Managed Security Services

Managed Security Services Provider (MSSP) Market News: 3 November 2023

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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. Security Partnership: ATSG, a global managed services and solutions company, announced its role as a key launch partner for Cisco's new XDR cybersecurity solution. This collaboration marks a significant milestone in the realm of cybersecurity and further solidifies ATSG and Cisco's commitment to delivering security solutions, the company said.

2. Security Partnership: Climb Channel Solutions, an international specialty technology distributor, has launched a new partnership with FireMon, a provider of cybersecurity solutions in North America. Through this partnership, FireMon will gain a wider reach, enabling businesses of all sizes to access its security solutions. Meanwhile, Climb Channel Solutions will expand its portfolio to offer comprehensive cybersecurity services to its resellers, the companies said.

3. Cyber Stocks Take a Hit: Fortinet shares sank nearly 18% and sparked a selloff in cybersecurity stocks with a dismal forecast that compounded fears of slowing client spending in an uncertain economy on November 3. The current losses, if they hold, were set to wipe out nearly $8 billion from the company's market value. Competitors Palo Alto Networks, ZScaler and CrowdStrike fell between 0.6% and 2.6%. Fortinet cut its annual revenue target and said it expects current-quarter sales between $1.38 billion and $1.44 billion, below estimates of $1.50 billion. (Source: Reuters)

4. Deal Maker: CISO Global, a managed cybersecurity and compliance provider, has signed a licensing agreement to provide its entire suite of next generation intellectual property to CRG Research. CRG (Cyber Risk Governance) provides technical research services to legal firms conducting pre-transaction due diligence in the mergers and acquisitions space, proactively uncovering cyber incidents and vulnerabilities that could significantly impact a planned transaction. CISO’s proprietary solutions will empower CRG to collect and assess network data in real-time.

5. BlackCat Ransomware Attack: The BlackCat ransomware gang claims it breached the network of healthcare giant Henry Schein and stole dozens of terabytes of data, including payroll data and shareholder information. The company disclosed on October 15 that it was forced to take some systems offline to contain a cyberattack that impacted its manufacturing and distribution businesses one day before. (Source: Bleeping Computer)

6. Industry Recognition: DataTribe, a cyber foundry that invests in and co-builds next-generation cybersecurity and data science companies, announced Vigilant Ops as the winner of its sixth annual DataTribe Challenge. Vigilant Ops emerged among a field of five finalists. As the 2023 DataTribe Challenge winner, Vigilant Ops will move forward in the investment process with DataTribe with the possibility of receiving up to $2 million in seed capital.

7. Leadership Move: GoSecure, a provider of managed detection and response solutions, has promoted Anne-Marie Faber to the position of chief marketing officer (CMO).

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.