Managed Security Services Provider (MSSP) Market News: 23 August 2023

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

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

1. Cyversity Launches Advisory Board: Cyversity, a nonprofit association dedicated to the academic and professional success of women, underrepresented minorities and veterans, has launched its newly formed Advisory Board. The board is comprised of industry experts, cybersecurity veterans and thought leaders who bring knowledge and experience to Cyversity's mission of diversity and inclusion in the workforce.

2. Funding Boost: SpyCloud, a specialist in identity analytics, has closed a $110 million growth round commitment of primary and secondary capital led by Riverwood Capital. More than 500 market leaders across every industry, including half of the Fortune 10, use SpyCloud to thwart cybercrimes including ransomware, account takeover, session hijacking and online fraud, the company said.

3. Cybersecurity Partnership: NextDLP, insider risk and data protection, has joined the MITRE Engenuity Center for Threat-Informed Defense as a Research Sponsor. This partnership will enhance the center's ability to develop resources to protect against cyberattacks through its unique approach to public interest collaborative research and development. 

4. Generative AI Research: Deep Instinct, a cybersecurity company focusing on malware remediation using an AI-based deep learning framework, has released the fourth edition of its Voice of SecOps Report. The research, “Generative AI and Cybersecurity: Bright Future or Business Battleground?” surveyed more 650 senior security operations professionals. Deep Instinct reports that 75% of security professionals witnessed an increase in attacks over the past 12 months, with 85% attributing this rise to bad actors using generative AI.

5. Product Launch: Talon Cyber Security, an enterprise browser technology specialist, has unveiled new digital experience capabilities available in the Talon Enterprise Browser. The capabilities arm IT teams with advanced metrics on device, application and network performance to ensure that security issues can be proactively resolved and employees have consistent user experiences that power productivity.

6. US Cyber Games' New Season, Head Coach: The US Cyber Games, a year-long cyber sports program led by Katzcy, in cooperation with the National Institute of Standards and Technology (NIST), has announced its Season III, US Cyber Team head coach, coaching staff and program timeline. "We are excited to announce the appointment of Dr. Josh Brunty, Professor of Digital Forensics & Cybersecurity at Marshall University, as Head Coach of the Season III, US Cyber Team," said Jessica Gulick, Katzcy CEO and Commissioner of the US Cyber Games.

7. Talent Move: CISO Global, a managed cybersecurity and compliance provider, has named Gary Perkins as its chief information security officer. In his new role, Perkins will spearhead cybersecurity strategies and risk management initiatives within the company. He previously served as the CISO for the province of British Columbia, Canada.

8. Deal Maker: Tech-focused private equity Thoma Bravo said on Wednesday it has closed its $2.3 billion all-cash deal to acquire identity and access management software firm ForgeRock. The company said it has merged the cybersecurity firm with Ping Identity, which it had acquired last year for $2.4 billion. Thoma Bravo agreed to buy ForgeRock for $23.25 per share in October and had said it expected the deal to close in the first half of 2023. (Source: Reuters)

9. SentinelOne for Sale?: SentinelOne, a cybersecurity company with a market value of about $5 billion, has been exploring options that could include a sale. The Mountain View, California-based company became a takeover target after its shares lost 80% of their value in the last two years. (Source: Reuters)