NetSPI achieves 42% growth in 2023

Proactive security leader continues discovering and prioritizing security vulnerabilities of the highest importance to its customers, allowing them to innovate with confidence

NetSPI, the proactive security solution, today announced another monumental fiscal year, achieving 42% year-over-year growth in 2023. This growth is attributed to the company’s unique ability to integrate its advanced technology, intelligent processes, and dedicated consultants, which together, contextualize the security vulnerabilities that matter most to customers. Powered by these capabilities, NetSPI identified 8,500 vulnerable entry points and more than 17,000 critical issues for its customers in 2023 alone.

Through continued innovation and dedication to its customers, NetSPI added more than 400 new logos to its roster in 2023, a more than 30% year-over-year increase. The company also increased its internal team by 26%, which included strategically expanding in the Europe, the Middle East, and Africa (EMEA) market.

“In today’s turbulent market, organizations are being asked to do more with less, and as a result, cybersecurity is often sacrificed. But it doesn’t have to be this way,” said Aaron Shilts, CEO of NetSPI. “Through our proactive security solutions, we’re delivering greater operational efficiency and security program effectiveness to our customers, prioritizing the vulnerabilities that truly impact the business and scaling alongside them. This allows our customers to innovate with confidence and protect the trust they’ve built with their customers.”

Throughout the year, NetSPI unveiled strategic partnerships and innovations that further cemented the company as a leader in proactive security. Notable milestones include:

Introducing a First-of-its-Kind AI/ML Penetration Testing Offering
As artificial intelligence (AI) became more ingrained in business operations over the past year, NetSPI listened to customer needs and launched a first-of-its-kind AI/ML Pentesting solution. It focuses on two core components: Identifying, analyzing, and remediating vulnerabilities on machine learning (ML) systems such as Large Language Models (LLMs), and providing advice and real-world guidance to ensure security is considered from ideation to implementation.

Launching a Cyber Protection Partnership with Chubb
NetSPI strategically partnered with Chubb, a leading publicly traded property and casualty insurance company, to strengthen customer cyber-risk profiles via advanced attack surface management and penetration testing solutions. The collaboration provides Chubb customers with peace of mind, enabling them to identify vulnerabilities, security issues, and exposure to risk before it escalates into a claim.

Embracing the Power of BAS and ASM
NetSPI’s Breach and Attack Simulation (BAS) and Attack Surface Management (ASM) experienced significant momentum in 2023, with increased customer adoption and continuous development of both solutions. By leveraging insights based on intelligence gathered from thousands of pentests, combined with the company’s deep-rooted understanding of tactics, techniques and procedures (TTPs) used in the wild, NetSPI BAS and ASM are continuously updated, complimenting PTaaS to ensure full proactive security coverage.

In 2023, the BAS platform was recognized as the “Breach and Attack Simulation Solution of the Year” by the Cybersecurity Breakthrough Awards and as the “Cutting Edge Breach & Attack Simulation” by Cyber Defense Magazine’s Top InfoSec Innovators Awards. These recognitions further prove the value of in-depth detective control validation, as well as the impact continuous testing can have on organizations and the industry overall.

Scaling the NetSPI Partner Program to New Heights
In 2023, NetSPI achieved a 31% year-over-year increase in partner-sourced revenue and more than doubled the number of partners in its program. To meet the increased interest and nurture existing relationships, NetSPI has added four new channel experts to help lead the Partner Program, including Steve Baral, Vice President of Strategic Alliances and MSSP.

Moving to New HQ to Accommodate Growth
Prompted by increasing employee headcount and the need for a more collaborative workplace as the company continues to experience rapid adoption, NetSPI moved its headquarters to the Steelman Exchange building in North Loop, Minneapolis. The larger, dynamic space will support NetSPI’s growth as it enters a momentous year.

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