[4 minute read]

(Part 2 of 2):  In Part 1 of this blog series, we reviewed and graded our 2023 predictions. Part 2 offers 2024 predictions for the data security, compliance, and risk management industry.)

 "This is a new year. A new beginning. And things will change."

While Taylor Swift (2023 Time Person of the Year) may not have been referring to cyber threats, 2024 promises to be another year full of change, challenges, and opportunities for the data security, cybersecurity, and compliance industry.

Drawing from decades of working alongside CISOs, MSPs, and auditors, here are our top cybersecurity and compliance predictions for 2024.

The Ostendio Top 7 Predictions for 2024 

1. 2024 is the Year of the Accountable CISO

This is not a surprise for any security professional who has been following the news about SolarWinds. The company and CIO, Tim Brown, were charged in 2023 by the SEC with fraud and internal control failures related to the 2020 supply chain cyberattack on the company's Orion Platform. Reports suggest that “the charges against SolarWinds could have enormous implications for CISOs at companies nationwide, as the SEC increases scrutiny on C-suite executives.” In 2024, organizations and their officers will need to continue their focus on compliance regulations, standards, and frameworks.

2. Continued consolidation of MSPs

The Managed Service Provider (MSP) industry has seen rapid consolidation in recent years and we expect that to continue with smaller MSPs integrated into larger providers. This trend is in response to the increasing client demand for more comprehensive IT, Security, and Compliance solutions, as well as the competitive cost pressure providers face as a result of the 40,000 IT/MSP providers operating in the US market today.

3. Evolution of the MSP to MSCP (Managed Security and Compliance Provider)

This year we predict a new term that captures the evolving landscape of Managed Service Providers (MSPs): MSCPs, or Managed Security and Compliance Providers.

Not only has the MSP industry seen consolidation but MSPs are also recognizing that there is a need to drive change and meet the evolving needs of their clients. One of the main areas where MSPs are seeing an increase in demand is security and compliance. This will drive more MSPs to extend their services from just IT and security-related services to include the preparation and support of a comprehensive security audit.  

The MSCP will actively support their clients' compliance journey, aligning with the ever-growing list of regulatory requirements. This term reflects their broader commitment to not only secure systems but also ensure regulatory adherence, demonstrating their pivotal role in the evolving cybersecurity and compliance domain.

4. Continued Convergence of Cybersecurity Technologies

Organizations are looking to centralize how they manage the multiple tools e in their ecosystem.  While we predict further simplification and ease of software integrations, we caution organizations to take their time with their API (Application Protocol Interfaces) implementations. The key for successful integrations across your security tech stack is to align these integrations with business goals that create improved efficiencies, rather than an increase to your risk. We describe these integrations as “purposeful” and encourage organizations to focus on the value derived from the business process they improve rather than the specific system they connect to.  

5. Increased Industry Skepticism Around the Equation of  “Audit Automation” With Security Compliance

In November 2023, the AICPA identified some risks associated with SOC 2 audit. Peer Reviews include comments such as, “Service auditors may over-rely on the information provided by the SOC 2 tools without adequately testing whether the tool operates as intended and the information is complete and accurate for their purposes.” 

This highlights the risks of using simple automation tools that may not sufficiently meet the auditor needs of a robust audit. Credible cybersecurity auditors are looking beyond the checkbox to validate the “how” and “why” of audit results. To complete a security audit that is beneficial to the security of your organization, Ostendio recommends always working with an experienced and established auditor.

6. Finding the right partner is the key to cybersecurity success

As organizations navigate complex security landscapes, collaboration with cybersecurity consultants and security providers becomes paramount. To achieve holistic security, partnerships must address every aspect of the security colander, ensuring all cybersecurity gaps and holes are filled for comprehensive protection. 

With the proliferation of  MSPs (Managed Services Providers in the market, the challenge of selecting the appropriate partner becomes more challenging. We recommend that organizations seek providers holding the relevant certifications at both the organizational and individual levels. Seek impartial partners, providing a range of cybersecurity and compliance solutions. Stay informed about the latest threats and regulations and prioritize partnerships based on competence and integrity rather than financial incentives.

7. Time to Get Serious About AI

After all the hype surrounding AI in 2023, it’s time to get serious about how you can truly harness AI to benefit your compliance program. In 2024, AI will become a tool we use to provide practical solutions. Look out for increased integration of AI and machine learning for threat detection, response, and automated security measures. But let’s get serious about AI and realize its limits as well as its opportunities.

Watch this webinar on-demand to learn more about Security and Compliance in AI.

While these predictions offer a glimpse into the potential landscape of 2024, the only certainty is the continued evolution of security and compliance. At Ostendio, we remain committed to guiding organizations through these dynamic shifts, providing expert services tailored to the industry's ever-changing demands.

If you're an MSP seeking comprehensive security and compliance solutions, our experts are ready to assist. We can connect you with certified MSPs who are proven to help clients navigate the latest cybersecurity challenges.