High Wire Networks Recognized as Top Cybersecurity Leader in Frost & Sullivan’s 2024 Managed Security Services Report

Rhea-AI Summary

High Wire Networks (OTCQB: HWNI) has been recognized as a top cybersecurity leader in Frost & Sullivan's 2024 Managed Security Services Report. The company ranked among the Top 15 Managed Security Service Providers in growth and innovation categories, out of over 200 competitors.

Key highlights:

• High Wire's growth is attributed to its channel-only strategy, bringing in entire MSP customer bases
• The company's Overwatch Managed Security Services Ecosystem offers comprehensive protection
• High Wire's proprietary Overwatch SOAR™ technology enhances threat detection and response
• The company is developing more automation capabilities and enhancing real-time threat intelligence
• High Wire's services are offered through a global network of over 200 MSPs and MSSPs

This recognition reflects High Wire's commitment to innovation and growth in the rapidly expanding global cybersecurity market.

High Wire Networks Receives Frost Radar™ Top 15 Ranking of Cybersecurity Companies in Growth and Innovation Categories

BATAVIA, Ill., Sept. 25, 2024 (GLOBE NEWSWIRE) -- High Wire Networks, Inc. (OTCQB: HWNI), a leading global provider of managed cybersecurity, received top ranking in the new Frost & Sullivan (F&S) report on the cybersecurity industry, Frost Radar™: Managed Security Services in Americas, 2024.

Across a field of more than 200 competitors, Frost & Sullivan ranked High Wire among the Top 15 Managed Security Service Providers (MSSPs) that are delivering the greatest results in the categories of growth and innovation.

Frost & Sullivan noted that despite High Wire being a relatively new market entrant, “it continues to grow at an impressive triple-digit pace, surpassing almost every competitor in that metric.”

According to the report, such growth is made possible by the company’s channel-only strategy, which brings in the entirety of an MSP’s customer base instead of individual organizations.

“High Wire Networks has expanded its portfolio significantly since our last iteration of the Frost Radar,” noted Frost & Sullivan cybersecurity industry analyst, Lucas Ferreyra. “The company has centralized its entire offering around the Overwatch Managed Security Services Ecosystem, which includes its flagship product, the eponymous Overwatch platform that provides managed XDR and managed SOC/SOAR with 24/7 monitoring, detection, threat remediation, and proactive threat hunting across the environment.”

Operating at the core of High Wire’s security operation center is Overwatch SOAR™, a proprietary security orchestration, automation and response (SOAR) technology.

The unique AI embedded in Overwatch SOAR automatically consolidates alerts from various threat prevention and detection-and-response platforms and processes them with intelligence-based rules that provide enhanced visibility, improved correlation, and faster remediation.

“The Overwatch ecosystem provides a combination of prevention, detection, and response capabilities in a closed loop,” explained Ferreyra. “This provides comprehensive protection for customers and makes it easy for the provider to upsell its services, enhancing its growth potential.”

In the category of innovation, the report highlights how High Wire is developing more automation capabilities for its entire stack, regularly adding pre-built automations and integrations to decrease analysts’ workload. R&D activities also include enhancing real-time threat intelligence as it further builds its own threat intelligence network.

As the report highlighted, High Wire’s ecosystem includes managed detection and response, managed SASE, managed secure edge, continuous vulnerability scanning and management, patch management (to remediate patch vulnerabilities and fix misconfigurations), OT/IoT security, email security and security awareness training. To increase flexibility, High Wire Networks can leverage tools and solutions in the customer ecosystem, integrating tools into its SOAR capabilities.

Regarding growth, the report notes that while High Wire Networks “has only a small slice of the Americas MSS market, but it continues to grow at an impressive triple- digit pace, surpassing almost every competitor in that metric. Such growth is made possible by the company’s channel-only strategy, which brings in the entirety of an MSP’s customer base instead of individual organizations.”

High Wire offers its Overwatch managed security services exclusively through a global network of managed service providers (MSPs) and managed security service providers totaling more than 200 worldwide.

