Cyber Checks Round 1: Demand Remains Resilient, AI Security Urgency Builds, and

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Cyber Checks Round 1: Demand Remains Resilient, AI Security Urgency Builds, and

Vendor Specific Commentary

PANW: Strong Product and CYBR Cross-Sell Momentum, Product

Strength Continuing For Now

Firewall

◼ Firewall demand remains supported by higher processing requirements, particularly as

customers enable TLS / SSL decryption and require greater network throughput.

◼ Customers are increasingly delaying upgrades where possible, with purchases more often

tied to EOL devices or new infrastructure requirements.

◼ Rising firewall prices are prompting more SASE architecture reviews, particularly in

distributed environments facing large refresh quotes across hundreds of devices.

◼ PANW may offer some firewall pricing discounts when customers adopt additional products

such as XSIAM or Cortex.

◼ One partner noted that PANW’s C2Q activity was heavily weighted toward software, with

nine of that partner’s top ten PANW deals described as software-led.

◼ PANW lead times have worsened in recent weeks, with memory availability cited as a key

driver of longer hardware delivery times.

CYBR

◼ The CYBR acquisition has materially expanded PANW’s relevance in identity, pulling PANW

into more identity conversations and creating a significant pipeline unlock in accounts with

limited prior CYBR exposure.

◼ Partners remain positive on the CYBR integration, expecting PANW to aggressively drive

cross-sell and platform attach across its enterprise base.

◼ Integration moved faster than expected, with team and program rationalization completed

in April vs. an expected August timeline, helping create clarity for the field.

◼ Customers are not pushing back on vendor concentration concerns, not seeing customers

move away from either CYBR or PANW since the acquisition.