Secureworks Elevates State of Cybersecurity for Mid-Market Customers with new Tailored Managed Detection and Response Offering

Rhea-AI Summary

Secureworks (NASDAQ: SCWX) has launched Taegis ManagedXDR Plus, a new Managed Detection and Response (MDR) offering tailored for mid-market companies. This solution addresses the unique security requirements of mid-market organizations, providing customized use cases, compliance reports, and alerting to combat cyberattacks and meet regulatory demands within budget constraints.

Key features include:

• Tailored AI-enriched use cases
• Expanded threat hunting capabilities
• Premium support with named experts
• Proactive security services

This offering aims to elevate mid-market cybersecurity to enterprise-level without excessive costs, addressing the fact that 30% of mid-market companies experienced at least one ransomware attack in 2023.

Positive

• Launch of Taegis ManagedXDR Plus, a tailored MDR solution for mid-market companies
• Customizable features to address specific industry regulations and risk profiles
• Expanded threat hunting capabilities, quadrupling the number of AI-assisted threat hunts
• Premium support with named experts and access to proactive security services
• Transparent pricing model with inclusive features like direct access to security experts within 90 seconds

Negative

• None.

Cybersecurity Expert

The launch of Taegis ManagedXDR Plus by Secureworks is a significant step forward for mid-market companies who often face unique cybersecurity challenges. The customization capabilities and expanded AI-driven threat hunting tailored to specific environments address critical gaps in the current market. This solution could indeed elevate the cybersecurity posture of mid-sized firms, which have been vulnerable to ransomware attacks and other threats, as evidenced by the 30% incident rate in 2023. The emphasis on proactive security services and named expert support also suggests a robust approach to continuous improvement and tailored threat mitigation.

In the short term, this could lead to increased client acquisition for Secureworks as mid-market companies seek more specialized and effective solutions. In the long term, it might drive a shift in the market, pushing other vendors to offer more tailored services. However, the true measure of success will be how well these enhancements translate into reduced incident rates and improved compliance among clients.

Financial Analyst

From a financial perspective, Secureworks' new offering could be a positive catalyst for revenue growth. The mid-market sector represents a substantial portion of the economy and by addressing their specific needs, Secureworks could capture a larger market share. The pricing model that offers transparency and predictability is particularly appealing in the current economic climate, where budget constraints are a significant consideration.

In the short term, this product could boost Secureworks' client base and revenue streams. Long-term investors should watch for sustained adoption rates and whether the tailored offerings translate into improved client retention and upsell opportunities. This could also position Secureworks favorably against competitors by differentiating its product line with specialized features that others may lack.

Taegis ManagedXDR Plus delivers bespoke security at scale to solve mid-market resource challenges that traditional MDR solutions can't

ATLANTA, July 16, 2024 /PRNewswire/ -- Secureworks® (NASDAQ: SCWX), a global leader in cybersecurity, today announced the launch of Taegis™ ManagedXDR Plus, a new Managed Detection and Response (MDR) offering that liberates the mid-market from indistinct, cookie cutter security solutions that don't meet their unique security requirements. Today's announcement means that this market sector will no longer be forced to use homogenous cybersecurity solutions that don't align to unique environments or the AI-fueled attacks that target them. Taegis ManagedXDR Plus empowers companies with the tailored use cases, compliance reports, and alerting they need to tackle the rising tide of cyberattacks and regulations with limited budget and people.

Taegis™ ManagedXDR Plus liberates the mid-market from indistinct, cookie cutter security solutions.

Nearly one in three (30%) mid-market companies experienced at least one ransomware attack in 2023¹ highlighting the need for organizations to strengthen their cyber resiliency with a proactive approach, tailored to their environment. Taegis ManagedXDR Plus addresses the evolving needs of this market sector with greater customization and flexibility on alerting, workflows, and reports to address their specific environment, industry regulations, and risk profile. These personalized configurations are supported by expanded threat hunting and access to proactive services to further increase their vigilance against threats. Organizations can see more, detect better, and respond faster by leveraging Secureworks security operations expertise and threat intelligence to fortify their cyber resiliency and exposure management.

