Threat Management, Identity Services Lift IBM Security Business Revenues
The IBM Security business, which includes a Top 250 MSSP business unit, is regaining some momentum in 2022 after struggling a bit in 2021.
The latest evidence: IBM’s security revenue rose 5% in Q2 of 2022 compared to Q2 of 2021, the company disclosed on July 18, 2022. Threat management and identity growth led the business expansion while enterprises continue to adopt a Zero Trust security strategy and implement additional identity controls, IBM CFO Jim Kavanaugh told Wall Street analysts during an earnings call.
IBM Security Business: Acquisitions Assist Revenue Growth
Some of the growth involved two threat management acquisitions, Kavanaugh noted. At least one of those deals likely involved attack surface management (ASM) and offensive cybersecurity company Randori (June 2022). We’re not familiar with a second deal, and will be listening for news on that front.
IBM’s security revenues shrank in late 2021 but have grown throughout the first half of 2022. IBM runs a Top 250 MSSP and also offers cybersecurity software. But faster-growth MDR (managed detection and response) service providers and EDR (endpoint detection and response) software companies have dominated the market spotlight in recent years.
Amid that backdrop, IBM will combine Randori’s ASM software with the eXtended detection and response (XDR) capabilities of IBM Security QRadar, the buyer said. In addition, Randori complements IBM X-Force Red’s hacker-led offensive security services, IBM noted. Randori also provides security insights for IBM’s Managed Security Services.
IBM Supply Chain Security Services: Government Win
Amid the recent customer wins: IBM in July 2022 announced a new 33-month work order involving supply chain security services for the U.S. Department of Defense. The technology company did not disclose anticipated revenue figures from the engagement.