Blackpoint’s $190 Million Funding Round Signals Growing Demand for MSP Cybersecurity Solutions

Blackpoint Cyber Raises $190 Million to Help MSPs Combat Cyber Threats

Blackpoint Cyber, a cybersecurity company founded in 2014, has announced that it raised $190 million in a growth funding round led by Bain Capital Tech Opportunities and with the participation of Accel. This third investment raises the total funds for the company to just over $200 million. Blackpoint provides advanced security technology through managed service providers (MSPs) to help in keeping customers safe. With the increasing demand for robust cybersecurity measures, especially among smaller businesses that are largely underprotected, the MSP market is on the rise. Blackpoint’s Managed Detection and Response (MDR) technology can identify and isolate threats at the early stages of a breach and continuously investigates suspicious activity through its Security Operations Center (SOC). The new funds will be used to develop further security solutions and add new products to its platform.

MSPs Need Robust Cybersecurity Measures

As the world increasingly relies on technology and moves into the digital space, there is a greater need for cybersecurity measures to protect vital information and prevent breaches. While large corporations have the resources to invest in robust cybersecurity measures, smaller businesses and ordinary individuals are often less prepared to combat cyber threats. According to a report published by Verizon, 2019 is already on track to have more data breaches than last year. With bad actors continually devising new ways to hack systems and steal information, preventative measures are crucial. Managed service providers (MSPs) have been offering their services to satisfy this need by providing cybersecurity services to small businesses. As a result, the MSP market is growing at an incredible rate.

Investment in Blackpoint Cyber Reflects Increasing Demand

The fact that Bain Capital Tech Opportunities and Accel chose to invest in Blackpoint Cyber reflects the growing sense of urgency around cyber threats. Cybersecurity funding is increasing because the threats are increasingly sophisticated and advanced. Cyber-attacks on businesses can threaten not just the businesses themselves but also their customers and infrastructure. As stated by the CEO and founder of Blackpoint Cyber, Jon Murchison, “The MSP market is growing fast, and we are matching that growth by scaling and innovating new cybersecurity solutions.”

Advice for MSPs and Businesses

It is essential for all businesses, no matter their size, to have robust cybersecurity measures in place to prevent and combat cyber threats. MSPs can provide cybersecurity services to businesses, especially smaller ones that may not have the resources to invest in their IT infrastructure. However, it is important to be selective when choosing a cybersecurity provider. Make sure they are reputable and have a proven track record. With more MSPs entering the cybersecurity market due to increasing demand, there is a need for careful vetting of service providers. As for businesses, investing in cybersecurity solutions is an investment in the company’s security and longevity. It is no longer a question of if your systems will be hacked, but rather when. Cybercriminals can bring operations to a standstill or cause irreparable damage. It is in the best interest of all businesses, big or small, to ensure adequate cybersecurity measures are implemented and maintained.

Conclusion

The rise of Blackpoint Cyber and the increasing investment in the MSP market signify the critical importance of cybersecurity measures in modern society. With hackers becoming ever-more sophisticated and their attacks on businesses and individuals becoming more advanced, preventative measures must continually evolve. Businesses of all sizes must invest in cybersecurity technologies, or risk being left vulnerable to cybercriminals seeking to exploit any weaknesses. It is essential to educate oneself about cybersecurity measures as well as to seek the expert advice of reputable cybersecurity providers with a proven track record.