The security landscape has never been more challenging
More than half (54%) of UK organisations say that security risks have never been higher. At the same time, just 11% of a company’s IT budget is dedicated to security – but leaders say it should be 17% in an ideal world.
The compliance burden continues to grow
Time spent on compliance tasks increased to over 12 working weeks – up from 10 working weeks last year. UK IT leaders also spend an average of 7.2 hours per week, or 8.9 working weeks a year, assessing and reviewing vendor risk.
Third-party risks undermine overall security and trust
Regardless of their maturity, almost half (44%) UK organisations say that a vendor of theirs has experienced a data breach since they started working together. Nearly two-thirds (63%) of organisations agree that third-party breaches negatively impact their reputation, and less than a quarter 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. A majority (60%) of UK organisations say that the automation of manual work is a priority for their security and compliance strategy. And 43% of organisations think that vendor risk management can be streamlined through AI – up from 33% in 2023.
Good security is good business
Businesses face growing security expectations, with 69% of UK organisations saying that customers, investors, and suppliers increasingly require demonstration of compliance. Almost half (47%) of organisations recognize that good security practices lead to reduced financial risk.
Explore more UK trust trends
Get your free copy of the UK State of Trust Report 2024 for more findings on security, compliance, and the future of trust.