A SaaS-based compliance and risk management company, Hyperproof has released its latest 2023 IT Compliance and Risk Benchmark Report, a yearly survey report containing comprehensive benchmarks on how companies manage IT risks and compliance efforts in a time when requirements are increasing in complexity. The benchmark survey responses, collected in December of 2022 and January 2023, come from 1,010 compliance and IT risk management professionals in the technology, manufacturing, and HealthTech industries.

The survey revealed that with risks on the rise and heightened awareness from the C-Suite and Board on how best to prevent them, companies are poised and ready to level up their risk and compliance management processes in the coming years:

33 per cent of respondents made changes to how legal teams work with CISOs because of the Joe Sullivan/Uber verdict

57 per cent of organizations experienced a breach in the last 24 months

63 per cent of survey respondents expect to spend more money on IT compliance and risk management

In 2022, regulator responses to security breaches rapidly increased (along with public scrutiny), and new regulations have required companies to quickly adapt, including having a new game plan for communicating risk to their C-Suites, the board members, and employees. The growing attention on risk has meant that despite a looming recession, security and compliance is one area where spending continues to remain high, and companies are turning their attention toward making compliance and risk management operations a regular best practice across all facets of their organizations.

The survey also uncovered that the struggle to unify risk and compliance management persists. 57 per cent of respondents believe that having a solid compliance program helps mitigate risks, however, 31 per cent of respondents are still managing risk and compliance in silos, resulting in additional manual processes, an increased workload, more stress, and less visibility into risk and compliance posture. Additionally, only 10 per cent of respondents have an integrated view on how to manage their unique set of risks and have aligned their risk and compliance activities.

“CISOs are clearly paying closer attention to risk and compliance this year, and security and compliance professionals are facing the pressure to level up their risk mitigation to avoid becoming a breaking news story about another security breach,” says Field CISO at Hyperproof, Kayne McGladrey. “The findings in our report are an important reflection of the growing maturity of risk management and related regulatory changes to improve organizational cybersecurity alignment.”

The survey findings also uncovered critical data on how risk and compliance data silos impact companies, how organizations are operationalizing risk and compliance, the biggest stressors compliance, risk, security, and IT professionals are facing in 2023, and much more.