OpenText Cybersecurity MSP/MSSP Survey Finds Customers Seek AI-led Comprehensive Security Expertise for Threat Detection and Vulnerability Management

OpenText Cybersecurity 2024 Global Managed Security Survey reveals
enterprises and SMBs Need Holistic and Composable Security

WATERLOO, ON, June 10, 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 prioritizing 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% 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 80% offer these AI-related security services
  • Of those respondents who are not currently offering AI-related security services, 62% plan to offer these services in the next 12 months
• In 2023, contract flexibility was cited as the top quality by customers; in 2024 expertise in security and AI respectively are now the most important MSP/MSSP qualities requested
  • Demand for comprehensive security increased more than 10% in 2024
    More than a quarter (27%) of customers prefer having one vendor for security solutions: a 10% 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 (83%) of MSPs/MSSPs have seen an increase in business driven by interest in AI security tools and expertise
• 34% said the incorporation of AI into security 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 to augment the skills of security talent and security platforms, rather than replace people

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

MSPs and MSSPs wanting to take their cybersecurity programs to the next level are invited to stop by the OpenText Cybersecurity booth (#627) or Pillr booth (#912) at the Pax8 Beyond event June 9-11 in Denver, CO. OpenText Cybersecurity will also be at Kaseya DattoCon Europe (booth #G6), June 11-13 in Dublin, Ireland.

Survey Methodology

In April 2024, OpenText Cybersecurity surveyed 1,577 managers, c-level executives, and security specialists at MSPs and MSSPs in the United States, Canada, the United Kingdom, France, Germany and Australia. Respondents represented MSPs/MSSPs ranging in size from 50 to more than 5,000 employees.

About OpenText Cybersecurity
OpenText Cybersecurity provides comprehensive security solutions for companies and partners of all sizes. From prevention, detection and response to recovery, investigation and compliance, our unified/end-to-end platform helps customers build cyber resilience via a holistic security portfolio. Powered by actionable insights from our real-time and contextual threat intelligence, OpenText Cybersecurity customers benefit from high efficacy products, a compliant experience and simplified security to help manage business risk.

About OpenText
OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com.

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Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies, and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Copyright © 2024 OpenText. All Rights Reserved. Trademarks owned by OpenText. One or more patents may cover this product(s). For more information, please visit https://www.opentext.com/patents.Third-party products mentioned are owned by the respective third-party and/or its affiliates.

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SOURCE Open Text Corporation

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