Cybersecurity in Banking & Beyond

onShore Security Named to MSSP Alert’s 2023 List of Top 250 MSSPs

September 26, 2023 By Josh Eklow

onShore Security, a leading provider of enterprise-grade cybersecurity solutions nationwide, ranks among the Top 250 Managed Security Service Providers (MSSPs) for 2023, according to MSSP Alert, a CyberRisk Alliance resource. The company rose in the rankings to 146, compared to 192 in 2022.

“We are honored to continue to be included in the MSSP 250 list, and are pleased to have moved up in the ranking yet again this year,” said Stel Valavanis, CEO of onShore Security. “I believe our pure-play approach and our own Panoptic Cyberdefense platform are what make onShore Security stand out. No other company has network detection and response (NDR) integrated directly into their platform.”

The 7th annual list and report identifies and honors the top MSSP, managed detection and response (MDR), and managed security provider (MSP) companies. The rankings are based on MSSP Alert’s 2023 readership survey combined with the site’s editorial coverage of MSSP, MDR and MSP security providers. The research also highlights key MSSP business, security and market trends. The complete list and research report are available online at https://www.msspalert.com/top-250.

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 our 2022 report.
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 our smaller segment MSPs ran their SOCs in-house.
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.

“MSSP Alert and CyberRisk Alliance congratulate onShore Security 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.”

Inclusion in the list follows several 2023 highlights for onShore Security. In April, onShore was one of more than 150 private sector companies to endorse principles developed by the Cybersecurity Tech Accord to curb the growth of cyber mercenaries. onShore executives presented at industry conferences including Inventures Canada, Blue Team Con and the ISACA Chicago Convergence Conference, and CEO Valavanis will present at the upcoming CornCon. In addition, the company launched the second season of its popular cybersecurity podcast, onSecurity.

—

onShore Security Press Release

onShore Security Endorses Plans to Curb Proliferation of Cyber Mercenaries

April 18, 2023 By Josh Eklow

onShore Security is proud to announce that, as members of the Cybersecurity Tech Accord, we have signed onto the principles released by the group to state our intent to do whatever we can to help curb the training, recruitment, and deployment of cyber mercenaries.

The Cybersecurity Tech Accord, a signatory group of cybersecurity organizations, has responded to the developments in the US cybersecurity strategy by calling for an agreement to counter and prevent the proliferation of cyber mercenaries, both in service of foreign governments and our own. US-based cybersecurity operations have historically not acted offensively, and the infrequent “hack backs” that have occurred in the past have typically been done as part of official US law enforcement measures. While in adversarial countries it is common for private groups to be enlisted to act in a para-military capacity to perform attacks for their state or even to be actually enlisted in the military proper, the shift in strategy for the US government to work with private entities to engage in cyber warfare is part of a larger seachange in how our government views cybersecurity, cybercrime, and cyberwar.

“As a proud member of the Cybersecurity Tech Accord, onShore supports the coalition’s efforts to influence government and industry policy in ways that benefit not only our clients but everyone who works, shops and socializes on the web.” – Stel Valavanis, CEO of onShore Security

Click here to read our full press release on Newswire

onShore Security Named to MSSP Alert’s Top 250 MSSPs List for 2022

September 30, 2022 By Josh Eklow

MSSP Alert, a CyberRisk Alliance resource, has named onShore Security to the Top 250 MSSPs list for 2022 (http://www.msspalert.com/top250).

The list and research identify and honor the top MSSPs (managed security service providers) worldwide. The rankings are based on MSSP Alert’s 2022 readership survey combined with the site’s editorial coverage of MSSP, MDR and MSP security providers. The sixth-annual list and research track the MSSP market’s ongoing growth and evolution.

“To protect our clients and their data from the constant barrage of new cybersecurity threats, our organization strives to stay ahead of bad actors and to be prepared for future regulatory compliance. We’re very happy that our success in doing what we do best has been covered on MSSP Alert’s list again,” said Stel Valavanis, CEO of onShore Security.

“MSSP Alert congratulates onShore Security on this year’s honor,” said Joe Panettieri, editorial director of MSSP Alert. “The MSSP Alert readership and Top 250 honorees continue to outpace the cybersecurity market worldwide.”

Highlights from the associated MSSP Alert research for 2022 include:

MSSP Revenue Growth & Financial Performance: MSSP honorees, on average, expect to generate $24 million in revenue for 2022, up 26% from 2021. The growth rate is roughly double the market average.

Geography: Honorees are headquartered in 30 different countries.

Profits: 90% of MSSPs surveyed expect to be profitable for fiscal year 2022, a five-point improvement from 2021.

Security Operations Centers: 69% have in-house SOCs, 19% are hybrid, 8% completely outsource their SOCs, and 4% are reevaluating their SOC strategies.

Cyberattack Trends: The most frequent attacks targeting MSSP customers in 2022 include phishing (97%), vulnerability exploits (93%) and ransomware (91%).

