High Wire Networks, Inc. (OTCQB: HWNI), a leading global provider of managed cybersecurity and IT enablement services, has completed the onshoring of 100% of its 24/7 network and security operation centers to Batavia, Illinois.
High Wire’s security operation center (SOC) is powered by the company’s award-winning Overwatch managed cybersecurity platform, which over the past year has expanded by more than 430% to nearly 1,000 SMB and enterprise customers worldwide. These include a number of Fortune 500 companies with locations around the world.
The record growth has been largely driven by the company’s innovative MSP Partner Program which its membership now totals more than 200 worldwide, with this also including companies that make up the Fortune 500. These channel partners have turned to Overwatch to address their business customers’ growing demand for more manageable and effective cybersecurity solutions.
“The rapid growth of our managed cybersecurity userbase demonstrates the critical importance and effectiveness of Overwatch in strengthening their security posture,” stated High Wire president and CEO, Mark Porter. “We believe companies are discovering that our Overwatch cybersecurity is unparalleled with its defense-in-depth strategy and ability to customize communication at scale. Instead of simply reacting to alerts, Overwatch enables cybersecurity analysts to proactively track down threats and spend more time on pursuing high value targets.”
Also underpinning the growth of Overwatch has been the growing adoption of corporate policies that support the operationalization of cybersecurity and require the implementation of best practices that strengthen a company’s cybersecurity infrastructure. When properly implemented by High Wire’s cybersecurity experts, such operationalization results in a security posture that is more capable of addressing more advanced and continuously evolving cyberthreats.
High Wire has also now fully deployed its Overwatch SOAR platform, which is a proprietary security orchestration, automation and response technology that overlays the company’s network and security operation centers. SOAR automatically consolidates alerts from various threat prevention and detection-and-response platforms, providing enhanced visibility, improved correlation and faster remediation.
“The dynamic integration of best-in-class security tools across our Overwatch platform, along with SOAR acting as a powerful force multiplier, enables us to provide the most secure and cost-effective cybersecurity solutions available on the market today,” noted High Wire Networks CTO, David Barton. “Since we incorporate enrichment and threat intelligence into our systems and processes, our security professionals can cut through the noise, spend less time on low value, reactive-based work and more time on threat hunting.”
Overwatch SOAR allows security teams to run multiple remediation processes simultaneously. Action steps that previously would take minutes can be completed in seconds automatically, with this resulting in more efficient and effective cyber protection.
Overwatch combines SOAR with High Wire’s Managed Extended Detection and Response (MXDR) technology and Managed Endpoint Detection and Response. This enhanced operationalization of cybersecurity enables users to continuously evolve along with the ever-quickening pace of ‘cybertime’ and intensifying cyber risk.
“Onshoring our network operation center and SOC significantly strengthened our cybersecurity infrastructure and processes, with this providing us a clear competitive edge,” added Porter. “We see this helping to drive continued strong growth in our managed cybersecurity business. In fact, we are seeing an increasing number of clients turning to us to add additional services, with this driving record backlog for Overwatch which is currently at more than $6.5 million.”
High Wire’s IT enablement offering, which is comprised of professional and managed IT services, addresses a global IT service market that is expected to grow at a 5.8% CAGR to reach $2.6 trillion by 2030. Overwatch addresses a global cybersecurity market that is projected to grow at a 13.4% CAGR to reach $376 billion by 2029.
About High Wire Networks
High Wire Networks, Inc. (OTCWB: HWNI) is a fast-growing, award-winning global provider of managed cybersecurity and IT enablement services. Through more than 600 channel partners, it delivers trusted managed services for nearly 1,000 managed security customers and tens of thousands of technology customers. Its end-customers include hundreds of Fortune 500 companies and the nation’s largest government agencies.
The company’s Overwatch by High Wire Networks™ platform offers a range of subscription services for threat prevention, detection and response to meet the security and compliance requirements of organizations large and small. The company’s IT enablement services provide the foundation for growing its higher-margin Overwatch business.
High Wire has 350 employees worldwide and seven U.S. offices, including a U.S. based 24/7 Network Operations Center and Security Operations Center in Chicago, with additional regional offices in Toronto, Puerto Rico and UK.
Learn more at HighWireNetworks.com. Follow the company on Twitter, view its extensive video series on YouTube or connect on LinkedIn.
Forward-Looking Statements
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.
Company Contact
Mark Porter, President and CEO
High Wire Networks
Tel +1 (952) 974-4000
Media Relations
Susanna Song
VP of Marketing and Communications
High Wire Networks
Tel +1 (952) 974-4000
Tim Randall
CMA Media Relations
Tel +1 (949) 432-7572
Investor Relations
Ronald Both or Grant Stude
CMA Investor Relations
Tel +1 (949) 432-7557
