Compliance is a Significant Barrier to Business Performance
Coalfire, a provider of cybersecurity advisory and assessment services, released the Securealities Compliance Research Report in partnership with global analyst consulting firm Omdia. The comprehensive report, "Compliance in the Era of Digital Transformation," outlines the impact of cybersecurity compliance in this new age of accelerating regulation, pandemic-driven communications and business processes moving to the cloud.
"The compliance landscape has changed dramatically over the last 10 years," said Adam Shnider, Executive Vice President, Cyber Assurance Services, Coalfire. "Our research confirms that resource burdens have become unsustainable to the point that there may be no light at the end of the tunnel for organizations that fail to adopt new cybersecurity compliance strategies."
Based on a survey of prominent IT and security executives representing technology, financial services, manufacturing, healthcare, government, and beyond, the report shows how public and private sector organizations are developing actionable solutions to address the ever-growing burden of compliance.
2020 Compliance Report Findings
- Growing compliance obligations threaten to become unsustainable cost burdens – 51 percent of those surveyed are spending 40% percent or more of their IT security budgets on compliance.
- Compliance is a significant barrier to business performance – Nearly 60 percent of companies view compliance as a barrier to enter new markets and prepare news services to meet compliance requirements.
- Organizations must transform their approach to compliance – Cyber standards are changing from point-in-time assessments to continuous, outcome-based compliance requirements; 66 percent indicate that technology with automation, ongoing visibility, and coordinated assessments are critical to compliance transformation and reducing audit fatigue and total cost of compliance.
"Despite the exponential growth in compliance obligations, our research shows that positive business and security outcomes are possible," said Alan Rodger, Senior Analyst, Omdia. "By adopting new best practices, some organizations are reporting 40-50% compliance resource savings, and many are using their improved security posture as a competitive differentiator."
For more information, please refer to the full report 'Compliance in the Era of Digital Transformation' (https://experience.coalfire.com/securealitiescompliancereport2020) and infographic (https://www.coalfire.com/Documents/Whitepapers/Securealities-Compliance-Digital-Transformation) further detailing the findings of the report.