Secureworks, a Top 100 MSSP, has launched the Red Cloak Threat Detection and Response (TDR) security analytics application. It's the latest move to diversify Secureworks' revenue stream, further safeguard customer systems, and reduce churn across its customer base.
Red Cloak TDR applies threat intelligence and security analytics to customer endpoints, networks and cloud deployments, according to Secureworks. It leverages deep learning and machine learning to detect cyber threats and reduce false-positive security alerts.
In addition, Red Cloak TDR offers a built-in chat feature that provides end users with expert cybersecurity support, Secureworks indicated. Red Cloak TDR also is software-as-a-service-based, and as such, does not require on-premises hardware or software version upgrades.
Secureworks Targets Improved Managed Security Services Retention Rates
The Red Cloak TDR announcement comes after Secureworks recorded a generally accepted accounting principles (GAAP) net loss of $11.8 million in the fourth quarter of fiscal year 2019. Comparatively, Secureworks posted GAAP net income of $22.5 million one year earlier.
Secureworks' 4QFY19 revenue also was below the company's expectations, CFO Wayne Jackson stated. However, new Secureworks offerings and improved account management processes implemented in the second half of FY19 are expected to drive improved managed security services retention rates for the company in FY20.
Rumors occasionally suggest that Dell Technologies may look to sell Secureworks; Dell has an 85 percent ownership stake in the company. Meanwhile, Secureworks has a market value of roughly $1.54 billion as of April 30, 2019, according to SeekingAlpha.
Secureworks provides managed and information security services to more than 4,000 customers worldwide. The MSSP also processes over 300 billion threat events every day via its Secureworks Counter Threat Platform.