2023 ended a year full of impressive technological advances, from generative AI to new cybersecurity features.
Here are our predictions for the SMB and cybersecurity landscape that will impact you as an MSP/MSSP in the coming year. Going forward, by offering vCISO services, we can turn 2024 into a year of security and growth for small and medium-sized businesses. Therefore, vCISO services will significantly increase your revenue stream and help differentiate you from other service providers, making 2024 another year of growth.
Here's what's predicted to happen in 2024:
1. Cybercriminals increasingly target small and medium-sized businesses
Small and medium-sized businesses are increasingly being targeted by cyber-attacks, and 2024 will be no exception. According to the 2023 ITRC Business Impact Report, 73% of small and medium-sized businesses experienced a cyberattack, data breach, or both in 2023. Not only is this a high attack rate, but it is also a significant increase compared to attack rates in 2022 (43%) and 2021 (58%), and the attack rate will likely remain high.
One of the reasons behind this alarming trend is that cyber attackers are no longer targeting small and medium-sized businesses. The Verizon 2023 DBIR analyzed attack trends for small and large businesses and found that the distinction between the two types of organizations is becoming increasingly blurred. This includes aspects such as attack frequency, attackers, motivations, and type of data compromised.
What does this mean for MSP/MSSP?
With this understanding, small businesses realize that cyber security is becoming more of a necessity than a nice-to-have luxury. Therefore, MSPs/MSSPs are expected to see increased demand for cybersecurity expert leaders in his 2024. MSPs/MSSPs can meet their customers' growing need for proactive cyber resilience by offering comprehensive vCISO services.
This growing need for vCISO services also presents an opportunity for MSPs/MSSPs to increase recurring revenue. MSPs/MSSPs can increase sales and differentiate themselves from their competitors by offering new and tangible products to their customers. Finally, by leveraging vCISO services to connect with his SMB leaders, MSPs/MSSPs can deepen their involvement in the business and build stronger relationships with their customers.
2. Rapidly evolving regulatory landscape
New and updated regulations on cybersecurity and data privacy are expected to be fully implemented by 2024. When working with government agencies, small businesses are required to meet regulations regarding the handling of PII, financial information, and other types of sensitive data. Increasing concerns about supply chains and third-party attacks will lead large companies to implement stricter security measures against small businesses, which they will have no choice but to follow if they want to do business with them.
Additionally, in 2024, security compliance will not only be a regulatory requirement, but also a business imperative. Small and medium-sized businesses that want to establish themselves as trusted security companies actively seek compliance with regulations and frameworks such as NIST-CSF, CIS V8, and ISO 27001 as a way to demonstrate their security posture.
What does this mean for MSP/MSSP?
In 2024, MSPs/MSSPs are expected to see increased demand for professional compliance services. This requires expanding services to include compliance auditing, risk management, and enhanced security solutions. To effectively address these challenges, MSPs and MSSPs must invest in new technologies and advanced cybersecurity solutions that can meet this need.
Automated vCISO platforms help MSPs/MSSPs provide compliance assessments. Achieving compliance will become imperative, and service providers who can help small businesses understand their compliance status, highlight gaps, and achieve compliance faster will have an advantage. These include automatically generated customized policies and strategic remediation plans with prioritized tasks for each client. The platform can also help you track compliance, ensuring regulatory requirements don't fall through the cracks.
3. New advances and risks in AI and technology
Rapid advances in AI, IoT, and cloud computing have significantly accelerated business capabilities. This enables unprecedented opportunities for small businesses that were previously only available to large corporations. However, these advances also introduce new security challenges that are often more complex and sophisticated than traditional threats.
For example, AI systems could be targeted by cyber-attacks, leading to data breaches and business damage. IoT systems often lack security protocols, making them vulnerable to attacks that can compromise the entire SMB network. Cloud computing vulnerabilities and excessive privileges can lead to data breaches and loss of control of sensitive information. Small and medium-sized businesses are at increased risk because they typically invest less in robust cybersecurity measures than larger companies.
What does this mean for MSP/MSSP?
As trusted security advisors, MSPs and MSSPs will evolve their services in 2024 to address the unique challenges posed by AI, IoT, and cloud computing, helping SMB clients minimize potential risks while We need to be able to safely benefit from these technologies. This adaptation includes implementing stronger security protocols and defenses, such as misconfiguration identification, the principle of least privilege, built-in observability, and responsible AI. It also includes educating small businesses about the risks and best practices associated with these technologies.
