Cybersecurity M&A is becoming a map of the next attack surface: Buyers are concentrating on AI security, machine identities, browser protection and industrial systems as enterprise risk expands beyond traditional networks and endpoints. Artificial intelligence (AI) security, machine identity, industrial infrastructure, browser protection, behavioral fraud detection and automated remediation are increasingly appearing on buyers’ shopping lists. The enterprise attack surface is expanding to new targets: AI agents, industrial equipment, cloud applications, browsers, application programming interfaces (APIs) and automated software. That shift is turning cybersecurity M&A into a useful leading indicator. That makes the cybersecurity M&A boom about more than consolidation.