Kroll：2025年秋季网络安全行业更新报告

Cybersecurity M&A activity accelerated markedly in Q3 2025, with 70 deals totaling $27.1 billion in disclosed deal value and pushing the year-to-date deal count to a record 234. Deal value in the quarter was dominated by Palo Alto Network’s $24.1-billion acquisition of CyberArk, bringing the year-todate deal value to $63.3 billion, and just $13.8 billion below the record of $77.1 billion set in 2021. The CyberArk acquisition underscored identity management’s strategic importance to CISOs,