Managed Security Services

Managed Security Services Provider (MSSP) Market News: 13 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. Funding Boost: Tamnoon, a specialist in assisted cloud remediation, has raised $5.1 million in seed funding and appointed two key executives to advance the company's expansion and commercialization of its managed service solution. The seed funding was led by cyber investors Merlin Ventures and Secret Chord Ventures, with participation from Elron Ventures, Inner Loop Capital and toDay Ventures. In tandem, Tamnoon appointed Ran Nahmias as chief business officer and Jonathan (Yoni) Lebowitsch as vice president of Technical Services.

2. M&A Deal: SecurityBridge, a provider of cybersecurity solutions for SAP customers, has acquired Dutch SAP security specialist Protect4S. Established in 2012 and headquartered in Ingolstadt, SecurityBridge is a leading provider and pioneer in the field of cybersecurity solutions for SAP customers. Protect4S, which is based in Wageningen, Netherlands, specializes in the automation and simplification of SAP cybersecurity.

3. M&A Deal: Exclusive Networks announced that it has signed an agreement to acquire Ingecom, a Spain-based value added distributor specializing in cybersecurity and cyber intelligence solutions, to accelerate ignition technology expansion in Southern Europe. Under the agreement, Exclusive Networks will acquire 70% of Ingecom, while the remaining stake will be held by the current managers.

4. Cyber Insurance Solution: Arch Insurance has debuted Arch CyPro, a cyber insurance solution designed to proactively safeguard businesses in an environment of rapidly evolving cyber threats. Arch CyPro is powered by the Arch Cyber Risk Engineering Team, a specialist cyber team integrated into every stage of the underwriting process, the company said.

5. SEC Compliance Solution: CyberCatch Holdings, a cybersecurity company offering an artificial intelligence-enabled platform for continuous compliance and cyber risk mitigation, has launched its SEC Compliance Manager solution. The solution enables compliance with SEC's new Cybersecurity Incident Reporting and Risk Management Rule.

6. Hackers Heist Crypto Org: Global cryptocurrency exchange CoinEX announced that someone hacked its hot wallets and stole large amounts of digital assets that were used to support the platform's operations. The incident occurred on September 12, and preliminary results of the investigation show that the unauthorized transactions involved Ethereum ($ETH), Tron ($TRON) and Polygon ($MATIC) cryptocurrency. CoinEx has not provided any info about the financial impact incurred, as the investigation has yet to determine the complete losses. (Source: Bleeping Computer)

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.