Great British Scaleup: Assuria

This is the fourth in a series of short profiles of the companies featured in our fifth Great British Scaleup event held earlier this month. Profiles of the remaining companies will be published over the next few days.

Privately-owned software company Assuria believes the time is right to bring cost-effective cyber security monitoring and management services within reach of small to medium enterprises (SMEs) struggling to cope with cyber threats. The company has developed a software platform for emerging managed security service providers (MSSPs) looking to address that demand.

TechMarketView estimates that revenue from companies delivering managed security services to UK enterprises expanded 14.2% in 2017/18 (subscribers to SecureConnectViews can read our Cyber Security Market Trends and Forecasts to 2021 report here) as IT departments struggling to cope with the security administration overhead and find (or afford) skilled cyber security staff opted to outsource security management and monitoring to third parties providers instead.

We think those pressures are particularly acute for SMEs (law firms, accountants, media, eCommerce, health and social providers, education etc) vulnerable to the same cyber threats as larger corporates but with smaller budgets.

Assuria  offers its SOC platform to MSSPs for as little as 20% of the cost of rival solutions from the likes of IBM or Symantec, along with local incident response resources, rapid deployment and flexible pay as you go monthly subscription models. It already has three new MSSP partners in the UK, with a growing International prospect list.

The Reading-based company, headed by industry veteran and former MD of Internet Security Systems UK Group Terry Pudwell, has proven pedigree and recurring revenue streams. Many government departments, defence agencies, commercial enterprises, SOC operators and MSSPs across Europe, Asia and the US currently pay for its security information event management (SIEM), vulnerability assessment, security operations centre (SOC) management and File Integrity Monitoring (FIM) tools.

The opportunity to “democratise” security analytics by helping MSSPs bring it within financial reach of the mid-market could quickly outgrow Assuria’s existing business, but the company needs additional investment to raise its profile and build a sales team capable of delivering on its promise.

Posted by Martin Courtney at '08:47' - Tagged: cyber   MSSP   Assuria   SOC