Cysiv, a security operations center-as-a-service (SOCaaS) platform provider, has completed a $26 million Series A funding round led by venture capital firm ForgePoint Capital. The company will use the funding to scale its operations and enhance its SOCaaS platform, according to a prepared statement.
Cysiv was developed within Trend Micro and launched in 2018 via a partnership with data protection standards development and certification organization HITRUST. The company provides a SOCaaS platform that offers proactive threat defense and managed security capabilities and can augment MSPs' service offerings.
How Does Cysiv's SOCaaS Platform Work?
Cysiv's SOCaaS platform combines security information and event management (SIEM), security orchestration, automation and response (SOAR), user and entity behavior analytics (UEBA) and threat intelligence capabilities into a single solution, the company said. In doing so, the platform enables MSPs to ingest security logs from multiple sources and leverage data science techniques to automate threat detection, investigation and remediation.
Furthermore, Cysiv's SOCaaS platform allows MSPs to manage security controls from Trend Micro and other vendors for hybrid cloud, network and endpoint security, the company stated. This ensures that MSPs can use Cysiv's SOCaaS platform to deploy various security controls, monitor activity and launch patches and updates across IT environments.
Is SOCaaS for MSPs Becoming Mainstream?
At least 28 companies (many of whom were Top 200 MSSPs for 2019) offered SOCaaS to MSPs as of December. Meanwhile, this number could increase in the foreseeable future, due in part to the rising demand for SOCaaS solutions worldwide.
The global SOCaaS market is projected to expand at a compound annual growth rate (CAGR) of 25 percent between 2019 and 2025, industry analyst MarketsandMarkets stated. In addition, this market could be worth nearly $1.2 billion by 2024.