Managed Security Services Provider (MSSP) Market News: 06 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 - Virtual CISO Services: Cipherloc has completed the SideChannel acquisition. The company, now branded as SideChannel, focuses on virtual CISO services and privacy management tools for mid-market customers.

2. Free SaaS Security Tools for MSPs: Augmentt has launched the Free Community Software Program to "help MSPs and IT professionals around the globe better manage and secure their SaaS and cloud applications." Available immediately and free forever, the new tools include the Augmentt Email & Notification Console and Augmentt Security Auditing Tool for Salesforce, the company said.

3. Managed Vulnerability Scanning Service: Socura, a UK-based threat detection and containment specialist, has released a new Managed Vulnerability Scanning (MVS) service. The service "offers continuous identification and mitigation of vulnerabilities, can run on demand or to a schedule, and will help Socura’s SOC team limit the success of attempted cyberattacks," Socura said.

4. Distribution: Multipoint Group has expanded its distribution agreement with Qualys, and will now promote the security platform into such countries as Greece & Cyprus, Romania & Bulgaria, the Balkans and Turkey and the overall Southeastern Europe.

5. Massive Ransomware Payment: Luxury British jeweler Graff Diamonds Corp. paid $7.5 million ransom in Bitcoin to a Russian hacking gang after it leaked data on the jeweler’s high-profile clients, according to a London lawsuit, Bloomberg reported.

6. Ransomware Payment Recovered: A Dutch university -- University of Maastricht -- has successfully recovered a $550,000 ransom paid to hackers in 2019 and plans to use recouped funds to help students in need, Bloomberg reported.

7. Hackers Harness Penetration Testing Tool: A Red-Teaming penetration testing tool, known as Brute Ratel C4, is being abused by malicious actors, the Unit42 group at Palo Alto Networks reported.

8. Zero Trust Security Market Forecast: Spending on Zero Trust security solutions will reach $60.7 billion by 2027, up from $27.4 billion in 2022. That's a compound annual growth rate (CAGR) of 17.3% during the forecast period, according to MarketsAndMarkets. Still, Zero Trust forecasts require a healthy dose of skepticism, since Zero Trust often involves proper business practices and system settings rather than product purchases.

9. Security as a Service Market Forecast: Spending on Security as a Service will reach $34.85 billion by 2028, up from $13.71 billion in 2022. That's a 16.8% compound annual growth rate (CAGR) during the forecast period, The Insight Partners said.

10. Cyber Insurance Market Forecast: Global spending on cybersecurity insurance will reach $29.2 billion by 2027, up from $11.9 billion in 2022. That's a 19.6% compound annual growth rate during the forecast period, ResearchAndMarkets reported.

11. Threat Detection Platform: LogRhythm has launched version 7.9 of the LogRhythm SIEM Platform and updates to LogRhythm NDR and LogRhythm UEBA.

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