Security compliance was analyzed in a recent report by Vanta. According to the report, 67% say they need to improve security and compliance measures with nearly one in four (24%) rating their organization’s security and compliance strategy as reactive.
Meanwhile, one in four organizations have downsized IT staff and 60% have either already reduced IT budgets or are planning to as they continue grappling with the challenging global economic environment. Two-thirds say that customers, investors and suppliers are increasingly looking for proof of security and compliance. While 41% provide internal audit reports, 37% third party audits and 36% complete security questionnaires, one in eight (12%) admit they don't or can’t provide evidence when asked.
According to the report, businesses spend an average of 7.5 hours per week on achieving security compliance or staying compliant. Over half (54%) are concerned that secure data management is becoming more challenging with artificial intelligence (AI) adoption with 51% saying that using Generative AI could erode customer trust.
Seventy percent of leaders say that a better security and compliance strategy positively impacts their businesses thanks to stronger customer trust, while nearly three in four (72%) agree that a better security and compliance strategy would make them more efficient. Eighty-three percent of businesses have or plan to increase their use of automation, particularly for reducing manual work and streamlining vendor risk reviews and onboarding.
Read the full report here.