6 Ways to Drive MSP/MSSP Business Revenue with Cynomi

MSPs, MSSPs and consultancies can enhance their revenue, boost sales, scale their business and improve operations with Cynomi’s vCISO platform. Whether you are providing ongoing services or delivering on-off cybersecurity projects, Cynomi enables you to assess your clients’ security and compliance posture while providing valuable security insights. Then, you can use Cynomi to present your findings in clear dashboards or easy to consume reports, and manage security plans and tasks in an automated and streamlined manner.

In this article, we outline six key use cases MSPs/MSSPs can use Cynomi for. Follow along and give your business the boost it needs in 2025.

Use Case #1: Providing Continuous vCISO or Managed Cybersecurity Services

Leverage Cynomi’s capabilities and insights to offer your customer long-term and comprehensive cybersecurity management services that will ensure your customers are cyber resilient and provide you with recurring revenue. These services are also known as vCISO services, fractional CISO services, CISO-as-a-Service, or cybersecurity consulting.

With Cynomi’s platform you will be able to assess your client’s security posture with built-in questionnaires and external scans, obtain valuable information like the security domains that need fixing or compliance gap analysis, create a remediation plan and security policies to implement, plan the upselling of your own services, and present critical findings in an easy-to-understand dashboard. All that without spending precious time on manual gap analysis, planning, and reporting. Once your plan with the customer is approved, you can use Cynomi for ongoing management and tracking of security tasks throughout the year and to show the customer your progress in enhancing their security.

Use Case #2: Conducting Cybersecurity Projects

Cynomi also supports MSPs and MSSPs conducting one-off cybersecurity advisory or management projects. Cynomi will provide you with questionnaires and scanning capabilities you need to evaluate the client’s security posture, while alerting you about security domains that need fixing. Cynomi also allows you to map and create a plan for a short or long term project, depending on the customer need and project scope. You can also leverage Cynomi to better understand which of your additional services you can upsell to address the specific customer’s needs. The Cynomi platform also provides you with dashboards and reports so you can demonstrate the critical security findings to IT, security teams and stakeholders. To track security tasks and demonstrate your progress during the project, use Cynomi’s task management capabilities.

Use Case #3: Value-Added Reselling (VAR)

In this use case, you can enhance your revenue by reselling access to the Cynomi SaaS platform, along with your support hours. In this case, Cynomi is used by SMBs’ in-house cybersecurity or IT professionals helping them manage their cybersecurity in an efficient and professional manner. Show your client how Cynomi allows them to conduct security assessments, build a security plan, and track it – adding value to their cybersecurity plans.

Use Case #4: Running Cybersecurity Assessments

This one-off service enables you to use Cynomi to create a detailed cybersecurity posture report for your clients. First, you will be able to assess the client’s security posture using Cynomi’s built-in questionnaires and external scans. Leveraging Cynomi’s automation and AI capabilities, you will get this done quickly. Then, Cynomi provides valuable information like the security domains that need fixing and immediate gaps that should be prioritized. Third, you will be able to upload Nessus scans and/or Microsoft Secure Score CSVs. Once you’ve completed the assessment and planned which of your own services to upsell, you can present these findings in Cynomi’s easy-to-understand dashboard, provide a full report, and use the task page to offer a suggested follow-up plan.

Use Case #5: Running Cybersecurity & Compliance Assessments

Similar to the cybersecurity assessment, this one-off service also includes compliance aspects covering various security frameworks and regulations including ISO 27001, CISv8, NIST, CMMC, HIPAA, and more. On top of the capabilities listed in use case #4 (see above), Cynomi’s compliance management capabilities allow identifying the compliance posture of controls while highlighting gaps that need to be fixed. Once you’ve completed the compliance readiness assessment, you can present findings in Cynomi’s dashboard, provide a full compliance report at the click of a button, and offer a suggested follow-up plan. Finally, the compliance view will also allow you to show the compliance vs. the security status when you present these findings to the management.

Use Case #6: Prospecting

The goal of the sixth and final use case is acquiring new clients. In this case, Cynomi is a sales initiation tool, showcasing the value of the services that you offer. Use Cynomi to conduct a quick complimentary cybersecurity assessment to prospects and demonstrate potential needs they may have, as well as the solutions you provide. Cynomi’s questionnaires and external scanning capabilities allow you to evaluate your prospects, export, send the report and follow up with an assessment (and sales) meeting.

