Cynomi's State of the Virtual CISO Report 2024 Reveals Significant Growth Opportunities for Service Providers

Cynomi’s State of the Virtual CISO Report 2024 Reveals Significant Growth Opportunities for Service Providers

In a recent report, Cynomi, a leading virtual Chief Information Security Officer (vCISO) platform provider, highlighted a significant growth opportunity for service providers in the small-to-medium business (SMB) market. The report, titled “State of the Virtual CISO 2024,” revealed a growing demand for vCISO services among SMBs, which service providers can capitalize on to increase their revenue and differentiate themselves from competitors.

The report found that 75% of service providers have experienced high demand from their customers for vCISO functionality, yet only 21% are actively offering these services. This discrepancy presents a significant opportunity for service providers to fill the gap and meet the growing needs of SMBs.

The increased demand for vCISO services can be attributed to several factors. With the rise of compliance frameworks and regulations, cyberattacks becoming more frequent and sophisticated, and the global supply chain becoming increasingly complex, SMBs are struggling to keep up with the evolving cybersecurity landscape. Moreover, the cybersecurity skill gap continues to widen, making it difficult for SMBs to find and retain dedicated CISOs.

As a result, SMBs are turning to vCISO services to provide them with the expertise and guidance they need to navigate the complex world of cybersecurity. vCISO services offer a range of benefits, including compliance assessments, security remediation, and strategic planning. By offering these services, service providers can help SMBs stay ahead of emerging threats and maintain regulatory compliance, while also increasing their own revenue and profitability.

According to the report, service providers that offer vCISO services have seen significant financial gains. Thirty-seven percent of respondents reported increased margins as a result of offering vCISO services, highlighting the potential for substantial profit growth in this area. Additionally, offering vCISO services can help service providers differentiate themselves from competitors and establish themselves as trusted cybersecurity partners for SMBs.

The report also noted that MSPs and MSSPs are particularly well-positioned to capitalize on the growing demand for vCISO services. These service providers already have established relationships with SMBs, making it easier for them to upsell vCISO services and expand their revenue streams.

In conclusion, Cynomi’s State of the Virtual CISO 2024 report highlights a significant growth opportunity for service providers in the SMB market. By offering vCISO services, service providers can meet the growing demand for cybersecurity expertise among SMBs, increase their revenue and profitability, and differentiate themselves from competitors. With the cybersecurity landscape continuing to evolve, the importance of vCISO services is only likely to grow, making this a valuable opportunity for service providers to capitalize on.