ISG Adds Cybersecurity Pricing Data to ISG ProBenchmark® Platform

Rhea-AI Summary

ISG has enhanced its ProBenchmark platform with real-time pricing for cybersecurity services amid rising demand due to geopolitical threats. Research indicates over a 20% increase in cybersecurity-related contract awards in 2021, with enterprises recognizing cybersecurity as a critical risk management priority. The updated platform utilizes data from 23,500 engagements, showcasing significant rates for cybersecurity skills rising up to 15%. Furthermore, ISG is tracking over 150 managed service contracts worth $4 billion that will require renewal within two years.

Positive

• ISG expanded ProBenchmark to include cybersecurity market pricing.
• Over 20% increase in cybersecurity contract awards in 2021.
• ISG ProBenchmark utilizes data from 23,500 completed engagements.
• Demand for cybersecurity skills has led to rate increases of up to 15%.
• Monitoring $4 billion in managed service contracts for renewal in two years.

Negative

• None.

New capability provides up-to-date market pricing and contract costs for cybersecurity services and solutions

STAMFORD, Conn.--(BUSINESS WIRE)-- At a time when geopolitical threats, cyberattacks and market growth have dramatically increased demand for cybersecurity services and solutions, leading global technology research and advisory firm Information Services Group (ISG) (Nasdaq: III), said today it has expanded the ISG ProBenchmark^® platform to include cybersecurity market pricing.

“The threat of ransomware attacks is driving enterprises to increasingly view cybersecurity as a board-level risk management priority,” said Chris Pattacini, managing director, ISG ProBenchmark. “ISG Index™ research shows more than a 20 percent increase in the number of cybersecurity-related contract awards in 2021. Real-time, comprehensive pricing data for cybersecurity services is critical for business decisions in this environment.”

The ISG ProBenchmark IT price benchmarking and market price intelligence platform is powered by the largest database of market price points of its kind, gathered from more than 23,500 completed engagements for 2,700 clients. ISG ProBenchmark now offers pricing benchmarks for cybersecurity services such as security operations centers, security incident and event management, identity and access management, endpoint security and vulnerability management.

Cybersecurity labor shortages are also a critical concern for enterprises as they look to elevate their cybersecurity capabilities, ISG says. The explosive growth in demand for managed cybersecurity services has caused service providers to increase their rate cards by as much as 15 percent for in-demand cyber skills, ISG research finds.

“Investing in cybersecurity services is an imperative for businesses across industries and geographies,” Pattacini said. “ISG is tracking more than 150 managed service awards that include cybersecurity in scope, representing over $4 billion of ACV that will come up for renewal in the next two years.”

Along with the ISG Contract KnowledgeBase™, pricing insights leverage the comprehensive annual ISG Provider Lens™ Cybersecurity – Solutions & Services report, as well as market knowledge from ISG Cybersecurity, a dedicated, vendor-agnostic business unit that helps enterprise clients address the exponential increase in threat actors and the growing complexity of cybersecurity operating models.

Cybersecurity is the latest tower added to the ISG ProBenchmark Software-as-a-Service platform, which offers detailed pricing on infrastructure, application, network and business and shared services for both buyers and sellers. For more information, visit the ISG ProBenchmark webpage.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220519005321/en/

Press:

Will Thoretz, ISG

+1 203 517 3119

will.thoretz@isg-one.com

Erik Arvidson, Matter Communications for ISG

+1 978 518 4542

isg@matternow.com

Source: Information Services Group, Inc.

FAQ

What recent update did ISG announce regarding cybersecurity?

ISG expanded its ProBenchmark platform to include real-time pricing for cybersecurity services.

How much did cybersecurity-related contract awards increase in 2021?

There was over a 20% increase in cybersecurity-related contract awards in 2021.

What is the projected value of managed service contracts involving cybersecurity over the next two years?

ISG is tracking over $4 billion in managed service contracts that will require renewal within the next two years.

What factors are driving the demand for cybersecurity services according to ISG?

Geopolitical threats and an increase in cyberattacks are driving the demand for cybersecurity services.

What is the impact of cybersecurity skill shortages on service provider rates?

Service providers have increased their rate cards by as much as 15% for in-demand cybersecurity skills.