With the growing need for cybersecurity services, many SMBs and SMEs will be on the lookout for MSPs/MSSPs that can answer their security needs. With Cynomi, you can leverage this demand and enhance your revenue, while providing quality security services to your clients.

Check out our case studies for real-life examples of Cynomi partners sharing how they improved their business measures with Cynomi.

Request a demo of Cynomi here.

Looking into 2024: Security Predictions for MSSPs and MSPs 

2023 is coming to a close, marking the end of a year filled with remarkable technological advancements, from generative AI to new cybersecurity capabilities. As we prepare to enjoy the holiday season and welcome the New Year, it’s important to remember that many cyber attackers don’t observe holidays. As such, SMBs will increasingly rely on your expertise this coming year to protect their most valuable assets from being breached. 

Here are my predictions for the SMB and cybersecurity landscape that will impact you as an MSP/MSSP this upcoming year. Looking ahead, by providing vCISO services you will be able to turn 2024 into a year of security and growth for SMBs. Therefore, vCISO services are poised to boost your revenue stream significantly and help you differentiate yourself among other service providers, making 2024 a growth year for you as well. 

Here’s what I predict will happen in 2024:

1. Increased SMB Targeting by Cybercriminals

Small and medium-sized businesses are becoming more frequent targets for cyber-attacks and 2024 will be no different. In 2023, 73% of SMBs experienced a cyberattack, data breach, or both, according to the 2023 ITRC Business Impact Report. This is not only a high attack rate, it’s also a significant increase compared to the rates in 2022 (43%) and 2021 (58%), and rates will continue to remain high. 

One of the reasons behind this alarming trend is that cyber attackers are no longer sparing SMBs of their malicious attention. The Verizon 2023 DBIR analyzed attack trends for SMBs and large businesses and found that differences between the two types of organizations were becoming increasingly blurred. This includes aspects like attack frequency, threat actors, motives and types of compromised data. 

What Does This Mean for MSPs/MSSPs? 

Equipped with these understandings, SMBs are realizing that cyber security is becoming a necessity, not a nice-to-have luxury. Therefore, MSPs/MSSPs are expected to experience heightened demand in 2024 for expert cybersecurity leadership. By providing comprehensive vCISO services, MSPs/MSSPs can address the growing customer need for proactive cyber resilience. 

This growing need for vCISO services is also an opportunity for MSPs/MSSPs to grow their recurring revenue. By providing a new and crystallized offering to their customers, MSPs/MSSPs can increase sales and differentiate themselves from the competition. Finally, leveraging the vCISO offering to connect to SMBs leadership, allows MSPs/MSSPs to deepen their business engagement and build a stronger relationship with customers.

2. Rapidly Evolving Regulatory Landscape

New and updated regulations in cybersecurity and data privacy are expected to come into full effect by 2024. SMBs will be required to meet regulations for handling PII, financial information, and other types of sensitive data when working with governmental bodies. The rising concern over supply chain and third-party attacks will also lead large businesses to enforce stringent security measures on SMBs, leaving them with no choice but to conform if they want to conduct business with them. 

In addition, in 2024, security compliance will not just be a regulatory requirement but also a business necessity. SMBs looking to position themselves as a trustworthy and security entity will  actively seek to meet regulations or frameworks like NIST-CSF, CIS V8 or ISO 27001 as a way to demonstrate their security posture. 

What Does This Mean for MSPs/MSSPs? 

In 2024, we predict that MSPs/MSSPs will see increased demand for specialized compliance services. This will require them to expand their offerings to include compliance audits, risk management and enhanced security solutions. To effectively meet these challenges, MSPs and MSSPs will need to invest in new technologies and advanced cybersecurity solutions that can answer this need.  

An automated vCISO platform can help MSPs/MSSPs provide compliance assessments. Achieving compliance will become a must-have, and service providers that are able to help SMBs understand their compliance status, highlight the gaps, and achieve compliance more quickly will gain the upper hand. These include automatically-generated tailored policies and strategic remediation plans with prioritized tasks to each client. A platform can also help track compliance, ensuring no regulation requirement falls between the cracks.

3. New Advancements and Risks in AI and Technology

The rapid advancements in AI, IoT and cloud computing have greatly accelerated business capabilities. They allow for unprecedented opportunities for SMBs, which were previously only available for large businesses. However, these advancements also bring new security challenges that are often more complex and sophisticated than traditional threats. 

