Survey Finds Compliance Activities and Fines Cost Organizations Nearly $4M per Year
ASHBURN, Va., Oct. 13, 2020 (GLOBE NEWSWIRE) -- Telos® Corporation, a leading provider of cyber, cloud and enterprise security solutions for the world’s most security-conscious organizations, today unveiled new findings from a survey conducted by independent research firm Vanson Bourne that highlights organizations’ ongoing struggle to keep up with IT security and privacy compliance regulations. The survey, which polled 300 IT security professionals in July and August 2020, revealed that, on average, organizations must comply with 13 different IT security and/or privacy regulations and spend $3.5M annually on compliance activities, with compliance audits consuming 58 working days each quarter.
As more regulations come into existence and more organizations migrate their critical systems, applications and infrastructure to the cloud, the risk of non-compliance and associated impact increases. Key findings from the survey include:
“As hammer, chisel and stone gave way to clipboard, paper and pencil, it’s time for organizations to realize the days of spreadsheets for ‘checkbox compliance’ are woefully outdated,” said Steve Horvath, vice president of strategy and cloud at Telos. “Automation can solve numerous compliance challenges, as the data shows. It’s the only real way to get in front of curve, rather than continuing to try and keep up.”
Nearly all survey respondents (99 percent) indicated their organization would benefit from automating IT security and/or privacy compliance activities, citing expected benefits such as increased accuracy of evidence (54 percent), reduced time spent being audited (51 percent) and the ability to respond to audit evidence requests more quickly (50 percent).
For additional findings and to download the full report, visit: www.telos.com/reserved/audit-fatigue-report/
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