Between onboarding new vendors, keeping data compliant and undergoing internal audits, companies face a wide variety of compliance challenges in today’s climate. To help give you a better understanding of those issues and shine a light on compliance insights, we’ve gathered a collection of compliance statistics.
1. 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)
2. 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)
3. 34% of organizations outsource some or all of their compliance functionality. (Thomson Reuter's Cost of Compliance Report 2021)
4. If it were a country, U.S. regulation would be the world’s eighth-largest economy. (CEI Ten Thousand Commandments 2021)
5. 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)
6. 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 more compliance statistics, Secureframe has created this helpful infographic to help educate teams about the importance of compliance, build a solid compliance program, and get executive buy-in to address the changing nature of compliance risks to help guide your team into 2022.