Security Incite Integrity Policy

Submitted by Mike Rothman on Mon, 2006-01-02 22:03.
Security Incite is an independent research firm that produces objective, end-user focused analysis of the information security market. Ultimately, the only asset an analyst firm has is its reputation. No one does business with untrustworthy firms that do not respect private information, present biased views, and do not disclose potential conflicts of interest. We will NOT engage in activities that will compromise -- or appear to compromise -- the integrity of our research.

Security Incite knows that our business success is reliant on whether the industry can trust us to provide clear, objective, unbiased and fair research. We will not compromise our values to chase a dollar. We will not violate your trust. Life is too short.

Here are the key tenets to ensure integrity:

  • Take clear positions – We can’t stand squishiness. When we take positions, they are based on our research and we are going to stand by them. Sure, they may ruffle some feathers, but that’s part of the deal. We don’t shy away from making the tough calls and telling the truth.
  • You can't pay to play – We cover a vendor in the same fair, unbiased manner whether they subscribe to our service or not. If its products are not up to snuff, we say that, just like we’ll say a product is good if we get that feedback from the market.
  • Research Transparency – We don’t hide behind our research methodology or the nebulous “analyst opinion” excuse for not explaining how we got to a certain position. Our positions are based upon information we gather from our industry wide network of contacts and our experience in watching information security markets develop. Though we’ll never share our specific sources, we are happy to provide the thinking that pushed us towards a certain position.
  • We are beholden to no one – Security Incite is a privately held company with no outside investors. No one has the ability to exert undue influence on us, and we’ve built our business model to ensure that we are not dependent on a few large accounts.
  • We do not serve on company boards – We don’t know how any analyst can say they are objective if they sit on an advisory or company board. We don’t do that and we won’t do that.
  • We respect NDA’s and embargoes – Many analysts will share information before a formal announcement to prove how “connected” they are. We don’t see any purpose in that besides to adversely impact trust. If you tell us information is not public knowledge, we respect that. Unless you give us specific permission, our lips are sealed, whether we sign a formal NDA or not.
  • Factual errors – Factual errors are not acceptable. If we make a mistake, bring it to our attention and we’ll quickly remedy the situation. This doesn’t mean we’ll change our opinions or positions, but if we have incorrect facts, we want to know that.
  • Investment policy – It is the policy of Security Incite that analysts will not hold securities of companies covered by the company. Analysts may hold mutual funds, but cannot have any discretion over how the funds invest.
  • Investment disclosures – Security Incite analysts may hold illiquid securities in technology companies covered by the firm due to the exercise of stock options prior to the founding of Security Incite. These positions will be fully disclosed, both on Security Incite’s financial disclosures page and each time the specific companies are mentioned in research.