Selling cybersecurity continues to get easier and more affordable for managed services providers (MSPs).
After multiple quarters of triple-digit subscriber growth for its SOCVue security management as-a-service product, software vendor EiQ Networks in recent weeks rolled out what it says is the first fully managed cloud-native security information and event management (SIEM) and log management solution.
SecureVue Cloud is designed for the midmarket and EiQ is working to target MSPs and other potential partners to help drive sales of the as-a-service solution.
“Our belief is that every organization of every size deserves an enterprise-class security program,” said Vijay Basani, founder and CEO of EIQ Networks. “Our goal is to help every one of our customer raise their security posture to that level.
“We are increasingly bringing on MSPs and VARs so they can become the reseller for us.”
The product came about after EiQ’s principals evaluated the mid-market IT security space and decided it wasn’t growing fast enough.
The firm sent out a survey to 2,000 security users and received about 300 responses.
They found that that the midmarket was facing three key obstacles to wider deployment of SIEM solutions to customers.
First, users lacked the budgets to acquire the technology tools needed to provide adequate security services. Second, they lacked the staff to provide expertise in managing SIEM resources and related SOC monitoring.
Finally, the complicated security technology is constantly evolving and requires a significant investment in ongoing staff training.
EiQ decided to build a business model that would account for all of those customer needs. The company provides a fully managed SOC, with around the clock monitoring.
“We can offer a large team of people who can work 24-7 and bring in that security,” Basani said. “We have a regimented process that guides customers along with what they should be doing.
“We focus on security and compliance and on helping our customers improve their overall security posture on an ongoing basis.”
EiQ’s products are fully compliant with reporting for “PCI-DSS, FFIEC, HIPAA, SOX, GLBA and more.”
The strong demand for the products indicates EiQ has found an ideal product-market fit.
“You have a market segment that is price-sensitive and lacks the security expertise,” Basani said. “The advent of cloud offers a nice opportunity for a company like ours.”
EiQ officials tout themselves as MSP and channel friendly, and offer third-party providers a while label option “if they require it.”
“Our team will work with the MSP to change the customer environment,” he continued. “They can take a nice margin on the security services and the can provide the service to their customers.”
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