Managed Security Services

Managed Security Services Provider (MSSP) Market News: 3 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. Cyber Warfare Market Report: According to a report from Market.us, the global demand for the Cyber Warfare Market is projected to increase at a CAGR of 15.8% during the forecast period between 2024 and 2033. This growth rate is poised to expand the marketplace for the market positively by reaching a total of $211.6 billion by 2033, the report stated. Cyber warfare refers to offensive and defensive operations in cyberspace to damage, disrupt, destroy or gain unauthorized access to digital networks and infrastructure. It involves states exploiting vulnerabilities and targeting information systems to conduct espionage, manipulate data and intimidate citizens.

2. Funding Round: Aqua Security, a cloud native security specialist, has secured $60 million in funding, led by new investor Evolution Equity Partners, with participation from existing investors Insight Partners, Lightspeed Venture Partners and StepStone Group. The funding, an extension of the company’s Series E round, places Aqua’s valuation above $1 billion, the company said. Aqua has now raised $325 million since its founding in 2015. During that time, more than 500 enterprise companies worldwide, including 40% of the Fortune 100 companies, have adopted Aqua’s innovative cloud security approach, Aqua noted.


3. Carribean Security Initiative: Cytek Security has been selected to design and build a distributed security operations center (SOC) in the Carribean region. Cytek will work with a ministry of defense in the region to evaluate the Carribean cybersecurity risk landscape and design and implement a distributed SOC. The SOC will perform proactive threat detection, provide situational awareness and information gathering, enhance cyber command and control, and inform and alert stakeholders.

4. Industrial Security Product Launch: Industrial Defender, a provider of cybersecurity solutions for industrial organizations, has launched the Industrial Defender Risk Signal, its new risk-based vulnerability management (RBVM) solution. Building upon the company's vulnerability assessment capabilities, Industrial Defender Risk Signal intelligently prioritizes vulnerability for highest impact, integrating threat intelligence and the user's specific business context, the company said.

5. Funding Round: iFlock Security Consulting, a boutique cybersecurity company specializing in penetration testing and ancillary services, announced the completion of its first private funding round, along with two strategic sales executive hires. iFlock is adding Barbara Butler and Stephany Azar, both formerly of NCC Group to drive forward its business development initiatives.

6. Dark Web Security Advancement: Wirex, a Web3 money platform, announced a new initiative to combat dark web activities and money mule threats. Accordingly, the company has incorporated ZeroFox's Dark Web Monitoring tool into its system, creating a unified solution. This way, a combination of human and artificial intelligence actively scans the dark web for potential dangers, such as leaked data, compromised credentials and other sensitive information in real time, Wirex said.

7. MDR Partnership: Devo Technology, a cloud-native security analytics company, has deepened its partnership with CyberMaxx to deliver managed detection and response (MDR) services to enterprises as MDR partners. Through the partnership, CyberMaxx fully integrates Devo Intelligent SIEM with its MaxxMDR solution, which provides defensive services that can be combined with proactive offensive capabilities to give customers comprehensive security coverage. (Source: Digital Journal)

8. Cyberattack Reported: Xerox said its XBS subsidiary suffered a cyberattack that may have involved the theft of personal information. The INC ransomware gang claimed it attacked the company. Xerox issued the following statement: “Recently, Xerox’s subsidiary, XBS, experienced a security incident which was detected and contained by Xerox cybersecurity personnel. We are actively working with third-party cybersecurity experts to conduct a thorough investigation into this incident and are taking necessary steps to further secure the XBS IT environment." (Source: The Record)

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.