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Today, data analytics company Coralogix announced a new cyber security tool called Snowbit, a SaaS-based managed extended detection and response (MXDR) product designed to give organizations a top-down view of their cloud environment’s security and compliance standing.
Snowbit uses Coralogix’s data-streaming capabilities to process data from throughout an organization’s environment, while using machine learning to automatically detect threats and respond.
It also provides organizations with 24/7 access to expert cybersecurity support.
The organization’s MXDR approach is built to enable enterprises and decision makers to access on-demand support and protection against cyber threats, while decreasing reliance on in-house security teams who are struggling with the increased attack surface of the cloud era.
Cyber security in the cloud era
With 90% of organizations adopting cloud technologies in one form or another, the attack surface available for attackers to target has expanded dramatically to the point where few in-house teams have the resources or expertise needed to secure these sprawling hybrid cloud environments.
For instance, researchers estimate that 90% of security leaders face an internal cybersecurity skills shortage.
The skills’ shortage has made it difficult for organizations to mitigate risks not just in cloud environments, but in aspects of network security.
In fact, 51% of security and SOC decision makers report that their team is being overwhelmed by the volume of alerts with 55% admitting that they aren’t entirely confident in their ability to prioritize and respond to them.
As Coralogix CEO Arial Assaraf told VentureBeat, there is “an acute scarcity of cybersecurity talent which is resulting in most organizations not having adequately staffed in-house security teams as talent is expensive, difficult to retain and keep updated, and challenges with access to credible third-party security talent.”
Likewise, “increasing leverage of the cloud, both multi-provider infrastructure and SaaS, is dramatically broadening the attack surface and complexity.”
However, MXDR approaches like those used by Snowbit can help organizations to mitigate talent shortages by offering immediate access to offsite security professionals, who have the high-level expertise necessary to secure complex cloud environments.
The road to standing out from MDR and XDR
Coralogix is part of the global extended detection and response market, which was valued at $505 million in 2020, and is anticipated to grow 19.9% annually from 2021 to 2028 as organizations spend more on security solutions to address cyber threats across dispersed cloud and IoT environments.
The organization is competing against a range of other providers in the space including MDR provider Arctic Wolf, which achieved a valuation of $4.3 billion last year and offers enterprises 24/7 monitoring against advanced threats, with incident response, and root cause analysis capabilities.
Another competitor is Rapid7, which reported revenue of $535 million in 2021. Rapid7’s main solution is InsightIDR, an XDR and SIEM tool with endpoint detection and response, network traffic analysis, threat intelligence, and incident response capabilities.
Assaraf argues that Snowbit stands out from these solutions due to its “holistic and proactive approach to security.”
“It scans your entire cloud environment for not only abnormal activity but also breaches, configuration gaps, and network and vulnerability issues. Snowbit’s approach to security is proactive, as it for example automatically polls your cloud assets on an ongoing basis for configuration gaps,” he said.