Seventh Annual List Reveals Leading MSSP, MDR and MSP Security Companies Expect Strong Revenue Growth in 2023 vs. 2022
High Wire Networks, Inc. (OTCQB: HWNI), a leading global provider of managed cybersecurity and technology enablement, ranks among the Top 250 MSSPs (https://www.msspalert.com/top-250) for 2023, according to MSSP Alert, a CyberRisk Alliance resource.
The Top 250 MSSPs honorees were announced in a live webcast on September 14.
- Complete list and research report are available here: www.msspalert.com/top-250
- The on-demand webcast will be available to watch here: www.msspalert.com/webcasts
Key findings include:
- MSSP Revenue Growth & Financial Performance: MSSP honorees, on average, expect to generate $56.3 million in revenue for 2023, more than double the number from MSSP Alert’s 2022 report. However, the 2023 Top 250 reported 2022 revenues averaged $47 million.
- Geography: Honorees are headquartered in 37 different countries.
- Profits: 87% of MSSPs surveyed expect to be profitable for fiscal year 2023.
- Security Operations Centers: 67% have in-house SOCs, 23% are hybrid, 8% completely outsource their SOCs, and 1% are reevaluating their SOC strategies.
- Cyberattack Trends: The most frequent attacks targeting MSSP customers in 2023 include phishing (95%), vulnerability exploits (91%) and ransomware (86%).
- Cybersecurity Solutions: Larger MSSPs were more likely to run their SOC entirely in-house (85%) while just half of smaller segment MSPs ran their SOCs in-house and 33% took a hybrid approach (a portion in-house and a portion outsourced.)
- Key Managed Security Services Offered: Almost all of the larger MSSPs (90%) provided 24/7 security event monitoring and response for threat detection use cases on their own. While 61% of the smaller MSSPs provided these services on their own, 35% partnered with another company for these services and 4% of the smaller MSSPs did not offer them at all.
High Wire Networks was ranked among the Top 250 MSSPs for 2023.
“Our strong ranking at 102 on the list recognizes our leadership in delivering best-in-breed IT and cybersecurity managed services for our channel partners and end-customers worldwide,” stated High Wire COO, Stephen LaMarche. “It also reflects how our outlook for continued strong growth in managed services is supported by the hard work and dedication of our more than 625 premium channel partners worldwide.”
“MSSP Alert and CyberRisk Alliance congratulate High Wire Networks on this honor,” said Jessica C. Davis, editorial director of MSSP Alert, a CyberRisk Alliance resource. “The Top 250 MSSPs continue to outperform the overall cybersecurity services market in 2023. It’s an indication of the strength of managed security services provided by these specialists at a time when cybercrime has accelerated and threatens businesses of every size and from every industry.”
MSSP Alert’s Top 250 MSSPs list and research report are overseen by Jessica C. Davis, editorial director, MSSP Alert and ChannelE2E.
Marketed through its network of channel partners, High Wire’s highly flexible and adaptable managed services have earned the trust of tens of thousands of SMBs and enterprise customers worldwide, including hundreds of the Fortune 500, many of the Fortune 50, and multiple top federal government agencies.
In July, High Wire introduced a next-gen, industry-disruptive cybersecurity technology to be delivered through its new Overwatch CyberLab™ browser security module. Compared to other solutions on the market today, the company’s web browser approach is expected to deliver greater protection at the edge, a better user experience, and more responsive actions to active threats.
The company recently reported its revenue climbed 32% in the first half of 2023 to $16.1 million, with monthly recurring revenue exceeding $1 million for the first time, based on long-term manage services contracts.
High Wire expects additional IT deployments and cybersecurity wins in the second half of the year, keeping revenue on track to grow 59% to 74%, reaching $43 million to $47 million for the full year of 2023, and generating positive operating income, cash flow and adjusted EBITDA by yearend.
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