Most businesses are facing significant challenges when it comes to security and compliance, leaving their company’s infrastructure, customers, and future at risk. According to Vanta’s State of Trust Report 2023, released today, 67% of businesses admit that their level of visibility and compliance needs improvement. Only 4 in 10 businesses rate their visibility as strong. These alarming statistics highlight the growing security gaps that leave vital areas unprotected, resulting in slower sales cycles and the loss of clients over time.
The Growing Security Compliance Gaps
The report reveals that the most vulnerable areas of a business are its identity and access management (IAM) systems. Attackers are targeting these areas in order to gain control over a company. Jeremy Epling, chief product officer at Vanta, emphasizes the significance of these gaps, stating that “the data exposes fundamental gaps, leaving companies vulnerable.”
Identity and access management, in particular, is a blind spot for 39% of businesses. These compliance blind spots, coupled with the limited risk visibility and heavy reliance on manual compliance processes, hinder the effectiveness of security teams. With evolving global regulations and increasing standards, security teams are burdened with manual compliance tasks, consuming valuable time that could be spent on higher-priority security measures.
The Urgency for Automation and Improvement
Enterprises require new methods to automate and enhance their security practices. The survey conducted by Vanta found that security teams spend an average of 7.5 hours per week on compliance tasks. While many organizations may deprioritize compliance efforts due to the time commitment, this delay ultimately hinders market expansion.
“Static compliance processes slow companies down tremendously,” said Diego Susa, head of engineering at Unleash, a feature management software company and Vanta customer. “Automation is essential with today’s threats.”
More than three-quarters (83%) of respondents in the survey expressed their intention to increase their use of automation. They believe that automating tasks could save them two hours per week, which adds up to more than 130 hours annually. Vanta aims to centralize and automate security management through its AI-powered platform, offering businesses a scalable solution.
However, Vanta acknowledges the importance of transparency in utilizing AI technology, as concerns regarding trust and explainability persist. Over half of the leaders surveyed worry about the erosion of trust without sufficient explainability. Ethical implementation remains crucial in chasing efficiency gains.
“Organizations urgently need more efficient methods to improve security as risks multiply,” emphasized Vanta CEO Christina Cacioppo. “Automation through trust management platforms can help overcome these hurdles.”
The Launch of Vanta Trust Center
Recognizing the need for a centralized platform to showcase security and compliance posture, Vanta has recently launched the Vanta Trust Center. This platform serves as a hub for customers to communicate their real-time security status, build trust, and streamline security reviews. It is especially valuable for financial services, insurance, and banking firms that utilize security compliance data during quarterly reviews to strengthen client relationships.
The Trust Center aims to reduce deal cycles by 30%, allowing organizations of all sizes to expand their businesses more rapidly. By combining the capabilities of Trustpage and Vanta, customers can manage their security program and accelerate the security review process efficiently.
“With one in eight companies falling at the very first hurdle of proving trust to customers and prospects, organizations need a simple yet powerful solution to showcase their security posture,” explained Epling. “Vanta Trust Center is made for this moment, coupling Trustpage Trust Centers’ superior workflows and customization features with Vanta’s real-time security monitoring and intuitive interface.”
Vanta’s commitment to protecting security compliance and its ability to adapt to market needs has positioned the company as a leader in the industry. In today’s business landscape, cybersecurity and compliance are paramount for managing risks and instilling trust in clients. Vanta’s AI-powered solutions are pioneering the way businesses approach security and compliance, ensuring a safer and more secure future.