Cybersecurity Solutions: In a continued sign of market fragmentation, MSSP survey participants mentioned 140 different hardware, software, cloud, distribution and services vendors that assist their cybersecurity efforts.

Key Managed Security Services Offered: MSSPs and MSPs increasingly seek out partners to deliver MDR (managed detection and response), XDR (eXtended Detection and Response), Incident Response and other key services.

Find the online list and associated report here: http://www.msspalert.com/top250.

onShore Security’s inclusion in the list follows several 2022 highlights for onShore Security. Earlier this year, onShore launched a new vulnerability management service and also announced the integration of new machine learning technology into the security stack. News of new partnerships has also been frequent, as onShore partnered with Palo Alto to be listed in their MSSP directory and onShore Security CEO Stel Valavanis joined the cybersecurity committee of the Public Directors Association. onShore also announced the release of their podcast, onSecurity, which continues its first season this month.

About onShore Security

Founded in 1991, onShore Security is one of only a handful of managed cybersecurity providers, nationwide, that provide 24/7 real-time monitoring, correlation, and analysis of organization-wide, full-telemetry network data. onShore Security offerings fall into three groups: Panoptic Cyberdefense^® SOC, Managed Security Solutions, and Cybersecurity Leadership. They collect an extensive range of telemetry, including logs from your systems, IDS on your site, cloud-placed sensors, netflow collectors, firewalls, network devices including encrypted payloads, and correlate this data to achieve an end-to-end security view. onShore Security specializes in banks, handling large regional institutions.

About CyberRisk Alliance

CyberRisk Alliance (CRA) is a business intelligence company serving the high-growth, rapidly evolving cybersecurity community with a diversified portfolio of services that inform, educate, build community, and inspire an efficient marketplace. Our trusted information leverages a unique network of journalists, analysts and influencers, policymakers, and practitioners. CRA’s brands include SC Media, SecurityWeekly, ChannelE2E, MSSP Alert, InfoSec World, Identiverse, Cybersecurity Collaboration Forum, its research unit CRA Business Intelligence, and the peer-to-peer CISO membership network, Cybersecurity Collaborative. Click here to learn more.

onShore Security CEO Stel Valavanis to Join PDA Cybersecurity Committee

August 18, 2022 By Josh Eklow

Cyberleader and CEO of onShore Security Stel Valavanis has been asked to join the cybersecurity committee of the Private Directors Association, a national non-profit business association with more than 3000 members, including executive board members, company owners, officers of family-owned businesses and more. Its mission is to advocate for and teach board formation and governance and to create a network of business owners and leaders. One of the fastest growing areas of the organization is the cybersecurity leadership team, offering education such as webinars and white papers, as well as offering guidance in long-term strategic planning to improve security posture.

This collaboration will further allow Stel and onShore Security to promote cybersecurity awareness and education at the board level, allowing boards to make better informed and forward-looking decisions regarding security. This understanding is vital not only to improve the value and performance of board members but also to make it clear that security affects every part of an organization and that it should be a board-level concern.

As Stel prepares to join the board, he looks forward to adding his experience and vision to those already working to achieve the forward-thinking goals of the organization. Stel says, “I joined PDA as a member, realizing the need for board development from the various boards I sit on where my cybersecurity background has been valuable. But PDA has a bigger vision, one that provides tools and support on many levels. The opportunity to have an impact is tremendous because the gap in cybersecurity is big. The assembled committee is impressive, making my participation even more of an honor.”

Robert Barr, Co-Chair of the Cybersecurity Committee and Enterprise Strategy Director of Oracle, says, “The Private Directors Association National Cybersecurity Committee is better enabling private company boards to create short and long-term value in tomorrow’s economy while strategically mitigating key risks and driving to healthier margins. We are pleased to welcome Stel aboard.”

For more information about The Private Directors Association, please visit their website.

onShore Security Partners With Palo Alto as MSSP

August 5, 2022 By Josh Eklow

onShore Security, a leader in MDR services with its Panoptic Cyberdefense® platform, is pleased to announce that the company has been admitted to Palo Alto Networks’ MSSP program, enabling them to package Palo Alto tools into a managed solution, delivering optimal outcomes for clients with critical cloud-hosted infrastructure.

onShore Security, will be expanding its managed cybersecurity services powered by PAN’s best-of-breed technologies. They are beginning this new relationship by delivering managed Cortex and Endpoint solutions and will follow with Prisma Cloud and SASE-managed solutions in the future.

onShore Security CEO Stel Valavanis says, “Palo Alto Networks has long been in our wheelhouse of managed solutions, but the MSSP program is a whole new level. Advanced cybersecurity products have become too complex for internal departments to handle, so product companies like PAN are integrating more tightly with their partners to deliver solutions. In addition, there is a big gap in cloud security that needs to be filled. We believe PAN is leading the way in filling that gap and we want to be part of that effort.”