The demand for specialized cybersecurity expertise is driving the growth of Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs) offering virtual Chief Information Security Officer (vCISO) services. This trend is expected to continue, with the number of MSPs and MSSPs offering vCISO services projected to increase nearly fivefold by the end of 2024 [2].
Description
Currently, only 19% of MSPs and MSSPs offer vCISO services [1] [2] [4] [6], but this is expected to rise to as high as 86% in the next two years [1] [6]. The appeal of vCISO services lies in their ability to provide customized security strategies and leadership without the need for a full-time, in-house CISO [1] [3] [6]. This allows service providers to meet the needs of their clients and positions them at the forefront of the cybersecurity market [3].
The provision of vCISO services is seen as crucial for the growth strategy and profitability of MSPs and MSSPs. It enables them to upsell more products and services [1] [4] [6], increase margins [1] [2] [4] [6], and enhance customer security [1] [4] [6]. However, there are barriers to offering vCISO services [1] [2] [6], including the need for qualified cybersecurity and compliance knowledge [2], initial expenditure on tools and technologies [2], and the scarcity of skilled cybersecurity personnel [1] [6].
Despite these challenges [1] [2] [6], MSPs and MSSPs are committed to expanding their cybersecurity offerings and improving profitability by 2024.
Cynomi [5], an AI-driven platform [5], offers a solution that allows partners to provide vCISO services without needing to increase their resources [5]. Their platform automates risk and compliance assessments [5], generates tailored policies [5], and provides actionable remediation plans [5]. This helps service providers scale their vCISO services and boost revenue without adding to their existing resources [5].
Cynomi has successfully enabled an MSSP to reduce the time spent on providing vCISO services and drive more business [5].
Conclusion
The increasing demand for specialized cybersecurity expertise is driving the growth of vCISO services offered by MSPs and MSSPs. Despite challenges such as the need for qualified personnel and initial investment, service providers are committed to expanding their cybersecurity offerings. Cynomi’s AI-driven platform offers a solution that allows partners to provide vCISO services without increasing their resources, enabling them to scale their services and boost revenue. This trend is expected to continue, with significant implications for the cybersecurity market and the profitability of MSPs and MSSPs.
References
[1] https://www.redpacketsecurity.com/the-state-of-the-virtual-ciso-report-msp-mssp-security-strategies-for/
[2] https://www.fluidgeek.com/msp-mssp-security-strategies-for-2024-according-to-the-state-of-the-virtual-ciso-report/
[3] https://cyber.vumetric.com/security-news/2023/09/07/the-state-of-the-virtual-ciso-report-msp-mssp-security-strategies-for-2024/
[4] https://thehackernews.com/2023/09/the-state-of-virtual-ciso-report.html
[5] https://www.cynomi.com/how-to-scale-vciso-services/
[6] https://www.ihash.eu/2023/09/msp-mssp-security-strategies-for-2024/
