Managed Security Services Provider (MSSP) Market News: 04 August 2022

by Joe Panettieri • Aug 4, 2022

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

The Content: Written for MSSPs, SOC as a Service (SOCaaS), Managed Detection and Response (MDR), eXtended Detection and Response (XDR), threat hunters and MSP security providers — and those who need to partner with such companies.
Frequency and Format: Every business morning. Typically one or two sentences for each item below.
Reaching Our Inbox: Send news, tips and rumors to:

Thank you in advance for news tips.

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

1. Channel Chief – MDR: Deepwatch has hired CyCognito veteran Lori Cornmesser as senior VP of global channel sales and alliances.

2. Partnership: Cyware has partnered with Bangkok MSP to build a cybersecurity center for MSSPs.

3. VMware Carbon Black and AWS: VMware has introduced VMware Carbon Black Workload for Amazon Web Services (AWS). Customers and partners can achieve “consistent and unified visibility for workloads running on AWS, VMware Cloud and on-premises,” VMware indicated.

4. Seed Funding – Data Security: Flow Security has raised $10 million in seed funding led by Amiti, with participation from GFC, Amdocs Ventures, and angel investors such as CyberArk CEO Udi Mokady and Demisto CEO and co-founder Slavik Markovich.

5. Security Operations Center: Appdome has released ThreatScope, a Mobile Security Operations Center (SOC) that’s integrated inside the Appdome DevSecOps build system. Appdome customers gain “the power of mobile attack and threat data, telemetry, and intelligence with click-to-protect agility inside the mobile DevOps CI/CD pipeline. No code, no SDKs and no servers are required,” the company asserted.

6. Cyber Center Expansion: Radware has launched a new cloud security center in Santiago, Chile. This facility will “enable customers in Argentina, Chile, Peru, and Uruguay to strengthen their cyber-defenses, secure their web and mobile applications and APIs with minimal latency, as well as meet data localization requirements,” the company said.

7. Attack Surface Management: Qualys is adding External Attack Surface Management (EASM) capabilities to the Qualys Cloud Platform. The new component “adds the external attacker view to identify previously unknown internet-facing assets for a complete and accurate picture of the enterprise attack surface,” the company said.

8. Firewalls: Fortinet has introduced the FortiGate 4800F series of hyperscale firewalls. The firewalls allow partners and customers to “run more applications while reducing their physical footprint and more effectively securing their networks,” Fortinet asserted.

9. Web Security Standards: CREST, in consultation with the Open Web Application Security Project (OWASP), announced the OWASP Verification Standard (OVS). The new quality assurance standard “provides mobile and web app developers with greater security assurance and accredited organizations with enhanced access to the growing app development industry,” the organizations said.

10. Research – API Security Concerns: The Salt Labs State of API Security Report for Q3 of 2022 is here…

B. Quarterly Financial Results

Multiple cybersecurity companies announced quarterly financial results. Here’s a sampling of the earnings…

1. Cybersecurity Awareness Training: KnowBe4 revenue was $80.8 million in Q2 of 2022, up 36.1% from q2 of 2021. Net income was $3.3 million, a considerable improvement from a $16.8 million net loss in Q2 of 2021.

2. Cloud-based Monitoring and Security: Datadog revenue was $406 million in Q2 of 2022, up 74% from Q2 of 2021. The company’s net loss was $4.9 million in Q2 of 2022, an improvement from a $9.3 million net loss in Q2 of 2021.

3. Network Security: Fortinet revenue was $1.03 billion in Q2 of 2022, up 28.6% compared to Q2 of 2021. GAP net income was $173.5 million — up from $137.5 million in the corresponding quarter last year.

4. Security Analytics and Automation: Rapid7 revenue was $167 million in Q2 of 2022, up 32% from the corresponding quarter last year. GAAP net loss was $39.6 million, larger than a $34.2 million net loss in Q2 of 2021.