Methodology for the Fortune Cyber 60 (2025)
The Lightspeed Survey was conducted by Wakefield Research (www.wakefieldresearch.com) among 200 US CISOs at companies with a minimum of $500M in annual revenue, between July 24th and August 1st, 2024, using an email invitation and an online survey.
Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 6.9 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.
The Fortune Cyber 60 is a listing of the most important venture-backed startups that have not had an IPO, acquisition, or other significant exit event.
The list is alphabetized into groups of 20 by stage: early-stage companies, early growth stage companies, and growth stage companies.
To construct the 2024-25 Cyber 60 list, Lightspeed requested data from over 500 cybersecurity startups and performed an initial sort by ARR and current and prior year growth rate.
Lightspeed then validated the accuracy of the self-reported data and reviewed the business operations of each company for inclusion. Lightspeed partners also nominated companies for consideration based on proprietary research including consultation with our CISO network, and analysis of the cybersecurity market landscape. No company was added or removed from the list for any reason except those listed above. When Lightspeed is an investor in a Fortune Cyber 60 company, it is noted on their listing.