Spectrum Global Solutions Inc. (the "Company" or "Spectrum") (OTCQB: SGSI), announced today that High Wire Networks Inc. (“High Wire”) and its cybersecurity business unit, Overwatch Managed Security, have partnered with ExtraHop, the leader in cloud-native Network Detection and Response (NDR), to deliver ExtraHop Reveal(x) 360 as a managed service.
Through this exclusive partnership, High Wire will leverage its Overwatch 24/7 Security Operations Center (SOC) staffed by expert security analysts to manage the ExtraHop Reveal(x) 360 to provide critical NDR services to organizations through its Overwatch managed service providers (MSP) partners and ExtraHop channel partners. The Company reasonably expects this partnership to be accretive to monthly recurring revenue as early as this quarter.
With the addition of ExtraHop Reveal(x) 360, Overwatch Managed Security has complete visibility, real-time detection and intelligent response capabilities required to defend against advanced threats. ExtraHop Reveal(x) 360 provides Overwatch SOC analysts with end-to-end visibility across cloud, data center and IoT environments, even when data is encrypted. This enables them to investigate and respond to threats in customer environments in real time, allowing them to respond 84 percent faster than with traditional methods.
“Network Detection and Response has become a must-have tool for detecting, hunting and remediating the most advanced cyberthreats,” said David Barton, CTO for High Wire Networks. “By partnering with ExtraHop to integrate Reveal(x) 360 into Overwatch Managed Security service, Overwatch and ExtraHop channel partners can have confidence their customers are protected against advanced threats and breaches other solutions miss.”
As public and private sector organizations seek new ways to defend against advanced threats like supply chain attacks and zero-day exploits, detection and response capabilities have become mission-critical to the modern SOC. According to the 2020 Gartner Market Guide for Managed Detection and Response Services, “By 2025, 50% of organizations will be using MDR service for threat monitoring, detection and response functions that offer threat containment capabilities.”*
For a growing number of organizations, outsourcing these capabilities to an MSP with deep security domain expertise has become increasingly attractive.
“Together, ExtraHop and High Wire Networks now offer enterprise-grade security operations as a managed service, enabling our partners to offer best-in-class security to midmarket and small and medium enterprise (SME) customers,” said Mark Fitzmaurice, Vice President of Worldwide Channels at ExtraHop. “Through this custom offering, our customers can now leverage the value and functionality of Reveal(x) 360 as a managed service.”
To learn more about Overwatch Managed NDR, powered by ExtraHop Reveal(x) 360, visit https://www.highwirenetworks.com/network-detection-and-response/
As previously announced, High Wire has agreed to go public through a merger with Spectrum Global Solutions Inc. (OTCQB:SGSI). The closing of the merger is subject to certain closing conditions that are expected to be resolved within the next few weeks.
*Source: Gartner "Market Guide for Managed Detection and Response" by Toby Bussa, Kelly Kavanagh, Pete Shoard, John Collins, Craig Lawson, Mitchell Schneider, August 26, 2020.
ExtraHop is on a mission to arm security teams to confront active threats and stop breaches. Our Reveal(x) 360 platform, powered by cloud-scale AI, covertly decrypts and analyzes all cloud and network traffic in real time to eliminate blind spots and detect threats that other tools miss. Sophisticated machine learning models are applied to petabytes of telemetry collected continuously, helping ExtraHop customers to identify suspicious behavior and secure over 15 million IT assets, 2 million POS systems, and 50 million patient records. ExtraHop is a market share leader in network detection and response with 30 recent industry awards including Forbes AI50, Cybercrime Ransomware 25, and SC Media Security Innovator.
Stop Breaches 84% Faster. Get Started at www.extrahop.com/demo
© 2021 ExtraHop Networks, Inc., Reveal(x), Reveal(x) 360, Reveal(x) Enterprise, and ExtraHop are registered trademarks or marks of ExtraHop Networks, Inc.
About Spectrum Global Solutions
Spectrum Global Solutions Inc. operates through its subsidiaries ADEX Corp., Tropical Communications Inc. and AW Solutions Puerto Rico LLC. The Company is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico and Caribbean. For more information about the Company and its technologies visit the Company’s public filings at www.SEC.gov or the Company’s website at https://SpectrumGlobalSolutions.com/
About High Wire Networks
For 20 years, High Wire Networks has been a trusted partner to VARs, MSPs, distributors, integrators, manufacturers, and telecom providers by enabling them to minimize overhead while extending delivery capabilities around the world. Our flexible workforce delivers vendor-agnostic technical field, professional and security services in more than 180 countries. Our services include design, installation, configuration, and support for unified communications, wired and wireless networks, cabling and infrastructure, and electrical systems. Our new Overwatch Managed Security Platform-as-a-Service enables our partners to deliver comprehensive cybersecurity that’s easy to sell and easy to buy for an affordable subscription. We also offer a variety of on-demand, rapid-response solutions with service levels ranging from two hours to the next business day for onsite break-fix and remote technical support. With High Wire Networks, partners Get Work Done. Learn more at http://www.highwirenetworks.com
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.
Spectrum Global Solutions
Director of Marketing and Communications
High Wire Networks