outsiders often underestimate:

• Segmentation
• Pricing mechanics
• Packaged offerings
• Integrations into broader ecosystems
• and perhaps most importantly, helping MSPs actually sell security

Products don’t win in MSP without empathy for how MSPs operate and make money.

3. PE Roll-Ups Are Accelerating

One PE firm I talked to is running hard at the roll-up opportunity as the first generation of MSP founders, many starting in the late 90s, look to exit. Their playbook is all around optimized processes and joint buying power. While a European firm I am in touch with, is exploring consolidation not just for scale, but under a unified security platform strategy.

Two very different visions, both valid.

4. Connecting Leaders Amplifies Outcomes

A conversation with a European PE group was refreshing — they emphasize connecting portfolio company leaders so they can cross-pollinate learnings.

Having spent the past 18 months deep in my own leadership work (attending school for the past 18 months is a conversation for another day), I’ve become even more convinced that people dynamics are the highest leverage variable in cybersecurity execution. And it’s not just on the level of leadership that is being discussed widely. It’s about the differences in people and their unique styles. Again, a conversation for another day.

5. Building for MSPs Requires Being in Their Shoes

An MSP leader reminded me of a simple truth:

If you don’t understand the day-to-day realities of MSP life, you can’t build for them.

This applies to product, packaging, GTM, support, and everything in between.

6. AI: Beyond the Hype, Toward Real Value

I caught up with a friend who recently joined an AI company, and we talked about emerging approaches that leverage data inside the model and how one can connect their existing data stores to the various models. Love what they are building and I would have thought they were one of the hockey-stick companies, but it turns out, execution in a startup is hard and requires a lot of elbow greese.

The Unifying Thread

Across all these conversations, I keep coming back to one conclusion:

Security is fragmenting and converging at the same time: The biggest opportunities — for vendors, investors, and operators — are in the seams.

Ecosystems matter. Empathy matters. And clarity of execution matters more than ever.

It’s an exciting moment to be building in this industry.

The post Security Is Fragmenting and Converging at the Same Time — Insights from the Field first appeared on Future of Tech and Security: Strategy & Innovation with Raffy.

*** This is a Security Bloggers Network syndicated blog from Future of Tech and Security: Strategy & Innovation with Raffy authored by Raffael Marty. Read the original post at: https://raffy.ch/blog/2025/11/21/security-is-fragmenting-and-converging-at-the-same-time-insights-from-the-field/