Accelerating growth with security and compliance

The cyber-threat landscape continues to get more threatening. Paulo Rodriguez at Vanta explains the role of AI in providing additional security and argues that trust management is critical if security teams are to focus on strategic work

 

The increased risk of cyber-attacks, shrinking resources, and rise of Generative AI has created a complex security landscape. This requires a robust and urgent security response from businesses.

 

But many are underprepared to demonstrate the resilience and reliability required by customers and stakeholders. That’s according to Vanta’s State of Trust Report, which found that two thirds of UK organisations believe their business must improve their security and compliance.

 

Compliance has traditionally been viewed as tick box exercise, rather than an integral growth lever. But our research shows that there is a connection between a robust security and compliance strategy and business growth.

 

Seven out of ten leaders say that a better security and compliance strategy positively impacts their business, thanks to stronger customer trust. And nearly three in four (72%) respondents say that a better security and compliance strategy would make them more efficient.

 

Despite this, on average, only nine percent of an organisation’s IT budget is dedicated to security. This presents a yawning gap when 67% of businesses say customers, investors and suppliers are increasingly looking for proof of security and compliance. Less investment in security and compliance leads to businesses struggling to prove their resilience to partners and customers - which in turn diminishes sales and trust in them as reliable vendors.

 

In the maelstrom of high energy prices, staff shortages, stubborn inflation and Brexit red tape, compliance isn’t always viewed as a top priority for UK businesses. This only compounds the problem of low growth suffered by UK PLC for far too long.

 

But even with fewer resources, UK businesses can make progress, build trust and pursue growth. By introducing automation, businesses can respond to diminished IT budgets and low staffing levels to reduce the time it takes to achieve and demonstrate compliance.

 

Boost security and demonstrate compliance 

Workers spend an average of 7.5 hours per week on achieving compliance, yet one in four (24%) businesses surveyed say they have reduced IT staff, and 60% of the surveyed leaders have either already reduced IT budgets or are planning to. 

 

Consequently, compliance is being deprioritised by nearly half (45%) of UK businesses due to the time it takes to skill-up stretched employees. This puts businesses at risk from cyber-attacks, reduced customer trust, and less growth. 

 

The main barriers to proving security are a lack of staffing and automation to replace manual work. Yet automation exists to tear these barriers down. By automating compliance, companies can affordably demonstrate trust and pursue growth. 

 

An increasing role for AI 

AI can slash the time it takes to become compliant. By automating time-consuming manual compliance tasks, businesses will have more time to confidently focus on growth. Many businesses recognise this AI opportunity.

 

The State of Trust Report shows that 78% of UK businesses are already using, or planning to use, AI/ML to detect high risk actions. Respondents believe the technology could save three working weeks across their various security and compliance tasks through improved accuracy of security questionnaires (43%), eliminated manual work (43%), and streamlined vendor risk reviews and onboarding (33%).

 

Additionally, almost two-thirds (59%) of organisations agree their business is more likely to consider automating security compliance when scaling to different markets. This is critical for addressing different regulations around the world and makes trust management platforms increasingly indispensable.

 

Embrace trust management in the year ahead

Trust management is a holistic approach to defining, managing, maturing, and proving your security and compliance commitments. It’s a concerted effort to build a robust security posture that customers and prospects can trust. Supercharged by AI, trust management is critical to reducing the tedious and repetitive security tasks that pull teams away from their most strategic work. 

 

2024 will be a challenging year for business, but AI and automation can drive efficiencies and help stretched teams achieve compliance. The combination of AI and trust management together is transformational for businesses.

 

By centralising security processes, automating compliance, and accelerating security workflows, organisations can turn trust into a marketable advantage - helping them to approach the new year with confidence.

 

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Paulo Rodriguez is Head of EMEA at Vanta 

 

Main image courtesy of iStockPhoto.com