Security and Compliance: Key Challenges and the Case for Automation

Businesses today are facing unprecedented security threats. Companies must boost their security measures in the new area of smaller teams, small budgets, and the rise of Generative AI.

The world has seen a rise in backdoor deployments and ransomware. According to a recent IBM report, ransomware now represents the second-biggest attack vector for companies.

Another study by Verizon found that in one year, the compromise of corporate emails nearly doubled and now represents over 50% of social engineering attacks.

Researchers have found that over two-thirds of businesses say they should improve their security and compliance measures. Around 25% of businesses believe their security strategy is merely reactive.

In an environment of rising threats, customers demand proof that companies will protect their data. Below, we will uncover the benefits of automation in accelerating security and compliance as part of a proactive management strategy.

This article will focus on trust management, automation, and centralization of security program management. This approach can save both time and money. Integrating AI into this architecture could benefit significantly when done transparently and responsibly.

Key Findings On Compliance And Automation

• Over two-thirds of businesses, or 67% of IT leaders, and businesses believe they could improve their compliance and security measures.
• Seven out of 10 or 70% of businesses believe better compliance and security would positively impact their businesses through improved customer trust.
• Only 9% of a typical organization's IT budget goes to security.
• Respondents to the study say they could save 2 hours every week, or over 2.5 working weeks a year if their security and compliance were automated.
• The main barriers to providing security are lack of staff (33%) and automation (32%).
• 60% of companies have cut their IT budget due to economic headwinds or plan to do so.
• Respondents spend around 7.5 hours a week on security compliance. That works to around 360 hours on security or over nine weeks a year.
• 24% of businesses believe their security and compliance strategy is “reactive."
• Less than 50% of companies believe they have a strong risk visibility.

The Need To Improve Security

A survey of over 2,500 IT and business leaders in Australia, the UK, Germany, France, and the US found an urgent need to create better security measures. Over two-thirds, or 67%, of respondents believe they could do better.

One way to overcome these challenges is using a compliance dashboard.

Your Key to Improved Security: Swif Compliance Dashboard

As companies expand their footprint, dealing with different regulations can be challenging. In such an environment, traditional compliance methods do not work.

This is where the benefits of a compliance dashboard can be realized. The compliance dash can turn complex data and regulations into simple, actionable insights that offer companies a general overview of their compliance status in different departments and regions.

A compliance dashboard thus turns compliance into an opportunity for organizations to gain a competitive advantage.

One example of such a dashboard is the Swif compliance dashboard. This AI-powered dashboard gives you an overview of your compliance measures and points to areas where controls are lacking. It also shows you where security measures work so you can learn from them.

According to the State Of Trust Report 2023, 70% of businesses believe that they would see a positive impact on their businesses through high customer trust. The Swif compliance dashboard makes this easy to achieve.

Another significant benefit is time savings. Businesses report spending an average of 7.5 hours a week on security and compliance. Swif can significantly cut these hours, which equates to over nine working weeks a year.

Streamlining Security And Compliance Through Automation

One of the fastest ways to improve compliance and security is using automation. According to the State Of Trust Report 2023, 63% of companies state they would save time and money through automation. The number rises to 67% in the US, the highest of all countries.

Automation also offers the benefit of increased transparency. The study found that 84% of businesses plan to increase their automation. 42% plan to cut manual work and streamline vendor risk reviews and onboarding (37%)

Conclusion

Improving and proving your security is becoming harder. As the risk of new attack vectors rises, AI represents a new way for companies to supercharge their security and compliance.

It can help make up for small team sizes while also saving time. By integrating AI into the compliance monitoring process, organizations can transform how they build trust with customers and unlock new competitive advantages.

Use the Swif compliance dashboard for improved security and compliance, supercharged by AI.