For example, AI systems can become targets of cyberattacks, resulting in data exfiltration or damage to the business. IoT systems often lack security protocols, making them vulnerable to attacks that can compromise the entire SMB network. Cloud computing vulnerabilities or excessive permissions can lead to data breaches and loss of control over sensitive information. For SMBs, the risk is heightened due to typically lower levels of investment in robust cybersecurity measures compared to larger enterprises. 

What Does This Mean for MSPs/MSSPs? 

As trusted security advisors, MSPs and MSSPs must evolve their services in 2024 to address the unique challenges posed by AI, IoT, and cloud computing, ensuring that their SMB clients can safely benefit from these technologies while minimizing potential risks. This adaptation involves implementing stronger security protocols and defenses, like misconfiguration identification, the principle of least privilege, embedded observability and responsible AI. It also includes educating SMBs about the risks and best practices associated with these technologies. 

An automated vCISO platform is always up-to-date, ensuring your clients are always protected against the latest threats and risks with the latest policies. For example, GenAI policies that ensure safe use of GenAI.

4. Enhanced Cybersecurity Awareness Among Leadership

Growing awareness of digital threats has not escaped the attention of boards and management teams. Boards are becoming increasingly concerned about the reputational and financial risks associated with data breaches, which could result in regulatory fines, loss of customer trust and ceasing of operations. As a result, in 2024 there will be a growing demand from these leadership teams for investing in more robust and proactive security measures. 

What Does This Mean for MSPs/MSSPs? 

As cybersecurity increasingly becomes a board-level concern, there will be greater demand for executive team involvement in cybersecurity. Leadership will aim to constantly understand their current security posture, to enable them to manage risk effectively. MSPs/MSSPs can fulfill this need by simplifying cybersecurity, making the information accessible and summarizing the highlights and top-level insights in reports. By providing concise and clear information MSPs/MSSPs can support leadership’s strategic decision-making that aims to overcome security gaps. 

Automated vCISO platforms enable offering full-fledged vCISO services, including the creation of comprehensive security dashboards and reports, providing a view of the company’s security posture based on data measurements and risk scores.

5. Geopolitical Impact

Businesses around the world will be deeply influenced by geopolitical factors in 2024. From diverse global regulations to varied threat landscapes, a globally interconnected world requires SMBs to adapt their security strategies. This complexity is heightened by the current geopolitical climate conflicts, particularly in regions like the Middle East, the US (due to their involvement in the conflict) and highly unstable Muslim regions like Yemen and Iraq. Political tensions can lead to an increase in cyber threats, often targeting Western countries, and the US in particular. 

What Does This Mean for MSPs/MSSPs? 

The interplay of global geopolitics and cybersecurity presents a unique challenge for MSPs and MSSPs. They must ensure they have strong and comprehensive security controls, and must be able to monitor threats at all times. It’s also important to develop incident response plans and have clear policies in place to handle any breach or attack. Regular training and testing are also essential to ensure employees are familiar with the security protocols. Given the high stakes, an automated platform can reduce the overhead, boost security expertise and help MSPs and MSSPs focus on working with the customer.

6. vCISO Opportunity for Growth

SMBs across the board will require comprehensive security solutions and top-industry cybersecurity expertise in 2024, due to the aforementioned reasons. These include the need to address the growing number of threats, new compliance requirements, evolving digital risks and as a way to reassure boards they are taking the necessary measures to secure their infrastructure and data. Yet, their budgets will not always allow for hiring an in-house team. 

vCISOs who will be able to effectively meet this need are poised for unprecedented growth in 2024. They can expect to see growing demand for their services among SMBs, with the potential to build long-term business relationships. Cost-effective cybersecurity solutions like vCISO services will be particularly attractive as companies look to maximize the value of their investments. 

What Does This Mean for MSPs/MSSPs? 

MSPs and MSSPs that offer vCISO services will meet SMBs that are willing to pay for such comprehensive security services. This large and lucrative market provides an opportunity for MSPs and MSSPs to grow their revenue in the short and long term. It’s no wonder that the State of the Virtual CISO 2023 Report commissioned by Cynomi found that 45% of MSPs and MSSPs plan to add vCISO services to their offering by the end of 2024. 

Offering vCISO services also enables MSPs and MSSPs to ride the above trends and differentiate while growing their business. Thanks to AI-based vCISO technologies, in-house expertise is no longer a bottleneck for MSPs and MSSPs. Automated vCISO platforms reduce the overhead by providing an automated solution to each service, from cyber profiling to risk assessments to tailored security policies across access management, and more. This expands the range of services MSPs/MSSPs can offer while making the process more efficient and reliable.  

