Managed Security Services

Managed Security Services Provider (MSSP) Market News: 29 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 Round: Lumu, a Miami, Florida-based cybersecurity company, has closed a $30 million Series B round led by Forgepoint Capital, with participation from existing investors BIP Ventures, Exceptional Capital and SIMMA Capital. The new investment brings the total funding raised to $38 million. 

2. Product Launch: Cloudflare has unveiled a new tool allowing customers to retroactively scan their inboxes for threats that their current email security tool missed. With nine out of every 10 cyberattacks today starting with email phishing baits, the Retro Scan tool will provide statistics that enable business and security leaders to better understand their company’s security, Cloudflare said.

3. Funding Round: Nexusflow, a generative AI business targeting the cybersecurity industry, has raised a $10.6 million seed round led by Point72 Ventures, with participation from Fusion Fund and several AI luminaries in Silicon Valley.

4. Product Launch: Blackpoint Cyber, a managed detection & response (MDR) solution provider, has announced the expansion of its cloud security product, Cloud Response, to Google Workspace. Coming early October 2023, Cloud Response will protect both Microsoft 365 and Google Workspace environments.

5. Leadership Move: Secure Yeti, a global cybersecurity firm, has appointed renowned hacker Jayson E. Street as its first chief adversarial officer. Street will bring his expertise and passion for cybersecurity education to empower organizations to fortify their defenses, the company said.

6. Security Partnership: CyberCatch Holdings, a cybersecurity company offering an artificial intelligence-enabled platform solution, has announced a strategic partnership with IdeaHub Solutions, a digital transformation company serving the Asia-Pacific region. Under the partnership, IdeaHub Solutions is committing to $300,000 to market CyberCatch solutions in Asia-Pacific.

7. Company Expansion: Keypasco, a specialist in secure online authentication solutions, has announced a major expansion of its Keypasco Multi-Factor Authentication (MFA) solution in Europe. Keypasco is aiming to empower a wide range of European industries with password-free cybersecurity.

8. Hacker Alert: A Chinese cyber-espionage hacking group tracked as Budworm has been observed targeting a telecommunication firm in the Middle East and a government entity in Asia using a new variant of its "SysUpdate" malware. The remote access trojan (RAT) is associated with Budworm. (Source: Bleeping Computer)

5. Russia Air Systems Cyberattack: A mass cyberattack on Russia’s air booking system Leonardo sparked flight delays among major carriers on September 28. Russia's flagship airline Aeroflot said the denial-of-service attack resulted in delays of up to an hour for departures at Moscow’s Sheremetyevo International Airport. Aeroflot’s subsidiary, Rossiya Airlines, reported similar delays at Sheremetyevo. Less than an hour after the cyberattack was reported, Russia’s defense and industrial conglomerate, Rostec, said it fully restored Leonardo’s functionality. (Source: The Moscow Times)

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.