Our automated vCISO platform is always up-to-date, with up-to-date policies to ensure your clients are always protected from the latest threats and risks. For example, the GenAI Policy, which ensures the safe use of GenAI.
4. Improving cybersecurity awareness among leaders
Increasing awareness of digital threats cannot escape the attention of boards and executives. Boards are increasingly concerned about the reputational and financial risks associated with data breaches that can lead to regulatory fines, loss of customer trust, and business interruption. As a result, 2024 will see increased demand from these executives to invest in more robust and proactive security measures.
What does this mean for MSP/MSSP?
As cybersecurity becomes a board-level concern, management will be increasingly required to be involved in cybersecurity. Leaders always aim to understand their current security posture so they can effectively manage risk. MSPs/MSSPs can meet this need by simplifying cybersecurity, making information accessible, and summarizing highlights and top-level insights into reports. By providing concise and clear information, MSPs/MSSPs can support leaders' strategic decision-making aimed at overcoming security gaps.
The automated vCISO platform provides full-fledged vCISO services, including comprehensive security dashboard and report creation, allowing you to understand your company's security posture based on data measurements and risk scores.
5. Geopolitical influence
In 2024, businesses around the world will be deeply influenced by geopolitical factors. From diverse global regulations to varying threat landscapes, our globally interconnected world requires small businesses to adapt their security strategies. This complexity is further heightened by current geopolitical climate conflicts, particularly in regions such as the Middle East, the United States (due to its involvement in conflicts), and highly unstable Muslim regions such as Yemen and Iraq. Political tensions can lead to an increase in cyber threats, often targeting Western countries, particularly the United States.
What does this mean for MSP/MSSP?
The interplay of global geopolitics and cybersecurity poses unique challenges for MSPs and MSSPs. You need to ensure strong and comprehensive security controls and be able to constantly monitor for threats. It's also important to have an incident response plan and clear policies in place to deal with any breaches or attacks. Regular training and testing is also essential to ensure employees are familiar with security protocols. Given the high risks, automated platforms reduce overhead, enhance security expertise, and allow MSPs and MSSPs to focus on working with their customers.
6. Growth Opportunities for vCISOs
For the aforementioned reasons, by 2024, small and medium-sized businesses across the board will need comprehensive security solutions and industry-leading cybersecurity expertise. These include the need to address growing threats, new compliance requirements and evolving digital risks, and how to reassure boards that they are taking the necessary steps to protect their infrastructure and data. Included as However, budget constraints do not always allow for hiring an in-house team.
vCISOs that can effectively address this need are poised for unprecedented growth in 2024. They have the potential to build long-term business relationships and are expected to see increased demand for their services among SMEs. Cost-effective cybersecurity solutions like vCISO services are especially attractive as companies seek to maximize the value of their investments.
What does this mean for MSP/MSSP?
MSPs and MSSPs that offer vCISO services will find SMBs willing to pay for such comprehensive security services. This large and lucrative market offers MSPs and MSSPs the opportunity to grow their revenues in the short and long term. No wonder the “State of the Virtual CISO 2023 Report” commissioned by Cynomi found that 45% of MSPs and MSSPs plan to add his vCISO service to their offerings by the end of 2024. there is no.
By offering vCISO services, MSPs and MSSPs can capitalize on the above trends and differentiate themselves while growing their business. Thanks to his AI-based vCISO technology, in-house expertise is no longer a bottleneck for MSPs and MSSPs. Automated vCISO platforms reduce overhead by providing automated solutions for each service, from cyber profiling to risk assessment and customized security policies across access management. This expands the range of services that MSPs/MSSPs can offer, while improving process efficiency and reliability.
I'm looking forward to
As 2024 approaches, it is clear that the cybersecurity environment for small and medium-sized businesses will become even riskier and more complex. As a result, SMB demand for comprehensive cybersecurity and vCISO services is expected to surge.
This presents a unique and important opportunity for MSPs and MSSPs. By employing innovative technologies such as our automated vCISO platform, we can provide comprehensive, efficient, and customized cybersecurity solutions to our SMB clients.
The rest is up to you. Can you be on the front lines of small business protection? By taking proactive steps, like building the right plan and choosing the right tools, you can stay ahead of the curve in 2024 and take advantage of opportunities for growth and success. You can enjoy it.
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