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How being a vCISO can save your MSP time and money

The risk of being hit by a cyber attack is growing, making cyber security solutions a no-brainer for organizations of all sizes. MSPs are at the forefront of this sector and have a lot to gain from cyber security, as it provides them with an opportunity to grow their business, expand their clientele, and drive revenue while providing more comprehensive solutions. 

The global managed services market is expected to grow to USD 329.1 billion by 2025, up from just USD 24 billion in 2009. The growth in virtual chief information security officers (vCISO) and other managed services has been so rapid that businesses are adopting them in ever-increasing numbers. A new era of proactive IT management is therefore clearly underway and it might be time for MSPs to consider adding vCISO to their security capabilities. 

How does being a vCISO add value to your MSP business? Let’s explore the ways: 

Skills gap

According to the latest report from the World Economic Forum, there is a global shortage of 3 million cyber security professionals. This is a concern for organizations worldwide, especially small to medium-sized businesses that need cyber leadership and guidance. At the same time, with the increasing demand and growth of the MSP market, this skills gap has created an opportunity for MSPs to evolve into the vCISO space and compete in the constantly evolving It services market. 

Proactive security approach

MSP security services have been significantly impacted by the global pandemic. Instead of taking a reactive approach to resolving cyber security problems after they occur, MSPs are now focusing on maintenance and prevention for clients they offer managed security services for. Adding vCISO to service offerings includes strategic guidance as well as risk assessments and operational oversight of continuous monitoring and security, to ensure the security posture of clients’ organizations is robust. This avoids bigger problems down the track, which saves valuable time and resources.

Increase revenue opportunities

Organizations of all sizes are faced with rapidly changing threats in a hostile cyber security environment. This is why there is a lot of interest in handing over security duties to MSPs that businesses are already partnered with, especially those who are already handling data protection and IT support. Today’s MSPs are being increasingly asked to augment their service offerings with security solutions tailored to their clients’ business, and this can be a challenge. However, failure to offer those services can result in losing customers to a competitor provider.  

MSPs are best placed to offer preventive and proactive security solutions to ensure clients can continue to run their businesses securely. vCISO services offerings entail having up-to-date knowledge of cutting-edge cyber security technologies, methods, and solutions. 

Not all businesses can afford to hire a full-time cyber security executive, or their requirements are only that a part-time security expert is needed. A vCISO can create customized services to meet their client’s requirements and are a less expensive alternative to a full-time CISO. This allows MSPs to take on multiple clients who require virtual CISO services on a monthly retainer, creating opportunities for increased revenue streams. 

CISO as a service

Cyber security has never been so important. Still, it is the bane of companies of all sizes, whose main goal is to operate without interruption and grow their business. As organizations lean more heavily on technology to digitally transform and boost their productivity, the benefits are often outweighed by the inundation of security threats and the risk of data breaches. This is where hiring a virtual CISO becomes critical, particularly for small to medium-sized businesses that do not have the resources to fund internal staff for a robust information security program. 

As SMBs become increasingly aware of the need to leverage the industry experience of cyber security experts, MSPs can extend their service offerings into the area of vCISO and ensure long-term partnerships with clients. 

The ThreatAdvice Breach Prevention Platform allows MSPs to provide and oversee customer cybersecurity by providing cybersecurity training and education to employees, threat intelligence information, and a comprehensive cybersecurity monitoring solution - all accessible in one place. Talk to ThreatAdvice today and empower your MSP to take your security offerings to the next level.