What’s going on with the business of cybersecurity? Canalys last week reported that its Top 40 tracked cybersecurity vendors collectively announced six acquisitions during Q4 2024. That brought the total number of acquisitions for the group to a total of 17 for the year at an estimated spend of $3.8 billion.
Pre-IPO cybersecurity vendors secured $2.0 billion in new funding during Q3, up 6% from last year. Kiteworks scored the biggest round which now values them at over $1 billion.
Canalys continues to talk about cybersecurity platforms and the basic definition incorporates endpoint, network, web/email, vulnerability/analytics, and identity to produce a “single pane of glass” front end. But according to Chief Analyst Jay McBain, the definition goes deeper than that. Platforms also must build the deep integrations across other cybersecurity vendors and develop deep service partnerships. The company cites a few examples of platform companies – Microsoft, AWS, Google, Salesforce, ServiceNow, and HubSpot.
MSSP Alert is headed to the Canalys Forum North America 2024 in Miami this week and will bring you more insights, information and forecasts. Meanwhile, if you’ve got news, tips or other info to share, reach me at [email protected].
Today’s MSSP Update
Cybersecurity business forecasts - Canalys cybersecurity expert Matthew Ball will be providing perspectives on the cybersecurity market and the channel during the Canalys Forum North America this week, including an address as part of the opening session and then he will also provide updates during a session called “Platforms of the Future – the Tyranny of Choice.”
2. Cyber acquisition - Speaking of cybersecurity acquisitions, last week Netskope acquired SASE provider Dasera to help it enhance data protection capabilities.
3. Another cyber acquisition - Data security solution company Cyera has acquired data loss prevention company Trail Security for $162 million.
4. Password management market poised for growth - A new report from Allied Market Research values the global password management market at $2.4 billion in 2022 and forecasts growth to $15.2 billion by 2032, a compound annual growth rate (CAGR) of 20.7%. The growth is driven by remote work and risking cybersecurity concerns.
5. Providing help with CMMC - MSSP 250 company Stealth-ISS Group says it is helping the Department of Defense’s Prime and Sub-Contractors save money and prepare for the Cybersecurity Maturity Model Certification (CMMC) by offering a Free Readiness Check.
6. Cybersecurity and police departments - Government IT solutions specialist Carahsoft Technology Corp. and more than 50 of its technology providers, resellers and integrators will be on hand at The International Association of Chiefs of Police (IACP) Annual Conference and Exposition, October 19-22, 2024 in Boston, Massachusetts.
Looking for more news and a list of industry events? Check out the daily news column on our affiliate site ChannelE2E here.
