Managed Security Services Provider (MSSP) Market News: 23 June 2022 -

Each business day, MSSP Alert delivers this quick lineup of news, analysis and chatter from across the managed security services provider ecosystem.

The Content: Written for MSSPs, SOC as a Service (SOCaaS), Managed Detection and Response (MDR), eXtended Detection and Response (XDR), threat hunters and MSP security providers — and those who need to partner with such companies.
Frequency and Format: Every business morning. Typically one or two sentences for each item below.
Reaching Our Inbox: Send news, tips and rumors to Editorial Director [email protected]. Thank you in advance for news tips.

A. Today’s MSSP, MDR, XDR and Cybersecurity Market News

1. Executive Leadership - Security Operations Software: LogRhythm has hired BMC and Compuware veteran Mitzi Hunter as chief marketing officer; and promoted Mike Dalgleish to vice president of sales, Americas.

2. M&A - Application Security: Synopsys has completed the WhiteHat Security acquisition for $330 million. The seller was NTT Security.

3. Security Operations and MDR - Singapore: Proficio has been licensed by the Cyber Security Agency (CSA) of Singapore to provide Managed SOC Monitoring Services. Conferred by the 2018 Cybersecuirty Act, the new licensing framework is "required to operate in Singapore and aims to better safeguard consumers’ interests and improve service providers’ standards," Proficio said.

4. Web Application Security: Palo Alto Networks has added Out-of-Band Web Application and API Security (Out-of-Band WAAS) to Prisma Cloud. The goal: Help organizations secure web applications with maximum flexibility.

5. Data Protection: Attack surface management technology provider Cavelo now supports digital asset discovery, tracking, data access, vulnerability and risk reporting. The moves allow businesses to "discover sensitive data, minimize data exposure and support attack surface management initiatives."

6. API Security: ThreatX has launched an API Protection Quick Start Program, which is "designed to help organizations better protect their APIs by rapidly deploying real-time protection against botnet, DDoS and complex, multi-mode attacks."

7. Partnership - Government Security: Carahsoft’s National Association of State Procurement Officials (NASPO) ValuePoint Cloud Solutions Contract now features Exabeam's SIEM and XDR software.

8. Cloud Security: Zscaler announced multiple product and service updates. Key moves include launching:

Posture Control, which is "designed to give organizations unified Cloud-Native Application Protection Platform (CNAPP) functionality tailor-made to secure cloud workloads."
AI-powered phishing prevention, segmentation and root cause analysis.
A risk-based policy engine.
A deeper relationship with AWS to "advance cloud security and cloud connections."

9. Growth - Endpoint and Cloud Security: Lookout grew its enterprise annual recurring revenue (ARR) by 56% in its most recent fiscal year. The company also "secured debt financing for up to $150 million from funds and/or accounts managed by BlackRock to support its continued growth." Lookout did not disclose actual dollar figures for revenues or profits/losses.

10. Research - Cyber Insurance Market Growth: Spending on cyber insurance will reach $29.2 billion in 2027, up from $11.9 billion in 2022, MarketsAndMarkets forecast. That's a 19.6% compound annual growth rate (CAGR), the researcher noted.

11. Research - Mobile Device Management (MDM): Only 23% of organizations say that all or nearly all of their mobile devices are enrolled in MDM (mobile device management) platforms, a State of Device Management report from Fleet indicated.