Managed Security Services

Managed Security Services Provider (MSSP) Market News: 12 January 2024

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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. Product Launch: Skyhigh Security, a cloud security vendor and a member of Oracle PartnerNetwork (OPN), announced that its web security application Skyhigh Secure Web Gateway (SWG) has achieved Powered by Oracle Cloud Expertise and is now available in the Oracle Cloud Marketplace. Last November, Skyhigh Security announced its collaboration with Oracle Cloud Infrastructure (OCI) to expand its global Points of Presence. Building upon that momentum, Skyhigh SWG provides Oracle customers with optimized routing and increased data handling to ensure peak performance, the company said.

2. Industry Recognition: QuSecure, a specialist in post-quantum cryptography, announced its QuProtect solution has been recognized as the leading Quantum Computing Solution of the Year for 2023 in the CyberSecured Awards Program. QuProtect software enables organizations to leverage quantum-resilient technology to prevent cyberattacks while future-proofing networks and preparing for quantum cyber threats, the company said.

3. Leadership Move: BullWall, a specialist ransomware protection for critical infrastructure, has made two leadership appointments: Steen Lomholt-Thomsen as chief executive officer and Kerry Grimes as executive vice president and chief partner officer. Steen most recently served as BullWall chairman of the board and chief revenue officer of Clarivate, a specialist in advanced analytics software, and was previously chief revenue officer of Aveva, an industrial software company. Steen also brings extensive experience in enterprise software, SaaS sales, and general management gained from roles at IBM, HP and IHS (now S&P Global).

4. Product Launch: The team behind NordVPN, a digital privacy and security product, is working on a new worldwide eSIM service known as "Saily." The product will ensure that global connection to the internet is as smooth and effortless as possible. eSIM cards are mainly used by travelers and people working remotely because they help to decrease roaming charges and connect to the internet from anywhere in the world. The new app will be launched later this year, and the early access sign-up is now underway.

5. Automotive Security Research: The automotive cybersecurity market has experienced substantial expansion, driven by the escalating number of connected cars and the rising awareness of cyber threats in the automotive sector, according to a new study. The market for automotive cybersecurity was valued at $2,143.1 million in 2022, and by the end of 2033, it is expected to have grown to $26,492.6 million. The market for automotive cybersecurity is estimated to valuate to $ 2,661.7 million in 2023 and is predicted to grow at a CAGR of 25.8% from 2023 to 2033.

6. Privileged Access Management (PAM) Research: The global privileged access management market was valued at $3.28 billion in 2023 and is predicted to reach $22.69 billion by the end of 2033, advancing at a high-value CAGR of 21.4% through 2033, according to a new study. The PAM market has emerged as a critical component in ensuring the security and integrity of organizations' sensitive data and systems. The market for PAM solutions is witnessing significant growth, driven by the escalating frequency and sophistication of cyber threats, the study said.

7. Malware Alert: A new report from SentinelLabs, the research arm of listed cybersecurity company SentinelOne, is warning of a new sophisticated Python-based malware targeting cloud and payment services. Dubbed “FBot,” the malware is said to represent a significant threat due to its specific targeting of web servers, cloud services and software-as-a-service platforms, including Amazon Web Services Inc., Microsoft Corp.’s Office365, PayPal Holdings Inc., Sendgrid Inc. and Twilio Inc. Differing from other forms of cloud malware, FBot is not derived from the commonly used Androxgh0st code, but instead shares similarities with the Legion cloud infostealer, suggesting a different lineage in malware development. Its primary functions include credential harvesting, AWS account hijacking tools and capabilities to attack PayPal and various SaaS accounts. (Source: SiliconAngle)

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.