Some managed service providers and managed security service providers already offer vCISO services (virtual chief information security officer). But the number that plan to offer the service is about to skyrocket by the end of 2024, according to a new survey and report from Cynomi, a vCISO platform provider.
The percentage of MSPs and MSSPs offering vCISO services is projected to rise from 19% today to an estimated 86% among North American MSPs and MSSPs by the end of 2024.
The trend, as noted by Cynomi in its inaugural "The State of the Virtual CISO 2023" report, points to the industry's rapid adaptation to cybersecurity needs.
Due to rising cyberattacks targeting smaller businesses, many small and mid-sized companies are looking toward vCISO services, according to Cynomi. These services, offered by MSPs and MSSPs, provide businesses with cybersecurity expertise without the costs associated with a full-time in-house CISO.
Cynomi is an AI-driven virtual vCISO platform provider for MSPs and MSSPs. Global Surveys conducted the report on behalf of Cynomi.
The data, gathered from 200 high-ranking representatives of MSPs and MSSPs across the U.S. and Canada, underlines the demand for the broad cyber support vCISO services offer. Among those not presently providing vCISO services, 84% plan to introduce them by 2024.
Growing vCISCO Adoption: Additional Commentary
David Primor, co-founder and CEO of Cynomi, commented:
"Our report on the State of the Virtual CISO industry shows vCISO services' momentum as a growing cybersecurity segment. The majority of MSPs and MSSPs aim to offer vCISO services by the end of next year."
Cliff Janzen, VP of Security, rSolutions Corporation, noted:
"After initiating vCISO services last year, we've assisted businesses in enhancing their security posture in a cost-effective manner. As providers, we have deepened our involvement with clients, contributing to strategic planning and reporting, which has boosted client engagement."
Potential Roadblocks
Although there's growing interest in vCISO services, some MSPs and MSSPs foresee challenges. Approximately 40% express concerns regarding limited in-house security or compliance expertise, and 33% highlight the shortage of skilled cybersecurity personnel. However, some of these concerns can be mitigated by a vCISO platform, Cynomi said.
To support SMBs, Cynomi has compiled a directory of vCISO service providers, detailing each one's specific services and the technology platforms they utilize.
Cynomi says it will release its vCISO study annually, tracking the evolution and growth of the vCISO role.