"Until today, the mid-market has had to make do with security solutions that do little to bolster their cyber posture. Yet as the economic driving force for countries around the world, the butterfly effect of a cyberattack on organizations in this sector can often be felt far and wide, testing the digital resilience of the wider global economy. It is imperative for our collective defense that organizations of all sizes have access to cybersecurity that improves their security posture within the reality of their budget," said Kyle Falkenhagen, Chief Product Officer, Secureworks. "The cost of building a SOC in-house quickly escalates when you consider the breadth and depth of expertise required for these advanced challenges, let alone the costs of hiring, training and retaining a robust staff for 24/7 coverage. Taegis ManagedXDR Plus enables mid-market customers to take full advantage of the Taegis platform and our in-house experts to up-level their security to an enterprise level without breaking their budget."

Delivered using the Secureworks Taegis XDR platform, Taegis ManagedXDR Plus expands upon the capabilities of Secureworks Taegis ManagedXDR solution in several areas:

• Tailored AI Enriched Use Cases: Taegis ManagedXDR Plus customers can leverage customization options tailored to their specific needs.
• Expanded Threat Hunting: This new tier quadruples the number of AI assisted threat hunts available as part of Taegis ManagedXDR, and allows for customized requests to more rapidly uncover emerging and undiscovered threat actors targeting their environments.
• Premium Support with Named Experts: Customers can also tap into the knowledge of Secureworks experts to further optimize Taegis in their environment, including 1x1 guidance to help efficiently build their security posture over time.
• Proactive Security Services: Customers can select from a range of proactive security services to further raise their resiliency, identify gaps in posture, and deepen Taegis knowledge.

Secureworks now offers three tiers within its Taegis ManagedXDR portfolio - Taegis ManagedXDR, Taegis ManagedXDR Plus and Taegis ManagedXDR Enhanced - delivering on the company's commitment to meet customers wherever they are on their security journey. Regardless of the tier, Taegis ManagedXDR customers enjoy transparent pricing in an inclusive model which includes direct access to security experts within 90 seconds, one year of log retention to assist in threat hunting and compliance needs, hundreds of integrations to unify their existing ecosystem, and more to provide mid-market customers peace of mind and predictability in their cybersecurity budget.

"In an increasingly sophisticated cybersecurity landscape, enterprises find it challenging to handle security operations by themselves. These organizations have distinct needs. Secureworks acknowledges this and provides increased flexibility with Taegis ManagedXDR Plus," said Lucas Ferreyra, cybersecurity industry analyst, Frost & Sullivan. "This new MDR service tier delivers additional capabilities that multiply the value of Secureworks MDR service, further enhancing prevention, detection and response, and showing why Secureworks is one of the leaders in the MDR space."

For more information, please visit the Taegis ManagedXDR Plus web page.

About Secureworks

Secureworks (NASDAQ: SCWX) is a global cybersecurity leader that secures human progress with Secureworks® Taegis™, a SaaS-based, open XDR platform built on 20+ years of real-world detection data, security operations expertise, and threat intelligence and research. Taegis is embedded in the security operations of thousands of organizations around the world who use its advanced, AI-driven capabilities to detect advanced threats, streamline and collaborate on investigations, and automate the right actions.

¹ RSM US Middle Market Business Index Special Report: Cybersecurity 2024

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SOURCE Secureworks, Inc.

FAQ

What is Secureworks' new MDR offering for mid-market companies called?

Secureworks' new MDR offering for mid-market companies is called Taegis ManagedXDR Plus.

What percentage of mid-market companies experienced a ransomware attack in 2023?

According to the press release, 30% of mid-market companies experienced at least one ransomware attack in 2023.

How many tiers does Secureworks now offer in its Taegis ManagedXDR portfolio?

Secureworks now offers three tiers in its Taegis ManagedXDR portfolio: Taegis ManagedXDR, Taegis ManagedXDR Plus, and Taegis ManagedXDR Enhanced.

What is the stock symbol for Secureworks mentioned in the press release?

The stock symbol for Secureworks mentioned in the press release is NASDAQ: SCWX.

How does Taegis ManagedXDR Plus expand threat hunting capabilities?

Taegis ManagedXDR Plus quadruples the number of AI-assisted threat hunts available compared to the standard Taegis ManagedXDR offering and allows for customized requests.