One of the key highlights of Cynomi’s annual report, “The State of the Virtual CISO 2023,” is the significant increase in the number of vCISO service providers. The report reveals that the number of providers is set to increase by 480% between now and the end of next year, from 19% to 86% of MSPs and MSSPs in North America. This demonstrates the growing trend of adoption of vCISO services over the last two years.
The frequency of cyberattacks is on the rise, particularly targeting smaller businesses. To address this, small and mid-size companies are increasingly turning to vCISO services offered by MSPs and MSSPs. These services provide access to external cybersecurity experts at a fraction of the cost of hiring an in-house CISO.
Cynomi’s report, based on survey responses from 200 Directors, VPs, and C-Suite executives at MSPs/MSSPs in the U.S. and Canada, highlights the growing SMB need for vCISO services and how MSPs and MSSPs are responding to this demand. The report shows that 84% of those not currently offering vCISO services intend to do so by the end of 2024.
The report also reveals that the number of providers offering vCISO services has been consistently growing. Only 5% of MSPs and MSSPs were offering vCISO services prior to 2022. Since then, the number has grown to 8% in 2022, 28% in 2023, and a projected 45% in 2024.
MSPs and MSSPs have several reasons for offering vCISO services, including increased revenue, higher margins, easy upsell of other cybersecurity services, and enhanced client engagement. Despite concerns about limited in-house security or compliance knowledge and a lack of skilled cybersecurity personnel, vCISO platforms help negate these challenges.
Cynomi has created a comprehensive directory of leading vCISO service providers for SMBs to find trusted security partners. The directory provides detailed information on the specific services offered by each vCISO provider and the technology platforms they use.
In conclusion, the use of the