7 Compliance Statistics and What They Mean For You

7 Compliance Statistics and What They Mean For You

The current state of compliance is ever-evolving. Each day you hear about new laws, the latest data breaches, and current protocols. Organizations are encouraged to keep up with all these  minor and major shifts in compliance. In fact, tracking these trends is at the forefront of many companies’ minds.

In 2022 and 2023, there was an abundance of reports published about compliance and auditing providing a transparent peek into what businesses’ audit plans look like. Luckily for you, after combing through various reports, there is a detailed wrap-up of top stats and what they mean for you below. 

1. 60% of business owners say they struggle with keeping up with compliance and regulations.1

The struggle is real! All jokes aside, the compliance landscape is always altering and developing to keep up with modern technology, regulations, and  much more. It can be daunting even to get and STAY compliant. 

Trust us, we know. That’s why you need help when you can’t stay on top of it all. A dedicated team of experts and a central platform to streamline the process can support you and your business goals.

2. 85% of organizations consider cybersecurity a high or very high risk.2

According to the IIA’s North American Pulse of Internal Audit Survey, cybersecurity is a risk and because of this cybersecurity needs to be of utmost priority. If companies face a data breach, they can expect heavy penalties and a loss of integrity that affects their overall company reputation. 

Considering many organizations see it as a high or very high risk proves just how dire it is to be compliant. If a business is not? The consequences are serious, which is why many diligent companies ensure their compliance is consistently up-to-date (and you should too)!

3. For audit plans, two of the next highest ranked areas of allocation are cybersecurity and IT, which equal 19% of the overall audit plan.2

Prioritizing audit plans, budget, and time for cybersecurity and IT can turn into long hours of work and high operational costs. Budgeting and time management can help ease these stressors. 

We recommend using a project management system to easily reach your targeted audit date. Additionally, auditor-vetted compliance monitors are something to consider as they save dozens of hours responding to evidence requests.

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4. The greatest challenges anticipated by compliance officers are the volume and implementation of regulatory change.3

Laws and regulations are often updated to ensure businesses continue to operate safely to protect not only the business but employees and customers. Failing to adhere to these regulations can come with risks beyond just fines. 

That may sound scary, but automating your infosec compliance program can help address implementing these new laws and regulations by reminding you of mandates that you are required to follow.

5. The second greatest challenges anticipated by compliance officers are a lack of budget and resources.3

Detailed, transparent audit reports help you stand out against competitors and build trust with your customers. But compliance can be costly. Again, project management is key to anticipating costs and resources required to keep your business secure and assure customers and partners that you are compliant.

6. More than half of compliance practitioners expect more compliance involvement in assessing cyber resilience.3

Cyber resilience remains a concern among compliance practitioners, and for good reason. 56% in 2020 and 62% in 2021 agreed that more compliance action will be used and needed for assessing cyber resilience. Anticipating and withstanding system compromises come as no surprise as a priority in the compliance industry. This is why there are many regulations to ensure businesses stay compliant even with evolving threats. Be sure to stay on top of your compliance year-round to save yourself the anxiety of detecting attacks or stressors.

7. Firms expressed that the biggest culture or conduct risk is balancing competitive and compliance pressures.3

When beating our competitors for customer business, compliance is a way to ensure trust and credibility. Proving that you are handling data responsibly is vital to closing deals and embedding successfully with partners and vendors. 

Thinking now is the time to get compliant?

At Thoropass, we live to build strong foundations for growing businesses, ensuring that compliance is never a barrier to progress. Talk to an expert today and let us help you seamlessly manage compliance end-to-end with intuitive, automated workflows, integrated audits, in-app penetration testing, and trained expert guidance along the way.

1Babson College

2 The IIA’s North American Pulse of Internal Audit Survey

3 Thomson Reuters Cost of Compliance 2022 Report

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