Cybersecurity daily news

MSSP Market News: SOCaaS Market Forecast

Clop ransomware gang exploits SysAid server bug

Each business day MSSP Alert delivers a quick lineup of news, analysis, and chatter from across the MSSP, MSP, and cybersecurity world.

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Today’s MSSP Alert Market News:

1. SOCaaS market forecast - The global SOCaaS Market size is projected to grow from $6.7 billion in 2023 to $11.4 billion by 2028 at a CAGR of 11.2% during the forecast period. The SOCaaS market growth will be driven by the growing complexity of cyber threats, rapid technological advancements, bring-your-own-device trends,, choose-your-own-device trends, work from home, and complex threat response.

2. Insider risk platform update -Insider risk platform provider Veriato has released the next update to its platform, which incorporates GenAI, advanced behavior pattern identification, risk scoring, language and sentiment analysis, automatic PII/PHI identification with RAG pre-trained models, microservices architecture, and deployment options that include cloud, on-premises, and hybrid. 

3. Ransomware slows in Q1 - Cyberint released its 2023 Ransomware Trends Report showing the top ransomware groups are Lockbit3, Alphv, and Cl0p. Most targeted sectors were business services, retail, and manufacturing. However, 2024 is starting out a bit slower. Cyberint’s data shows that in Q4 2023 there were 1,309 cases of ransomware while in Q1 2024 there were 1,048 cases, a 22% decrease.

4. Election security legislation - Proposed legislation in Ohio focuses on the security of individual voting machines by developing cybersecurity standards, reviews and certification of all existing and new voting machines in the state. The Ohio Votes Count Act would also Cybersecurity Risk Management Framework that would require voting system vendors to comply and would also monitor software supply chain integrity. (Source: Washington Examiner)

5. Funding round for AI security -  TrojAI, a provider of enterprise artificial intelligence (AI) security solutions, today announced a $5.75 million funding round of additional seed capital and the appointment of Lee Weiner as the company's CEO.

Jessica C. Davis

Jessica C. Davis is editorial director of CyberRisk Alliance’s channel brands, MSSP Alert, MSSP Alert Live, and ChannelE2E. She has spent a career as a journalist and editor covering the intersection of business and technology including chips, software, the cloud, AI, and cybersecurity. She previously served as editor in chief of Channel Insider and later of MSP Mentor where she was one of the original editors running the MSP 501.