Sydney, AU — June 11, 2024 — OpenText (NASDAQ: OTEX, TSX: OTEX) today released the findings of its annual OpenText Cybersecurity Global Managed Security Survey. The 2024 survey of over 1,500 Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs) found that the majority (92.5%) see increasing AI-led security and threat intelligence services as the major drivers of business growth over the next 12 months. Even with the AI buzz, comprehensive security and composable on-demand security expertise remain the primary reasons enterprise and SMB customers seek MSP/MSSP services.   

“Amid the growing excitement and interest in AI technologies, it’s crucial not to overlook the foundational need for composable security which provides the ability to adapt to changing security needs,” says Prentiss Donohue, Executive Vice President, OpenText Cybersecurity. “MSPs and MSSPs play a critical role in safeguarding their customers’ sensitive data. As cyber threats escalate, our partners are prioritising security and integrating AI-powered threat intelligence services into their offerings. This ensures our end customers can reap the benefits of AI technology without compromising security.” 

Key survey findings include:
Priorities have shifted towards embedded AI and holistic security with single vendors   

• In 2024, 92.5% of Australian respondents reported AI investment and offering AI security services (i.e., tools) to track threats and vulnerabilities as the major drivers of business growth over the next 12 months 
  • Over 75% offer these AI-related security services in Australia 
  • Of those respondents who are not currently offering AI-related security services in Australia, 72% plan to offer these services in the next 12 months  
• In 2023, security team expertise and response time was cited as the top quality by customers; in 2024, Australian expertise in security and AI and response time are now the most important MSP/MSSP qualities requested 
  • Demand for comprehensive security increased more than 50% in 2024
  • More than a quarter (36.5%) of customers in Australia prefer having one vendor for security solutions; a 90% increase from 2023  

 A top challenge facing enterprises and SMB customers—and a big business opportunity for MSPs/MSSPs—is the incorporation of AI into security to improve the effectiveness and efficiency of security teams and tools 

• More than three-quarters (88%) of MSPs/MSSPs in Australia have seen an increase in business driven by interest in AI security tools and expertise  
• 36% said the incorporation of AI into security in Australia is now the biggest challenge they are helping customers solve  
• The top ranked benefit of incorporating generative or other AI into customers’ security programs is threat hunting to more easily find vulnerabilities 

For additional findings from the OpenText Cybersecurity 2024 Global Managed Security Survey, read the blog and view the infographic. 

MSPs/MSSPs wanting to take their cybersecurity services to the next level are invited to attend the OpenText Cybersecurity MSSP Summit 2024: Summit of Solutions. To learn more about this virtual event taking place June 11-13, or to register for a session, visit Home: OpenText Cybersecurity MSSP Summit 2024: Summit of solutions (swoogo.com)