The State of the Virtual CISO Report

The number of MSPs and MSSPs providing vCISO services is anticipated to nearly fivefold by the end of 2024. This extraordinary increase indicates both the attractive potential for MSPs and MSSPs in vCISO services as well as the rising business demand for specialist cybersecurity expertise.

The State of the Virtual CISO Survey Report by Global Surveyz, an impartial research firm, was commissioned by Cynomi and offers a thorough insight of the problems MSSPs and MSPs are currently facing. Insights from 200 security and IT leaders working for MSPs and MSSPs of all sizes, all of which are security-focused, are shared in the report. It sheds insight on the reasons behind the vCISO offering’s growing popularity as well as any obstacles that MSPs and MSSPs might face and how to get through them.

Increase in vCISO Service Offerings Expected to Be 480%

Only 19% of MSPs and MSSPs now provide vCISO services. This comparatively small percentage reflects the state of the market, which is currently developing for vCISO services.

Without the need to recruit a full-time executive, the vCISO function can offer firms top-tier cybersecurity experience. Because of this, businesses can easily and affordably acquire crucial security leadership and insights. The uptake of the vCISO service among MSPs and MSSPs has been gradual, despite these obvious advantages.

By the end of 2024, the vCISO environment is anticipated to undergo significant transformation. The analysis predicts that in less than two years, the proportion of MSPs and MSSPs delivering vCISO services would increase to as high as 86%.

vCISO Services: A Profitable Chance

Figure 2 illustrates how the popularity of vCISO services is not limited to a single factor. The potential to upsell more goods and services was cited by 44% of respondents as the main benefit of vCISO services. Upselling gives MSPs and MSSPs the opportunity to increase revenues without the expense of bringing in new clients.

Increased margins were cited as a significant benefit by 43% of respondents, who ranked it second only to the ability to upsell. A stronger bottom line and more stable finances are benefits of integrating vCISO services.

Finally, emphasis was placed by 42% of respondents on the value of vCISO services in boosting client security. MSPs/MSSPs can increase customer loyalty and improve their reputation in the market by proving their dedication to security and assuring clients that their information is secure.

The Difficult Road to vCISO Services

But as seen in figure 3, the path to vCISO success is not without challenges. Respondents think that in order to offer vCISO services, businesses need qualified internal cybersecurity and compliance knowledge. More than a third of them believe their expertise of security or compliance is poor, which prevents them from offering vCISO services.

In the eyes of MSPs/MSSPs, the initial expenditure necessary to develop a vCISO solution is also a possible roadblock. This covers spending on tools and technologies that support the vCISO position as well as on staff training and development.

Another major issue is the lack of qualified cybersecurity personnel. The field of virtual CISO is very specialized. Finding qualified people with the required knowledge might be challenging.

Top challenges for MSPs/MSSPs in providing vCISO services

Hiring cybersecurity professionals is a major barrier to providing vCISO services

Nearly all respondents (91%) think that expanding your cybersecurity staff is necessary in order to offer vCISO services. But the same poll also revealed a worrying barrier: 63% of respondents said they couldn’t afford to hire new cybersecurity specialists.

Despite the enormous potential benefits, this affordability barrier may limit MSP/MSSP’s capacity to extend to vCISO services. A software-based solution might be the best option, allowing MSPs and MSSPs to take use of digitization and technology to increase their offers without having to hire more staff.

Security Plans for MSPs and MSSPs in 2024

The future business and security plans for MSPs and MSSPs are highlighted in the paper. The majority of MSPs and MSSPs are anticipating significant growth by 2024, the statistics show. This expansion will be focused on increasing their cybersecurity offering, operational effectiveness, and profitability. The provision of vCISO services is a crucial element of this growth strategy. This approach is also in line with the vCISO services’ stated goals of boosting profitability and enhancing consumer cybersecurity.

Without the requirement for a full-time, internal CISO, MSPs and MSSPs can provide their clients personalized security strategy and security leadership by delivering vCISO services. By offering vCISO services, MSPs/MSSPs are able to better serve their clients and put themselves at the forefront of the cybersecurity industry.