In January 2026, Business & Human Rights Centre, AWO and SMEX published their joint investor guide: Hidden risk is the most expensive: What investors need to know about high-risk surveillance technology. The guide delves into surveillance technologies such as spyware, digital forensics tools, cell site simulators, and deep packet inspection systems, which are often marketed as “must-have” tools to combat crime or terrorism. These technologies sit at the intersection of security, innovation, and rising government demand, making them appear to be attractive investment opportunities. Yet for investors, these technologies carry severe, under-recognised risks.

The companies mentioned in the guide were asked to respond before its publication. AppLogic Networks (formerly Sandvine), NSO Group, Memento Labs and Cellebrite responded. Company responses and non-responses can be read in full below.