When security professionals are asked how to improve their company’s security posture, the top answer is upgrading tools (67%).
For many, it may seem like security, risk, and compliance is ever-changing. And that’s not a stretch of the imagination. In 2020 alone, ISO published 1,627 new standards. And for those that find themselves falling out of compliance, the fines related to the well-known General Data Protection Regulation (GDPR) continue to rise.
This change makes it all the more important for businesses to stay on top of new rules, regulations, and best practices in order to keep them safe and secure. We’ve pulled a few statistics to help paint a picture of the current state of compliance.
1. 86% of companies surveyed agreed that innovative digital technologies have helped identify financial crime. (Refinitiv’s Global Risk and Compliance Report 2021)
2. The leading risk among organizations for 2021 was business interruption (41%), including supply chain disruptions. This was followed closely by cyber incidents such as cybercrime, data breaches, and fines and penalties at 40%. (Statista)
3. 70% of risk and compliance experts said the pandemic has increased their reliance on technology to improve decision making, performance monitoring, and risk management. (Thomson Reuter’s Fintech, Regtech and the Role of Compliance Report 2021)
4. Firms have identified the top five risk and compliance functions that can benefit from technology as the following:
- Vendor oversight (54%)
- Marketing reviews (41%)
- Compliance policy/activity tracking (41%)
- Trade surveillance (32%)
- Regulatory reporting (24%). (ACA Key Trends and Forces Shaping Risk and Compliance Management in 2021)
5. Cybersecurity practices among vendors are becoming an expectation, as 44% of firms say they are being asked for proof of cybersecurity as part of a request for proposal (RFP). (ACA Key Trends and Forces Shaping Risk and Compliance Management in 2021)
6. Risk and compliance programs are maturing. Navex Global found that the number of “mature and advanced” risk and compliance programs grew by 29%, while the number of “reactive and basic” ones declined by 35%. (Navex Global’s 2021 Definitive Risk & Compliance Benchmark Report)
7. 34% of organizations outsource some or all of their compliance functionality. (Thomson Reuter’s Cost of Compliance Report 2021)
8. If it were a country, U.S. regulation would be the world’s eighth-largest economy. (CEI Ten Thousand Commandments 2021)
9. When security professionals are asked how to improve their company’s security posture, the top answer is upgrading tools (67%). This is an effort which they also report is being thwarted by integration difficulties, lack of expertise, and the sheer number of tools to manage. (Netenrich’s Global 2021 Survey of IT and Security Professionals)
10. 80% of respondents say they had a business continuity plan in place and that it helped them navigate the pandemic’s impact. (Navex Global’s 2021 Definitive Risk & Compliance Benchmark Report)
For even more compliance statistics to inform you and your team about the importance of staying safe and secure, our friends at Secureframe have created this helpful visual guide. It touches on top statistics to know, the top challenges facing compliance teams, and new and changing data regulations to be aware of going into 2022.