The security landscape has never been more challenging
More than half (58%) of Australian organisations say that security risks have never been higher. At the same time, just 10% of a company’s IT budget is dedicated to security – but leaders say it should be 14% in an ideal world.
The compliance burden has never been higher
Australian organisations spend an average of 9 working weeks on compliance tasks. IT decision makers in Australia spend an average of 5 hours per week – the equivalent of 6 working weeks a year – assessing and reviewing vendor risk.
Third-party risks undermine overall security and trust
Regardless of their maturity, almost half (45%) Australian organisations say that a vendor of theirs has experienced a data breach since they started working together. A majority (60%) of organisations agree that third-party breaches negatively impact their reputation, and less than a fifth of organisations rate their vendor visibility as “very strong.”
Enter automation and AI
With automation, scaling security teams can free up time and improve efficiency. More than half (56%) of Australian organisations say that the automation of manual work is a priority for their security and compliance strategy. And 42% of organisations think that vendor risk management can be streamlined through AI – up from 35% in 2023.
Good security is good business
Businesses face growing security expectations, with 62% of Australian organisations saying that customers, investors, and suppliers increasingly require demonstration of compliance. Almost half (46%) of organisations recognize that good security practices lead to reduced financial risk.
Explore more trust trends
Get your free copy of the Australia State of Trust Report 2024 for more findings on security, compliance, and the future of trust.