Cynomi, the virtual Chief Information Security Officer (vCISO) platform vendor for Managed Service Providers (MSPs), Managed Security Service Providers (MSSPs), and consulting firms has published the results of its report titled "The State of the Virtual CISO 2023". The report highlights that the number of vCISO service providers is set to increase by 480% by the end of next year.

The report, based on survey responses from 200 Directors, VPs, and C-Suite executives at MSPs and MSSPs in North America, is in line with broader cybersecurity trends, as cyberattacks are rising and small and medium-sized businesses (SMBs) are increasingly vulnerable.

A big reason for this vulnerability is the lack of resources SMBs have to hire security teams and acquire tools to protect themselves. vCISO services help these companies access security services and best practices for a fraction of the cost of hiring a full-time CISO.

This arrangement also helps security professionals broaden their skills and offer their services to more clients.

vCISO service offerings growing

MSPs and MSSPs are recognizing this need and are re-orienting their services to cater to higher demand. Cynomi's survey notes that 84% of respondents that don't currently offer vCISO services intend on doing so by the end of 2024, with the rest indicating their intention to follow suit eventually.

Only one of the 200 MSPs and MSSPs surveyed indicated they do not have any plans to offer vCISO services. These findings represent remarkable growth. Before 2022, only 5% of MSPs and MSSPs offered vCISO services. This number grew to 8% in 2022, 28% in 2023, and is expected to reach 86% by the end of 2024.

The benefits of offering vCISO services for MSPs and MSSPs are immense. "Since we started offering vCISO services last year, we have helped many businesses understand and shore up their security posture in a very cost-effective way," said Cliff Janzen, VP Security, rSolutions Corporation. "As a vCISO provider, we have become more involved with our customers' strategic planning and reporting to their top management, while improving client engagement and satisfaction."

"They're reassured to know they can turn to us in all matters relating to their cybersecurity needs without breaking the bank. On our end, too, the costs were lower than anticipated; it was great to add these new services through a vCISO platform to be a force multiplier for our existing team."

An opportune moment

The rise in vCISO service offerings comes at the right time for SMBs. With cybersecurity growing more complex by the day, resources like Cynomi's directory of vCISO service providers are proving their value. The directory provides thorough details on the specific services offered by each vCISO provider, as well as the technology platforms they use to guide and implement their security strategies.

Cynomi's platform simplifies offering vCISO services for security professionals. Combining proprietary AI algorithms with CISO-level knowledge and expertise, the platform streamlines the vCISO's work while automating manual time-consuming tasks like risk assessment, compliance readiness, cyber posture reporting, the creation of tailored security policies and remediation plans, as well as task management optimization. 

As a leading vCISO platform provider for MSPs and MSSPs, the company intends on conducting a study on the growing momentum of the vCISO role every year. "Our inaugural report on the State of the Virtual CISO industry clearly shows that vCISO services are building strong momentum as one of the fastest-growing cybersecurity segments on offer," said David Primor, co-founder and CEO of Cynomi. 

"More SMBs want this. The vast majority of MSPs and MSSPs will be offering vCISO services by the end of next year, and those that don't risk being left behind."