MSSP High Wire Networks Adds SOAR to Managed Security Services
Overwatch Managed Security, the cyber division of High Wire Networks, has integrated security orchestration, automation and response (SOAR) capabilities into its Overwatch managed security services, the company indicated.
The SOAR offering allows MSSP and MSP reseller partners to use Overwatch to automate their security operations, respond to security incidents and hunt for threats across customer environments, the company noted. The goal: Stop cyberattacks in real time.
In addition, the SOAR capabilities can be used in combination with Overwatch’s security operations center (SOC) and eXtended detection and response (XDR) and endpoint detection and response (EDR) technologies, the company said. They also allow High Wire’s MSSP and MSP reseller partners to reduce the mean time to remediate (MTTR) and minimize the impact of cyberattacks.
High Wire Boosts Revenue in 1Q22
The SOAR launch comes after High Wire announced it has achieved its expected revenue milestones in the first quarter of 2022. These milestones included:
- Total revenue of $12.7 million, up 82 percent year over year on a proforma basis
- Net income of $5 million, compared to a net loss of over $10 million one year earlier
- 300 percent year-over-year increase in Overwatch managed security customer base
- 65 percent year-over-year increase in Overwatch managed security revenue
High Wire’s managed services revenues continue to grow at a rapid clip, the company indicated. As such, High Wire said it expects to have over 1,000 managed services customers by the end of June 2022.
Furthermore, High Wire’s average revenue per user is growing, the company stated. High Wire also indicated that its churn is “exceptionally low,” though the actual churn rate was not disclosed.
High Wire partners with MSSPs, MSPs, VARs, distributors, integrators, manufacturers and telecommunications providers. It offers the Overwatch Managed Security Marketplace that enables its partners to sell cybersecurity on a subscription basis.