Looking Forward 

As we approach 2024, it becomes clear that the cybersecurity landscape for SMBs is expected to become even more risky and complex. As a result, SMB demand for comprehensive cybersecurity and vCISO services is expected to surge. 

This presents a unique and significant opportunity for MSPs and MSSPs. By embracing innovative technologies like automated vCISO platforms, you can offer comprehensive, efficient, and tailored cybersecurity solutions to your SMB clients. 

Now it’s up to you, will you position yourself at the forefront of protecting SMBs? By taking proactive steps,including building the right plan and choosing the right tools, you can stay ahead of the 2024 curve and enjoy opportunities for growth and success. 

Wishing you a prosperous 2024!

As a vCISO, you are in charge of developing and implementing the business’s cybersecurity strategy, while balancing business needs and fostering trust within the organization. And even if you’re not officially on the company’s payroll, you still hold a leadership role within the organization. As such, the first 100 days are critical for navigating your professional responsibilities and positioning yourself as a reliable decision maker.

How can you ensure your first 100 days as a vCISO serve as the foundation for your long-term success? In this new blog post, we bring the highlights of a five-step 100-day action plan designed to help you accomplish your goals.

This blog post is based on the comprehensive playbook “Your First 100 Days as a vCISO – 5 Steps to Success”, which you can read here.

Goals and Pitfalls to Avoid for vCISOs

Before diving into the activities themselves, here’s a quick reminder of the vCISO’s goals and organizational risks. This list should serve to guide you throughout the first 100 days and beyond.

In the first 100 days, a vCISO should focus on three primary goals:

1. Establishing, overseeing and managing organizational security
2. Fostering trust among the organization with security goals
3. Making security a business enabler

Pitfalls that should be avoided include getting caught up in organizational politics, relying on manual processes, and spreading services too thin across industries. (You can read more about the goals and pitfalls in the guide.

The 5 Phases: Your 100-Day Action Plan

Research (Days 0-30):

This phase is your opportunity to get to know the organization. It involves a deep dive into the company’s current security status and business goals, building relationships with stakeholders and evaluating existing security controls.

Some of the key activities include:

• Meeting stakeholders and management
• Meeting the IT/security team
• Getting access to tools, data and all relevant systems
• Analyzing existing infrastructure, tools, frameworks, policies and reports
• Reviewing past security incidents and responses

Read the full list of activities and additional details about each one in the playbook.

Understand (Days 0-45)

In this step, your goal is to synthesize information into a comprehensive view of the organization’s security maturity, including risk assessment and gap analysis.

Some of the key activities include:

• Conducting a security risk assessment
• Creating a clear picture of security maturity and the security posture
• Showing the current security posture and gaps to the management
• Identifying short-term and long-term needs
• Identifying business needs
• Examining the use of automation

Read the full list of activities and additional details about each one in the playbook.

Prioritize (Days 15-60)

Now, you can draft actionable plans based on your understanding of the organization’s security.

Key activities include:

• Defining short, mid and long-term goals
• Creating a remediation/work plan based on those goals
• Identifying 2-3 quick wins
• Planning budgets and resources

Read the full list of activities and additional details about each one in the playbook.

Execute (Days 30-80)

This phase is about putting the strategic plan into action, establishing yourself as an organizational leader.

Key activities include:

• Getting stakeholder and management buy-in
• Communicating the plan to all stakeholders
• Implementing automated systems that can deliver low hanging fruit (see examples in the report)
• Focusing on the quick, impactful wins
• Setting a cadence for external scanning and reporting

Read the full list of activities and additional details about each one in the playbook.

Report (Days 45-100)

The final phase involves validating the strategy’s effectiveness, crafting detailed reports and continuously adapting the security measures.

Key activities include:

• Measuring success
• Crafting detailed reports for management
• Communicating progress at least once a month
• Integrating reporting into your overall plan

Read the full list of activities and additional details about each one in the playbook.

Next Steps and Long-Term Strategy

In your first 100 days as a vCISO, you’ve established a strong foundation by building key relationships, aligning security with business goals, achieving quick wins and incorporating automation. As you transition into long-term planning, you will need to continuously refine your security practices, policies and technologies, ensuring they stay up-to-date with technological advancements and evolving threats while meeting compliance needs.

Implementing a vCISO platform will be instrumental in monitoring your organization’s security status and adapting to external changes in the threat and regulatory landscapes.

To learn more about how to knock your first 100 days out of the park, get the playbook, which was crafted together with PowerPSA Consulting for vCISOs based on our extensive experience and combined knowledge, here.