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News & Articles

December 14, 2023 | Mike Walkey

Data Management and Protection Predictions for MSPs in 2024

IT services providers should be able to take advantage of these key opportunities as the new year kicks off.

Data is the lifeblood of every modern organization, making its management and protection a top priority for MSPs.

Here are four predictions for 2024 that MSPs should be aware of as they seek to efficiently and effectively manage and protect their clients’ data.

Opportunity: Cloud Data Repatriation

The cloud is not going anywhere, and many of the promises that have led to much of today’s data being stored in the cloud still hold true. However, many SMBs are realizing that, for all its benefits, the cloud is not the cost-effective silver bullet for every kind of application and data.

Mike Walkey of Veritas

Mike Walkey

This has led to widespread cloud data repatriation. Mature companies that made the journey to the cloud are bringing some data back on premises, and cloud-native companies are supplementing their cloud infrastructure by moving some data to new on-premises computing and storage resources.

Estimates suggest most companies will repatriate at least some data next year. This will create a massive opportunity for MSPs in 2024. Many mature organizations redeployed data center staff as part of their cloud journeys, and many cloud-native companies simply never have had them in the first place.

In both cases, there is a talent and skills gap that MSPs can help fill.

GenAI-focused Data Compliance Regulations

For all its potential use cases, generative AI also carries heavy risks, not the least of which are data privacy concerns.

Most regulatory bodies currently are focused on how existing data privacy laws apply to generative AI, but as the technology evolves, generative AI-specific legislation is sure to come.

As legitimate business-use cases for generative AI grow, SMBs will need help in the coming year implementing data compliance and governance that address current and future generative AI issues.

Given that many businesses will face these challenges with little internal expertise or experience, MSPs should prepare to meet this need in 2024.

CISO Vacancies Open the Door for Cyber Resiliency Strategies

Many organizations struggled to fill vacant chief information security officer (CISO) roles in 2023, a trend that is likely to continue in 2024. At the same time, however, data security is the top risk facing organizations today — outranking even economic uncertainty and competition — and the risk is rising. Without help, this could lead to dire circumstances — 15% of executives and IT leaders think their organizations may not even survive to the end of 2024

MSPs are in a prime position to fill the gap by helping customers craft comprehensive cyber resiliency strategies in 2024 that will enable their clients to avoid the repercussions of failing to hire CISOs in 2023.

Rise of Vendor-driven Security Ecosystems

Nearly two-thirds of organizations suffered a ransomware attack over the past two years in which an attacker gained access to their systems. This unprecedented rise in ransomware as the dominant cybercriminal activity has blurred the line between cybersecurity and data protection.

To help combat this, cybersecurity and data protection vendors are joining forces by establishing security ecosystems. The absolute best of these ecosystems even lab validate integrations against real-world attacks to ensure combined solutions will protect data, detect threats, and enable quick recovery.

With a recent rise in these ecosystems, MSPs will be able to take full advantage in 2024 by focusing less on making sure their toolsets integrate and more on providing comprehensive cyber resiliency to meet clients’ needs.

Understanding and preparing for these trends will help MSPs ensure efficient and effective data management and protection for their clients. And those that capitalize on them will achieve the strongest growth in 2024 and beyond.

Mike Walkey is senior vice president of global channels and alliances for Veritas Technologies.

Image: iStock

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