State of Security Cybersecurity Topics and Metrics

研报英文原文证据摘录

State of Security Cybersecurity Topics and Metrics

J P M O R G A N North America Equity Research

02 July 2026

State of Security

Cybersecurity Topics and Metrics

We review prominent industry developments and investor themes over the past few Software - Large Cap / Mid & Small

weeks, plans for the weeks ahead, and highlights of recent news events across the Cap

cybersecurity landscape. Brian Essex, CFA AC

(1-212) 622-5990

brian.essex@jpmchase.com

Select Topics to Follow John Lee

(1-212) 622-6064

john.h.lee@jpmorgan.com

Frontier AI Models Indicate Collapsing Mean Time to

Alex Isaac

Exploit (1-212) 622-9159

Open-weight Chinese AI models are closing the gap with frontier models in alex.isaac@jpmorgan.com

J.P. Morgan Securities LLC

vulnerability discovery, with GLM-5.2 narrowing the performance gap against the

US frontier cluster. Improved model capabilities are contributing to accelerating

CVE volumes, which rose in 1H26 (Fig 1) as enterprises prepare to manage a wave The author wishes to thank Rachit

of vulnerabilities across their IT estates. We view this as a demand tailwind for the Agrawal, of the J.P. Morgan Global

vulnerability management vendors. We add TENB to our Analyst Focus List as the Research Center, for contributions to this

best positioned exposure management vendor and upgrade QLYS to Neutral from report.

Underweight (link to our note here). We see CRWD and PANW as the

consolidator beneficiaries, winning on platform consolidation and AI-native

execution across multiple attack surfaces.

U.S. Delays and Restricts Frontier AI Model Rollouts

Citing Security Concerns

OpenAI announced its intent to restrict the release of its new GPT-5.6 Sol model

on June 29, at the request of the Trump administration, making it accessible only