Managed Security Services Provider (MSSP) Market News: 25 May 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. MDR - CEO Update: Binary Defense has hired Bob Meindl to succeed Mike Valentine as CEO. Valentine remains chairman of the board.

2. SOC as a Service: CyFlare has launched ONE – a converged security platform that can "efficiently integrate with any security tool to provide comprehensive monitoring and meaningful management level analytics from a single pane of glass to subscribers," the company said.

3. Brand Relaunch - Application Security: WhiteSource has rebranded as Mend, and launched an automated remediation for custom code security issues. Mend has grown its revenue 800% over the past three years, though actual dollar figures were not disclosed.

4. Mobile Security - IT Services Contract: CWSI has signed a "new multi-million three-year deal" to provide and support a mobile security solution for Three UK. The Three Mobile Protect platform is "an affordable, accessible and easy-to-implement security solution for both iOS and Android devices," CWSI said.

5. Funding - Secure Browsing: Red Access has unveiled a $6 million seed round, jointly led by Elron Ventures and Ten Eleven Ventures. The Israeli startup has introduced a secure browsing solutions to protect "every session, across any browser without disrupting the user experience, while providing SaaS-driven ease of management," the company said.

6. Funding - Cyber Startup: Xerox Ventures has invested in cybersecurity infrastructure startup LimaCharlie. The $5.45 million seed financing round was led by Susa Ventures with participation from Sands Capital, Lytical Ventures, CoFound Partners and others. This brings the company’s total funding to $6.35 million, with a current valuation of $24 million, Xerox Ventures indicated.

7. Growth - Autonomous Cloud Security: Exium has generated 10x growth in ARR (annual recurring revenue), though actual dollar figures were not disclosed.

8. Talent: DNSFilter has named Colin Britton as chief operating officer and Dave Raphael as chief product officer.

9. Partner Program - Data Protection: Asigra Inc. has launched the Tiger’s Den Channel Program. It features "significant updates to tiered discounting, new product marketing materials, enhanced partner services and support, as well as a new engagement package for value added distributors (VADs) designed to increase global product availability," the company said. Asigra also emphasized that the company is 100% focused on the channel.

10. McAfee CEO Change: Consumer security software maker McAfee has hired Greg Johnson to succeed Peter Leav as CEO, Reuters noted.

11. General Motors Breached: Hackers compromised some online accounts of General Motors customers in April 2022, potentially accessing addresses, phone numbers and other personal information, according to a data breach notice filed with California regulators, Bloomberg reported.