Australian executives predict AI-driven business growth in 2024

A significant majority of Australian C-level executives and security specialists within Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs) anticipate that the burgeoning interest in artificial intelligence (AI) will spur notable business growth over the next year. This revelation is based on the latest findings from OpenText Cybersecurity's Managed Security Survey.

The survey, which involved more than 1,500 respondents, indicates that 92.5% of Australian respondents see AI investment and the provision of AI security services as primary drivers of business growth over the coming 12 months. In specific terms, 85% of these executives project that AI will drive between 11-30% of their business growth in the next year. This interrelation between AI and business expansion underscores the increasing reliance on innovative technology to combat evolving cyber threats.

AI's role in business growth is further evidenced by the increasing demand for AI security tools and expertise. More than three-quarters (88%) of the surveyed Australian MSPs/MSSPs have experienced a business uptick due to interest in AI-driven security solutions. On a related note, 36% of respondents acknowledge that integrating AI into security frameworks represents the most challenging task they're currently addressing for their customers.

The survey identified customers' shifting priorities. In the past year, the emphasis was on contract flexibility, yet for 2024, security expertise and response time, particularly within the domains of Australian security and AI, are deemed most critical. The demand for comprehensive security solutions has surged by over 50% this year. Additionally, a rising preference for single-vendor security solutions was noted, as 36.5% of customers now prefer this approach—a 90% increase from 2023.

Prentiss Donohue, Executive Vice President of OpenText Cybersecurity, commented on the findings: "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. 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."

Beyond these insights, the survey also pointed out some of the specific AI-related security benefits being embraced by customers. One of the top-ranked advantages of incorporating generative or other forms of AI into security programmes is enhanced threat hunting, which allows for the more straightforward identification of vulnerabilities. Given the complex new terrain of cybersecurity threats, these tools are proving invaluable for businesses aiming to maintain robust defences.

The survey methodology incorporated inputs from managers, C-level executives, and security specialists from the United States, Canada, the United Kingdom, France, Germany, and Australia. The respondents represented organisations varying in size from small enterprises with 50 employees to larger firms with over 5,000 personnel.

OpenText Cybersecurity continues to advocate for the transformative potential of AI within the security sector. With AI technologies increasingly becoming embedded within security operations, organisations are likely to see improved efficiency in threat detection and response mechanisms. Taken collectively, the survey results highlight a clear trend towards overhauling traditional cybersecurity strategies in favour of AI-enhanced solutions, presenting both opportunities and challenges for MSPs and MSSPs moving forward.