Managed Security Services Provider (MSSP) Market News: 05 July 2022

Each business day, MSSP Alert delivers this quick lineup of news, analysis and chatter from across the managed security services provider ecosystem.

A. Today’s MSSP, MDR, XDR and Cybersecurity Market News

1. M&A - Private Equity and Identity Security: SailPoint shareholders voted to approve Thoma Bravo's acquisition of the company.

2. Partnership - Managed XDR Services: Eventus Techsol, a global MSSP, has launched Managed Extended Detection and Response (MXDR) services for the Indian market. The MXDR service leverages  Trend Micro’s threat defense platform.

3. Market Forecast - Identity and Access Management (IAM): Global spending on identity & access management solutions will rise from $16 billion in 2022 to $26 billion by 2027; representing an absolute growth of 62% over the next five years, Juniper Research predicted.

4. Market Forecast - Managed Security Services: The global MSSP market will reach $77.01 billion by 2030, up from $22.45 billion in 2020. That's a projected compound annual growth rate of 12.8%, according to Research and Markets.

5.  Research - Data Security Tool Failures: Over 70% of organizations have an existing set of prevention, detection and backup solutions, but nearly 40% of organizations have been hit with ransomware attacks in the last year, and more than 70% have experienced one in the previous five years, Titanium reported. The key takeaway: Existing solutions are woefully inadequate in managing the risks and impacts from these attacks, Titanium asserted.

6. Women in Cybersecurity: Skyhigh Security has partnered with Gotara, a global career growth platform for women in STEM+. The program launched internally to Skyhigh Security employees in June 2022, and is a key element of the company’s leadership development program. Through the partnership, Gotara will offer personalized and confidential career advice and support guided by STAR Program advisors, designed to mentor and upskill individuals to create future leaders, the organizations said.

7. Microsoft 365 Cloud Backup for MSPs: Cove Data Protection for Microsoft 365, developed by N-able, has surpassed one million protected Microsoft 365 users. More than 4,600 N-able partners now leverage the service, which launched in December 2019. The service now protects more than 36,000 customer domains and over 1.2 million Exchange mailboxes, N-able indicated.

8. Cloud Risk Monitoring: Netskope's Cloud Risk Exchange now features new strategic technical integrations with CrowdStrike, KnowBe4 and Mimecast to "enable continuous risk monitoring across cloud-centric IT environments," the company said.

9. New Security Services: FirstLight, a provider of digital infrastructure services to enterprise and carrier customers throughout the Northeast and mid-Atlantic, has launched several cloud-based security services. The offerings include Secure Internet Gateway (SIG), Immutable Backup, Insider Protection, and Managed Backup. Some of the services are powered by Cisco Umbrella.

10. Protecting Veeam From Ransomware: Object First, an object storage backup storage appliance purpose-built for Veeam, has emerged from stealth mode. The company was launched by  Veeam co-founders Ratmir Timashev and Andrei Baronov. Object First helps midsize enterprise organizations to "ransomware-proof their backups by delivering effortless out-of-the-box immutability," the company indicated. Former Axcient CEO and Webroot veteran David Bennett is leading the business as CEO.

11. China Hack: A hacker claims to have procured a trove of personal information from the Shanghai police on one billion Chinese citizens. If true, it would be one of the biggest data breaches in history, Reuters reported.

B. MSSP, MDR and Cybersecurity Virtual Events and Conference Calendar