Businesses face an urgent need to improve security
Over two-thirds (67%) of business and IT leaders say that their organization needs to improve security and compliance measures. 1 in 4 (24%) rate their organization’s security and compliance strategy as reactive, with larger companies feeling this more than smaller ones.
The average percentage of IT budgets dedicated to security is just 9%
But lack of staffing and
budget hamper security efforts
The biggest barriers to proving and demonstrating security externally are a lack of staffing (33%) and automation to replace manual work (32%). In addition, the average percentage of IT budgets dedicated to security is just 9%.
Customers want more proof and transparency than ever
Two-thirds (66%) of businesses say that customers, investors, and suppliers are increasingly looking for proof of security and compliance but over 1 in 8 admit they don't or can’t provide evidence when asked.
Better security builds trust
70% of leaders say that a better security and compliance strategy positively impacts their businesses thanks to stronger customer trust and improved reputation (43%).
The power of automated security and compliance
When deployed as part of a broader trust management strategy, automation can accelerate security and compliance. On average, teams could save at least 2 hours per week on security and compliance tasks if processes were automated.
When done right,
AI can transform trust
77% of businesses already use or plan to use AI/ML to detect high risk actions. The biggest transformational potential for AI will be improving the accuracy of security questionnaire responses (44%), eliminating manual work (42%), streamlining vendor risk reviews and onboarding (37%), and reducing the need for large teams (34%).