Key to compliance in 2024: security and trust
34% of companies lost business due to lack of certifications
Two key motivators for compliance efforts are validating security controls and establishing trust with stakeholders, business leaders are saying.
A-lign’s 2024 Compliance Benchmark report, which surveyed nearly 700 business leaders and compliance professionals and was released June 3, has found that the greatest increase in compliance motivation comes from validating the effectiveness of security controls — up 55% year over year.
The second most important motivator, at a growth rate of 36% YoY, is establishing trust with customers and stakeholders, according to the report.
Regulatory requirements represent the primary driving force behind organizational compliance programs, however, the culture of compliance continues to shift toward proactivity and trust, Matt Hilary, chief information security officer at compliance automation firm Drata, said during an Aug. 14 webinar hosted by Drata and A-lign.
“It’s truly surfacing the underlying feeling that most strong security and GRC [government, risk, and compliance] leaders have, which is around integrity, wanting to do the right thing and really wanting to achieve the right level of compliance and security,” he said.
Whereas business leaders may have formerly been more reactive, now they are more proactive around compliance, Hilary noted.
Ongoing compliance
Compliance represents an ongoing issue, Brandon Thompson, CISO at A-lign, said during the webinar.
In fact, 34% of companies reported they had lost business due to lack of compliance and cybersecurity certifications, according to the report. For companies that don’t engage in ongoing compliance, gaps form in vulnerability assessments and other measures, he said, that can be difficult to repair.
“You can’t get in the DeLorean, go to 88 miles an hour and go back in time and fix those vulnerability assessments,” Thompson said. “It’s going to be in your report, it’s going to be a problem, and you’re going to have to put extra effort into it.”
Visit the Equipment Finance News Lender Directory here. The directory lists banks, captives and independent lenders. Lenders are invited to add and update their own company details to the directory to provide dealers with the most up-to-date information available.
