The Australian cybersecurity landscape is currently at its state of volatility. The increase in ransomware as a service to the nation’s largest corporations, a growing number of compromised business emails, unaddressed vulnerabilities, and security backdoor possibly due to transition to work from home setting makes businesses of all sizes and industries prone to substantial risks. With this being said, is now the time to reevaluate the effectiveness of the traditional IT security system?
Through careful observation that organisations will soon need an alternative to traditional security systems, Cipherpoint (ASX: CPT), a company specializing in cyber security, cloud, and IT services, has successfully expanded its SOCaaS (Security Operations Centre as a Service) offering as a viable solution. Cipherpoint has recently secured an agreement with cybersecurity company Trend Micro Australia to provide security operations services to support Trend’s managed detection and response service in Australia. The service will be delivered through Cipherpoint’s recently acquired wholly owned subsidiary Excite IT.
At the moment, the Trend Micro platform delivers central visibility for better, faster detection and response and a powerful range of advanced threat defence techniques optimised for environments, like AWS, Microsoft, and Google for 500,000+ organisations and 250+ million individuals across clouds, networks, devices, and endpoints. However, Cipherpoint will provide more effective triage and response capability to fit into and upscale the overall solution, including providing a locally owned and operated Security Operations Centre (SOC) that satisfies a key requirement for Trend Micro.
The collaboration aims to develop a SOCaaS service offering, which will extend Cipherpoint’s offering to include managed response services.
In this initial three-year agreement (with a right of termination for convenience on notice), Trend Micro will offer SOCaaS to their customer base and will engage Excite IT on agreed commercial rates, to provide the SOCaaS services on subscription basis to customers. While Cipherpoint is not in a position to forecast the value of potential sales, the Company believes the opportunity that it would get from the partnership will have a significant material impact on its revenue, particularly considering the access it provides to Trend Micro’s large managed enterprise client base.
Commenting on how the partnership with Trend Micro provides a new line of business in a market they know well, Cipherpoint CEO Bryan Saba said: “The opportunity to partner with Trend Micro opens up a whole new set of opportunities for the Group. Not only will we help provide the SOC component of their managed services in the region but we will be able to offer a range of other services including advisory and remediation services.”
Both parties are in the final stages of deploying and testing the new services, and will be onboarding the first customer in June. Trend’s existing customer base includes over 700 managed enterprise clients who are showing strong interest in SOCaaS, which represents a substantial revenue opportunity for Cipherpoint.
A security operations center (SOC) acts as a central intelligence hub within an organisation, continuously collecting and analysing real-time data from various digital assets, networks, servers, and endpoints. When equipped with intelligent automation, the SOC can identify, prioritise, and respond to potential cybersecurity threats.
A fully-equipped SOC can be converted into a security model called SOC-as-a-Service (SOCaaS), where a third-party vendor operates and manages the SOC on a subscription basis using cloud technology. SOCaaS encompasses all the essential security functions typically performed by an in-house SOC, including network monitoring, log management, threat detection and intelligence, incident investigation and response, reporting, and risk and compliance management. The vendor takes on the responsibility for the necessary personnel, processes, and technologies required to deliver these services effectively, providing round-the-clock support.
IT-savvy companies are starting to adopt the SOCaaS model as an alternative solution to the traditional security model, as it offers transparency and flexibility, rapid implementation and a comprehensive range of services. Possible range of services that can be delivered through the model includes security asset inventory, around-the-clock threat monitoring, detection and response capabilities, managed risk and security incident response, and continuous enhancement of the company’s security posture.The global SOCaaS market size is expected to grow from an estimated value of USD 6.1 billion in 2022 to USD 10.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.5% from 2022 to 2027.
Clara is a Business Reporter for The Sentiment.
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