Addressing Security and Compliance Gaps: A Business Imperative
Many businesses are operating without clear visibility into their security and compliance efforts, jeopardizing their infrastructure, customer trust, and future growth.
Despite best efforts, 67% of organizations acknowledge their visibility and compliance require improvement, with only 40% rating their visibility as strong. Widening security gaps increase vulnerability and create more attack surfaces, transforming the lack of compliance from a mere oversight into a significant liability that hampers everything from sales cycles to attracting potential investors.
Critical Findings from Vanta’s State of Trust Report 2023
Released today, Vanta’s State of Trust Report 2023 provides a comprehensive analysis of global trends in security and compliance. Through interviews with 2,500 security, risk, and trust management professionals across five continents, the report highlights alarming compliance gaps that can impede business success.
The Risks of Compliance Gaps
The growing compliance gaps are alarming, as they can lead to slower sales and customer attrition over time. Identity and access management (IAM) emerged as a significant blind spot for 39% of respondents, pinpointing a critical area for attackers seeking to gain control over organizations.
“The data exposes fundamental gaps, leaving companies vulnerable,” noted Jeremy Epling, Chief Product Officer at Vanta. Automating trust management with AI tools is essential for safeguarding identities and streamlining compliance efforts.
Vanta’s survey indicates that manual compliance workflows limit security teams, compelling them to spend valuable time on routine tasks. This inefficiency is exacerbated by the escalating demands of global regulations, which further complicate compliance efforts.
The Inefficiency of Manual Compliance Processes
Security teams reportedly spend an average of 7.5 hours per week on compliance tasks, often leading organizations to deprioritize compliance initiatives due to time constraints. However, this short-term relief can stifle growth and market expansion.
“Static compliance processes slow companies down tremendously,” said Diego Susa, head of engineering at Unleash, a Vanta customer. “Automation is essential given today’s threat landscape.”
Over three-quarters (83%) of respondents are increasing their use of automation, reporting potential time savings of two hours per week—amounting to over 130 hours annually.
Vanta aims to centralize and automate security management through its AI-powered platform, while emphasizing the necessity of transparency in AI applications. Over half of leaders express concern that a lack of explainability in AI could erode trust, highlighting the importance of ethical implementations.
“Organizations urgently need efficient methods to bolster security as risks multiply,” said Vanta CEO Christina Cacioppo. “Automation via trust management platforms is key to overcoming these challenges.”
Why Security Compliance is Crucial in a Trust-Deficient World
Vanta’s newly launched Trust Center provides a centralized platform for businesses to showcase their security posture and enhance customer trust. In today’s competitive landscape, effective communication of security compliance is paramount, influencing contracts, mergers, and client relationships.
Financial services firms leverage security compliance data during client discussions to solidify trust and expand business opportunities. Adam Rebhuhn, security compliance manager at Modern Treasury, stated, “Vanta’s Trust Center allows us to transparently communicate our security status, reducing lengthy questionnaires and setting us apart in a competitive market.”
Vanta claims that the Trust Center can reduce deal cycles by 30%, facilitating faster growth for organizations of all sizes by streamlining security program management.
“With one in eight companies failing to prove trust from the outset, a straightforward yet robust solution is essential for demonstrating security posture,” remarked Epling. The Trust Center, combining superior workflows with real-time monitoring, supports organizations in maintaining customer trust while enhancing the security review process.
Treating Security Compliance as a Vital Asset
Vanta’s commitment to understanding market needs underscores the importance of viewing security compliance as a critical asset. In an era where cybersecurity and compliance are paramount, these elements are indispensable in risk management and maintaining robust client relationships.
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