Wipro, which has a Top 250 MSSP business unit, has embraced Securonix for cloud-based SIEM (security information and event management), threat detection and automated response tools, the two companies say.
Wipro also is a Securonix FUEL partner program member, the two companies added.
Securonix is a venture-backed cybersecurity software provider that develops cloud-based SIEM, UEBA, XDR, SOAR, and Security Data Lake solutions. The company received a $24 million investment from venture capital firm Capital One Ventures in March 2021.
Anecdotal evidence suggests Securonix has been in rapid growth mode. For instance, overall customer bookings grew 142 percent in 2020 vs. 2019. Also, annual recurring revenue grew 55 percent in 2020 vs. 2019, the company indicated in early 2021. Still, Securonix did not disclose actual revenue dollar figures for 2020, and current-year growth rates for 2021 are undisclosed.
Wipro's MSSP and Cybersecurity Strategy
Wipro, based in India, has more than 190,000 employees worldwide. The global IT consulting giant has focused aggressively on cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies.
The Securonix relationship is one piece of Wipro's larger, global MSSP and cybersecurity consulting practices. Wipro's overall capabilities include SOC (Security Operations Center) services, Cyber Defense Centers (CDCs), offshore and onsite operation and development centers (ODC), along with on-premises solutions for end-customers.
Wipro's cybersecurity strategy involves organic growth coupled with acquisitions. Example deals include:
- Acquiring Ampion in early 2021 for cybersecurity, DevOps and engineering services.
- Investing in CloudKnox Security to enforce least-privilege policies across Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform (GCP) & more.
- Investing in application security firm Denim Group.
- Partnering with threat modeling platform provider ThreatModeler.
Wipro and Securonix Cloud SIEM Partnership: Executive Perspectives
In a prepared statement about the Securonix relationship, Wipro Senior VP Tony Buffomante said:
“One of the largest risks to enterprises today is the lack of trained, experienced cybersecurity professionals. Wipro brings together best-in-class technology and people to solve cybersecurity issues and strengthen businesses’ overall security posture. Our partnership with Securonix -- a SIEM platform that’s trusted by half of the Fortune 500 -- is playing a key role in Wipro managed security services and underscores the larger industry need for realtime analytics combined with a world-class detection and incident response platform.”
Added Sachin Nayyar, CEO of Securonix:
"As we continue an aggressive investment strategy in India, Wipro will serve as a key partner enabling us to deliver the technologies and services organizations in the region need to succeed in combatting threats to their key infrastructure and cloud deployments."
Concluded David Wagner, VP for global MSSPs & systems integrators at Securonix:
“Securonix’s tremendous success and growth this past year has stemmed from investments with our partners. Our collaboration with Wipro and expanding partner network are enabling us to help more businesses solve today’s advanced security threats by providing a unique partnership between technology and people."
Cloud SIEM Market Growth and Competition
Disrupting traditional on-premises SIEM software sounds like a temping, growing cybersecurity business opportunity. But the cloud-based SIEM market also is crowded with fast-growing vendors and associated tools.
For instance:
- SUMO Logic launched a successful IPO in early 2021 and has been building relationships with MSSPs.
- Blumira raised $10.3 million in a Series A funding in August 2021 to promote cloud-based SIEM to midmarket MSSPs.
- Google Chronicle and Microsoft Azure Sentinel, two rival cloud SIEM solutions, are gaining momentum with some MSSPs. Moreover, nearly 70 MSSPs have joined the Microsoft Intelligent Security Association as of August 2021.
