Recent Survey of Compliance Professionals Finds That 90% of Tech Organizations Were Negatively Affected by a Third-Party Incident in the Last Year

BELLEVUE, Wash., Feb. 28, 2022 /PRNewswire/ -- Hyperproof — a compliance operations platform company — has released its 2022 IT Compliance Benchmark Report, a survey containing comprehensive benchmarks on how companies manage IT risks and compliance efforts in a time when requirements are increasing in complexity. The responses, collected in December of 2021, come from 1,014 compliance and IT risk management professionals in the technology industry. 70 percent of respondents work for companies headquartered in the US and the remainder work for companies headquartered in the UK. 

The survey revealed that third-party risk management is top of mind for many respondents.

• Half of all respondents (51%) are planning to expand their third-party risk management program in 2022. In fact, greater awareness of third-party risk is one of the top reasons organizations have chosen to increase their overall IT risk and compliance management budget in 2022.
• 90% of all survey respondents reported being negatively affected by a third-party incident in the past year. Third-party incidents ranged from supply chain disruptions to data breaches to compliance violations related to an organization's lack of oversight over their third-parties.

Hyperproof also found that data breaches continue to plague organizations. In the survey, 63% of respondents reported that they experienced a data breach that led to the disclosure of regulated data — such as protected health information or other sensitive data — in the last 24 months. Among respondents who had knowledge of data breaches within their organization, the biggest proportion — 44% of respondents – reported that they lost between $1M-5M. The average amount lost was $4.58 million.

Interestingly, not all organizations suffered equally from data breaches. Organizations that take an integrated approach to IT risk management and make an effort to align their risk and compliance activities are much better at avoiding data breaches compared to organizations that see their compliance function as the function that enforces rules and regulations (and conduct risk and compliance activities in silos). While 63% of survey respondents overall reported that their organization has experienced a security breach in the past 24 months, only 47% of those who take an integrated approach to risk management and compliance activities experienced a security breach. Meanwhile, 68% of all "compliance-centric" respondents experienced a security breach in the past two years.

To see additional findings from Hyperproof's 2022 IT Compliance Benchmark Report, please visit https://hyperproof.io/it-compliance-benchmarks/

Media Contact:

Jingcong Zhao
Senior Director, Market Strategy and Product Marketing, Hyperproof
[email protected] 

About Hyperproof: Hyperproof is a software company focused on creating revolutionary software that brings trust to life. To date, Hyperproof has delivered an innovative SaaS compliance operations platform that empowers compliance, risk, and security teams to stay on top of all compliance work and manage organizational risks (including vendor risks) on a continuous basis. Hyperproof has disrupted the GRC space by tackling a pressing problem ignored by others: helping compliance pros gain control over and effectively manage their ever-growing workload. Hyperproof is used by market leaders in security tech, enterprise software, fintech, healthcare tech, and data communications, including Sophos, ForgeRock, 3M, Outreach, and Motorola Solutions. To learn more about Hyperproof, visit https://hyperproof.io.

SOURCE Hyperproof