The report also discussed how High Wire Networks’ approach to the MSS space revolves around reducing the workload for security analysts, multiplying efficiency, and automating tasks unrelated to decision-making.

High Wire’s SOAR technology serves as an exponential force multiplier for its dedicated teams of professional security experts, empowering them to deliver the most secure and cost-effective cybersecurity solutions available on the market today.

“High Wire Networks’ investments in a security service to disrupt the edge security space, coupled with its current managed SASE and zero trust offerings are appropriate for its target market,” added Ferreyra. “Establishing an effective zero trust strategy is a complex endeavor that requires sizeable resources and expert knowledge; as a result, organizations with lower security maturity will usually look to partner with cybersecurity providers to deploy these technologies. High Wire Networks should continue to invest in this significant growth opportunity.”

High Wire CEO, Mark Porter, commented: “We are honored to be recognized by Frost & Sullivan for our commitment to innovation and growth in the MSS space. The Top 15 ranking reflects the hard work and dedication of our entire team in delivering comprehensive, cutting-edge security solutions through our Overwatch managed security services ecosystem. By leveraging our platform’s robust suite of offerings—from managed XDR to advanced edge protection—we continue to meet the evolving needs of our partners and customers.”

“For our channel partners, we create significant opportunities by providing layers of expertise at every engagement with MSPs,” added Porter. “Every deal has the upsell potential for the MSP or reseller to migrate its entire customer base to High Wire Networks’ services, augmenting our growth potential significantly.”

The company provides further details about the Frost & Sullivan’s report in this YouTube video here.

High Wire’s Overwatch offering addresses a global cybersecurity market that is projected to grow at a 14.3% CAGR to reach $563 billion by 2032.

High Wire was also named to CRN’s MSP 500 and Elite 150 lists of the nation’s top IT managed service providers for 2023 and 2024.

Porter discusses the Frost & Sullivan’s 2024 Managed Security Services report in the company’s YouTube video here.

About High Wire Networks
High Wire Networks, Inc. (OTCQB: HWNI) is a fast-growing, award-winning global provider of managed cybersecurity. Through over 200 channel partners, it delivers trusted managed services for more than 1,100 managed security customers worldwide. End-customers include Fortune 500 companies and many of the nation’s largest government agencies. Its U.S. based 24/7 Network Operations Center and Security Operations Center is located in Chicago.

Learn more at HighWireNetworks.com. Follow the company on X, view its extensive video series on YouTube or connect on LinkedIn.

Forward-Looking Statements
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.

High Wire Contact
Susanna Song
Chief Marketing Officer
High Wire Networks
Tel +1 (952) 974-4000
Email contact

Investor & Media Relations:
Ronald Both or Grant Stude
CMA Investor & Media Relations
Tel +1 (949) 432-7557
Email contact

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e7bae7cf-3bc9-46bd-8170-0f9fe66d3685

FAQ

What ranking did High Wire Networks receive in Frost & Sullivan's 2024 Managed Security Services Report?

High Wire Networks (HWNI) was ranked among the Top 15 Managed Security Service Providers in growth and innovation categories, out of over 200 competitors.

What is High Wire Networks' main product offering in cybersecurity?

High Wire Networks' main product offering is the Overwatch Managed Security Services Ecosystem, which includes managed XDR, managed SOC/SOAR, and 24/7 monitoring, detection, and threat remediation services.

How does High Wire Networks' channel-only strategy contribute to its growth?

High Wire Networks' channel-only strategy brings in the entirety of an MSP's customer base instead of individual organizations, leading to impressive triple-digit growth that surpasses almost every competitor.

What is Overwatch SOAR™ and how does it enhance High Wire Networks' cybersecurity offerings?

Overwatch SOAR™ is High Wire Networks' proprietary security orchestration, automation, and response technology. It automatically consolidates alerts from various platforms, processes them with intelligence-based rules, and provides enhanced visibility, improved correlation, and faster remediation.

How many managed service providers (MSPs) and managed security service providers does High Wire Networks work with globally?

High Wire Networks offers its Overwatch managed security services through a global network of more than 200 managed service providers (MSPs) and managed security service providers.