Managed Security Services

Managed Security Services Provider (MSSP) Market News: 28 September 2023

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

  • The Content: Written for MSSPs and MSPs; threat hunters; security operations center as a service (SOCaaS); managed detection and response (MDR) and eXtended detection and response (XDR) providers; and those who 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 Managing Editor Jim Masters: [email protected].

Today’s MSSP, MSP, MDR, XDR and Cybersecurity Market News

1. Company Rebrand: Paladin Cyber, a full-stack cybersecurity and insurance platform provider, has changed its corporate name to Upfort, "reflecting its expanded capabilities amid unprecedented company growth and market demand," the company said. Upfort also named Jeremy Wieber as head of Strategic Partnerships and Matthew Leanza as head of Business Development.

2. Leadership Move: Cyemptive Technologies, a provider of cybersecurity solutions for business and government, has named international business executive and cybersecurity veteran Varun Vaid as vice president of Cyber Solutions - Strategic Accounts. In his new role, Vaid will serve as regional head of Cyemptive in the Middle East. In August, the company announced its expansion into the United Kingdom and Germany with the appointment of Johannes Riedl as vice president of Cyber Solutions Europe.

3. Cyber Insurance Product Launch: Measured Analytics and Insurance has launched its new cyber insurance offering, CyberGuard 2023. With AI-rich data analytics and national security-grade threat intelligence, Measured's CyberGuard 2023 provides businesses with a new level of protection and confidence in the ever-evolving landscape of cyber threats, the company said.

4. Funding Round: UnitX, a robotics company building next-generation AI vision systems, has secured a $5 million investment from SE Ventures, a Silicon Valley-based venture fund backed by Schneider Electric. UnitX, through its software-defined vision system,"OptiX, and its edge AI compute platform, "CorteX", delivers inspection and defect detection capabilities to manufacturing customers, the company said.

5. Leadership Move: Optiv, a cyber advisory and solutions specialist, has appointed two executives to "fuel the company's financial growth and advance innovative information technology initiatives." Accordingly, Marc Cabi has been hired as chief financial officer and Michael Feliton is the new chief information officer.

6. Hacker Alert: The U.S. National Security Agency, Federal Bureau of Investigation (FBI) and Japanese police jointly warned multinational companies of China-linked hacker group BlackTech in a cybersecurity advisory on September 27. The joint advisory, which also came from the U.S. Cybersecurity and Infrastructure Security Agency (CISA) and its Japanese counterpart, urged organizations to review the internet routers at their subsidiaries to minimize the risk of potential attack from the group. (Source: Reuters)

7. Executive Appointments: VulnCheck, an exploit intelligence company, announced five additions to its executive leadership team: Ralph Logan, chief strategy officer; Jacob Baines, chief technology officer; Thomas Bain, chief marketing officer; David Munson, vice president of engineering; and Jay Wallace, vice president of sales. VulnCheck said that the senior cybersecurity experts join at a time of rapid growth and will help the company meet the growing demand for vulnerability, threat and exploit intelligence.

8. Partnership Supports Cyber Startups: ManTech has announced a partnership with the Georgia Institute of Technology’s Advanced Technology Development Center (ATDC) to support the growth and acceleration of startups built on cybersecurity-related technologies and emerging innovations. The partnership will help entrepreneurs in ATDC’s Cyber and Emerging Technologies Program develop solutions that target and resolve federal agencies’ most pressing and difficult challenges.

9. Malware Alert: Fake Bitwarden sites are pushing installers for the open-source password manager that carry a new password-stealing malware that security researchers call ZenRAT. The malware is distributed to Windows users through websites that imitate the legitimate Bitwarden site and rely on typosquatting to fool potential victims. The purpose of ZenRAT is to collect browser data and credentials along with details about the infected host, a behavior consistent with an information stealer. (Source: Bleeping Computer)

10. Funding Round: Nord Security, an internet privacy and security solutions specialist, has announced a $100 million financing round from Warburg Pincus. Existing investors participating in the round include Novator Ventures and Burda Principal Investments. The funding will be used to expand Nord Security's product offerings and accelerate growth through strategic mergers and acquisitions, the company said.

Jim Masters

Jim Masters is Managing Editor of MSSP Alert, and holds a B.A. degree in Journalism from Northern Illinois University. His career has spanned governmental and investigative reporting for daily newspapers in the Northwest Indiana Region and 16 years in a global internal communications role for a Fortune 500 professional services company. Additionally, he is co-owner of the Lake County Corn Dogs minor league baseball franchise, located in Crown Point, Indiana. In his spare time, he enjoys writing and recording his own music, oil painting, biking, volleyball, golf and cheering on the Corn Dogs.