Almost two-thirds (66%) of UK businesses say they need to improve their security and compliance measures, and a quarter (25%) say they need to improve their security and compliance measures, according to data collected by a US cybersecurity firm. You rate your organization’s security and compliance strategy as being reactive., VantaaTrust Status Report.
The State of Trust 2023 report investigated the behaviors and attitudes of 2,500 business leaders, including 500 from the UK.
UK businesses are currently navigating an unprecedented security environment. The expansion of attack surfaces in a post-pandemic hybrid world, coupled with shrinking teams and budgets and the rapid rise of generative AI, has heightened the urgent need to improve enterprise security posture.
Despite this, the report shows that only 9% of the average UK company’s IT budget is spent on security.
For businesses of all sizes, limited risk visibility and resource constraints make it difficult to improve security. Less than half (42%) of UK organizations rate their risk visibility as strong.
Meanwhile, 21% have laid off IT staff and 62% have already cut their IT budgets or are planning to do so as they continue to grapple with the challenging global economic environment.
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Essentials for improving security
Two-thirds (67%) say customers, investors and suppliers are increasingly demanding evidence of security and compliance.
While 37% provide internal and third-party audits and 39% complete security surveys, one in eight (12%) do not provide evidence when asked. , admits that it cannot be provided.
The two biggest barriers to proving and demonstrating security externally are lack of staffing (33%) and lack of automation to replace manual tasks (30%).
Just 10% of UK businesses’ IT budgets are devoted to security, and one in three leaders say their IT budgets are continuing to shrink.
More than half (57%) are concerned that the introduction of AI is making secure data management more difficult, and 55% believe that the use of generative AI could erode customer trust. says.
A turning point in trust management
Some 68% of UK leaders say a better security and compliance strategy will have a positive impact on their business by increasing customer trust, and nearly three in four (73%) say a better security and compliance strategy will positively impact their business by increasing customer trust. We agree that security and compliance strategies will become more efficient.
An overwhelming 83% of UK businesses have increased or plan to increase their use of automation, particularly to reduce manual work and streamline vendor risk reviews and onboarding.
“The business case for trust management is undeniable,” says CEO Christina Cacioppo. Vantaa.
Additionally, “For companies on the front lines of disrupting the security status quo, centralizing processes, automating compliance, and accelerating security reviews can turn trust into a truly marketable advantage.
“By closing the loop on the security lifecycle, from compliance to continuous monitoring and communication, businesses can transform how they build trust and ultimately unlock growth.”
The future of trust in an AI world
Automation and generative AI are top priorities for IT and business decision makers, with 78% of UK business leaders already or planning to use AI/ML to detect high-risk actions .
But the risks of generative AI without guardrails are undeniable. For large organizations, nearly six in ten (56%) leaders say regulating AI would make them more comfortable investing in AI.
UK respondents said the biggest potential for AI is to improve the accuracy of security survey answers (43%), eliminate manual work (43%), streamline vendor risk reviews and onboarding (33%), and believe that it reduces the need for large teams (34%). %).