Looking Forward to 2024: The State of Cybersecurity

Auditwerx Triangle Logo

Share this post

The cybersecurity compliance industry continues to evolve, and your organization evolves right along with it. New tools, services, and technologies work together to streamline compliance processes. A proactive approach to compliance strategy can improve your organization’s security posture and save money in the long run. 

  • Ransomware and other threats provide an ongoing risk for businesses, but the average organization only dedicates around 30% of IT budgets to security resources. Covid related work-from-home or hybrid working arrangements have an increased chance of risk, however most security teams have seen a budget increase of less than 10%. (Source) 


  • 83% of companies would suffer crippling damage if they were down for 24 hours, however, only 35% of organizations have indicated an intent to retain additional experienced staff. The reliance on tools can hold up compliance efforts with integration difficulties, inexperience, and the volume of tools. (Source) 


  • Due to pandemic related disruptions, 70% of risk and compliance professionals indicated an increasing reliance on tools to monitor performance and risk management. (Source) 


  • A strong cybersecurity posture is becoming an expectation for vendors. 44% of organizations say they are being asked for proof of cybersecurity compliance during an RFP. (Source) 


  • 34% of organizations report outsourcing some or all their compliance related business functions. (Source) 


  • A business continuity plan is cited as a primary tool for organizations when weathering the impact of the ongoing pandemic business landscape.  (Source) 


  • Despite reported resource allocation issues, risk and compliance management programs continue to mature. The number of reported “mature and advanced” programs grew by 29%. The number of reported “reactive and basic” programs declined by 35%. (Source) 


  • Vendor oversight is identified as one of the top five risk or compliance functions that could benefit from new technologies. Other functions include compliance policy and activity tracking, trade surveillance, and regulatory reporting. (Source) 

Your Partner for Cybersecurity Compliance

Auditwerx continues to evolve alongside ongoing changes to regulations and compliance standards. Our experienced cybersecurity compliance audit team can support your organization’s compliance efforts, whether you need a SOC report, a PCI DSS audit, or more. Contact Auditwerx today. 

We use cookies to ensure the best experience. By accessing our site, you agree to our cookie policy.