- Remarkably, 39% of organizations stated that identity and access management (IAM) has been a specific blind spot.
- According to Vanta, the Trust Center speeds up business growth for companies of all kinds by reducing deal cycles by 30%.
Most companies are flying blind when it comes to security and compliance, endangering the infrastructure, clients, and future of their firms.
Sixty-seven percent believe they still need help with their level of visibility and compliance despite their best efforts. Just four out of ten confirm that their compliance visibility is strong. Growing security flaws expose more attack surfaces, making security noncompliance a liability and hindering investment attraction and sales processes.
Vanta has issued its State of Trust Report 2023, which includes these startling conclusions. The research offers a thorough analysis that reveals global trends in compliance, security, and the future of trust. Vanta conducted interviews with 2,500 experts in the fields of security, risk, and trust management across five continents.
Notable Security Compliance Gaps May Trouble Future Business
The most concerning aspect is how obvious security compliance breaches, which are only getting worse, will eventually result in lower sales and clientele loss. The management and protection of identities is the first area of a firm where these gaps exist. Attackers are chasing that goldmine because, once they get power over identities, they also gain control over the company.
Jeremy Epling, Chief Product Officer handling Vanta’s engineering, product, and design, said, “The data exposes fundamental gaps, leaving companies vulnerable.”
Remarkably, 39% of organizations stated that identity and access management (IAM) has been a specific blind spot.
The results of Vanta’s survey show an alarming increase in compliance blind spots in businesses worldwide, which is made worse by understaffed security personnel who must spend substantial time on manual security compliance procedures.
The results also show insufficient risk visibility and an excessive dependence on manual compliance procedures, which hinders the productivity of security personnel. Businesses require innovative techniques to enhance and automate their security. The ever-changing worldwide regulations and the increasing time-suck associated with meeting ever-increasing requirements only exacerbate the pressure.
Manually Closing Compliance Gaps doesn’t Work
Security teams should spend more of their time on urgent and high-priority duties to guarantee the security posture of their enterprises, not on manual compliance tasks.
According to Vanta’s poll, security teams devote 7.5 hours weekly to compliance. Given the significant time commitment, it makes sense that many firms are prioritizing compliance activities less. Although there is some appeal to this short-term respite, delayed adherence inhibits market growth.
More than three-quarters (83%) of respondents indicate they are growing (or plan to increase) their use of automation. They claim that automating jobs can save two hours each week, or more than 130 hours per year.
Depending on the size of its AI-powered platform, Vanta hopes to assist all businesses in centralizing and automating security administration. However, the businesses contend that transparency is still crucial as long as AI hazards exist. More than half of leaders fear that trust could be damaged if AI isn’t sufficiently explainable. Implementing ethics must be done, even if efficiency is the goal.
Christina Cacioppo, CEO of Vanta, said, “Organizations urgently need more efficient methods to improve security as risks multiply. Automation through trust management platforms can help overcome these hurdles.”
Security Compliance is a King in a World Lacking Trust
Vanta’s recent launch of its new Vanta Trust Center demonstrates its keen understanding of the business. Customers can demonstrate their security and compliance posture, foster confidence, and expedite security evaluations all from one central location using the platform.
A demonstrated security posture is necessary for contracts, purchase orders, partnerships, corporate mergers, acquisitions, and funding rounds. The center was created and deployed by Vanta to assist clients in communicating in real time and bolster their security postures.
According to Vanta, the Trust Center speeds up business growth for companies of all kinds by reducing deal cycles by 30%. Customers can now manage their security programs more efficiently and expedite the security assessment process from within Vanta thanks to the Trust Center, which combines the unique features of Trustpage and Vanta.
Epling mentioned, “With one in eight companies falling at the very first hurdle of proving trust to customers and prospects, organizations need a simple yet powerful solution to showcase their security posture.”
An Asset Like Security Compliance Needs Utmost Protection
Vanta’s ability to effectively assess market trends and client needs can be ascribed to its commitment to safeguarding security compliance as a valuable asset.
Never before have compliance and cybersecurity been more crucial to a business than they are now. In addition to convincing the most prominent clients to stick with them and have faith in their security posture, they are crucial in risk management and containment.