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The cybersecurity industry experienced a dramatic drop-off in funding, stock prices, and merger and acquisition activity as the economic downturn took hold in late 2022.
Venture capital financing tumbled to $18.5 billion in 2022, 39% lower than the record-breaking $30.4 billion invested in 2021, according to data from Momentum Cyber in its 2023 Cybersecurity Almanac. The impact of the economic downturn became more apparent as 2022 progressed, and funding in the second half of 2022 plummeted to $6.5 billion, down 46% from $12.1 billion in the first half of 2022 (see: Late-Stage Startups Feel the Squeeze on Funding, Valuations).
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