Companies’ Take on the Rising Cyber-Risks and Related Issues
As far as compliance is concerned, the technology industry is showcasing a peculiar attitude towards the exponential growth of cyber risks. A recently conducted survey showed some interesting facts and numbers that show the current scenario of have an integral industry.
In December 2020, a renowned organisation conducted a primary research that included a survey on 1092 IT companies and some of the most influential cyber security, security assurance and compliance, and IT decision-making players from around the world. The sole purpose of this research what’s to find out what is the take of key players in the technology industry about the increasing cyber risks, company budget, staffing and managing budgets for security purposes in the year 2021.
As far as the numbers are concerned, this survey has indicated some interesting representation of the concerned demographic.
IMPERATIVE THINGS TO CONSIDER
Out of all the companies 54% of them stated that they are planning to spend more on information technology risk management and compliance services. This number shows how awfully the current market scenario is deteriorating in terms of gaining resilience against unfavourable conditions of any kind.
This shows that it is not only about compliance consultants in London or any particular geographical location for that matter; On the contrary, it is about understanding the need of professional help in the current space as well. Realising this very fact is a bold step in its own respect.
Consultancy services around the world have gained much improvement to reach out to most of the companies that are still not getting professional help. Compliance, on the other hand, has gained so much important that every business entity is focused on this very fact said they have to meet all the requirements laid down in the global market that protects their reputation and the data of all the professionals who are working within their organisation structure.
GDPR is one of the most prominent examples of such a regulation that protects the data off individuals that belong to a particular nationality. And this law has made it compulsory for every entity that is processing the data of any European Union citizen to process the data in such a way that the entire process is transparent for the individual. it has gained have so much importance that the modern risk management strategy includes GDPR compliance as well.
One might think what the importance of general data protection regulation is in assessing the increasing cyber risks.
The fact that this regulation is linked with the protection of personal data of individuals, makes it an important addition in this conversation. GDPR Consultants around the world have always strived to provide the best consultancy services every organisation who is looking for mitigating their compliance risks . But even after these efforts, it has become nearly impossible for them to say in the gap that has been created by established conglomerates around the world when they violated the requirements of the regulation.
Such cases of violation and charging fines has, in a way, led the movement of giving importance to GDPR. This can also be the reason why organisations around the world have started considering spending more money on professional help.
Another important fact stated in this survey was that, almost 61% of all the respondent companies had witnessed one security threat and/or compliance shortcoming in the have span of last three years.
This shows how negligent are the business entities turning out to be, from the recent past. It can also be seen as the reason why they are now resorting to increasing IT compliance budget.
While talking about GDPR, we can also make a safe addition that the charges levied on Google, Twitter, and H&M, can be the reason why compliance has become so important in the recent times. One thing that has turned out to be the best revelation of improvement is the positive attitude of all the business entities towards embracing compliance efforts.
HOW THE COMPANIES ARE MOVING TOWARDS RISKS
This survey also showed us how important these shortcomings are for the companies themselves. According to the survey, 70% of the companies mentioned that they have all the dedicated tools required for managing further information technology compliance efforts efficiently.
This shows that they have all the resources to ensure there is no limitation in terms of business continuity. It is a safe assumption if we say that the companies are now well equipped to tackle any threat of any kind from the compliance sphere of the world. In a way, they’re also adding enough resilience towards their growth. And this shows the efforts they are making for the smooth workflow of their firm.
That said, the survey also mentioned that close to 83% of all the respondents stated that they are planning to evaluate the purchase of new tools, so that they can restructure their risk management process. This will also help them in ensuring a smooth workflow at every operational level.
All these efforts show that they are not only limiting themselves to hiring a risk management consultant; but they are taking responsibility to make a move from their internal space as well.
WHAT DOES THE FUTURE HOLD?
Based on these figures, we can be sure of nothing but the fact that the future of the global market can be on the brighter side if the companies continue moving in this very direction. All these efforts will result in making the entire global market a prosperous place.
The survey and its findings fulfilled the purpose of showing the ground reality of the global market, but when it comes to understanding the actual situation, we can very well say that it is high time to get serious.
Every business entity is only required to get hold of the most suitable consultant and they can ensure their growth in the future. For example, if there is an organisation that is looking for consultants for business continuity, they can save their time and look for business continuity consultancy services in Berkshire. In a nutshell, it the future is all about making right decisions and saving more and more valuable resources.