Cybersecurity attacks are on the rise and the MSP and MSSP market is quick to respond. MSPs and MSSPs are undergoing a swift transformation and will soon offer vCISO services to small and medium-sized enterprises (SMEs) that need cybersecurity strategy management as part of their standard portfolio.
Currently, only 19% of MSPs and MSSPs are offering virtual CISO services. By the end of 2024, the percentage is expected to grow to a total of 86(!)%, i.e nearly all of them. And yet, MSPs and MSSPs are finding it challenging to hire the right cybersecurity experts that will support a vCISO offering. These are the fascinating results of a survey we commissioned here at Cynomi.
MSPs and MSSPs See Business Potential in vCISO Services
The survey spanned 200 security and IT leaders from North America in security-focused MSPs and MSSPs of all sizes. They all offer cybersecurity services, and some offer additional networking services.
According to the report, approximately two-thirds of MSPs and MSSPs, a whopping 67%, have expressed their intention to offer vCISO services by the end of 2024. The reasons behind this surge in interest are evident. Among the primary benefits of offering vCISO services, respondents highlighted the ability to upsell more products and services (44%), followed by increased profit margins (43%), the improvement of customer security (42%) and an opportunity to differentiate from the competition (41%).
The Challenge: Knowledge and Skills
And yet, offering vCISO services is a challenge for MSPs/MSSPs. Knowledge and a skills gap are a major challenge. 40% cite limited security or compliance knowledge as a top challenge, 33% are concerned with lack of skilled cybersecurity personnel and 26% mentioned the limited headcount.
Security knowledge and experience are essential for offering vCISO services. A vCISO offering includes offering services like risk assessment and management, strategy, continuity planning, training and security awareness, compliance management, incident response, and much more. MSPs/MSSPs need to be able to offer SMEs these services to ensure they can protect them against a wide range of cyber attacks.
The Solution: A vCISO Platform
Technology, AI and automation of manual tasks can bridge this gap. A vCISO platform can provide MSPs and MSSPs with the knowledge they need to lead the security strategic efforts of the organization without hiring expensive cybersecurity experts (which 91% incorrectly think they have to do to offer vCISO services). A SaaS platform doesn’t even require an upfront investment (which 34% mentioned was a top challenge).
In addition, an automated platform streamlines the vCISO work through a well-structured process – starting from risk and compliance assessment, through creating a security policy, cyber posture reporting and all the way to building remediation plans. It takes less experienced teams step by step throughout the process and sets standards for processes and deliverables.
With a vCISO platform, any and all MSPs/MSSPs can ensure they are answering their customers’ needs and offering vCISO services. vCISO services will soon become the MSP/MSSP norm. An automated platform can ensure MSP/MSSPs aren’t staying behind.