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Most businesses struggle with security and compliance, putting their infrastructure, customers, and future at risk. Despite their efforts, 67% admit they need better visibility and compliance, and only 40% feel confident about their security. These gaps in security leave numerous attack surfaces unprotected, slowing down everything from sales processes to attracting investors.
Vanta’s State of Trust Report 2023 highlights these issues with an in-depth analysis of global trends in security, compliance, and trust. Vanta surveyed 2,500 security, risk, and trust management professionals across five continents to compile this report.
The growing gaps in security compliance are a significant concern, potentially leading to slower sales and loss of clients over time. These gaps are most prominent in identity management, which is a prime target for attackers. Once they control identities, they can potentially take over the company.
The data from Vanta exposes the fundamental gaps that leave companies vulnerable, with 39% identifying identity and access management as a major blind spot. This is a strong argument for automating trust management with AI to protect identities, which are often the first target for attackers.
The survey results reveal a high number of compliance blind spots globally, exacerbated by short-staffed security teams who waste valuable time on manual compliance tasks. Limited risk visibility and an over-reliance on manual processes reduce security teams’ efficiency. There is a pressing need for new methods to automate and improve security, especially as global regulations evolve and compliance standards become even more demanding.
Manual compliance tasks are not effective. They take valuable time away from security teams, who should focus on more critical tasks. According to Vanta’s survey, security teams spend 7.5 hours per week on compliance. While this significant time commitment might make some organizations deprioritize compliance temporarily, this can hinder market expansion.
Static compliance processes significantly slow down companies, as pointed out by Diego Susa from Unleash. With today’s threats, automation is essential. Over 83% of respondents are either increasing their use of automation or planning to. Automating tasks could save up to two hours per week, translating to over 130 hours annually.
Vanta aims to help businesses centralize and automate security management through their AI-powered platform. However, they emphasize that transparency is crucial as AI poses its own risks. Over half of leaders worry that AI might undermine trust without adequate explainability, making ethical implementation vital despite the push for efficiency.
The launch of Vanta Trust Center aligns with the market needs, providing a single platform for customers to showcase their security and compliance, build trust, and streamline security reviews. Contracts, partnerships, mergers, acquisitions, and financing rounds depend on a proven security posture. Vanta’s Trust Center supports real-time communication, enhancing security postures.
Financial services, insurance, and banking firms use security compliance data in their quarterly reviews with major clients to strengthen relationships and gain a greater share of the market. Compliance data offers immediate legitimacy, protecting valuable client relationships.
Adam Rebhuhn from Modern Treasury highlights the importance of building trust with customers by transparently communicating their security status through Vanta’s Trust Center, which reduces the need for lengthy questionnaires and sets them apart in a competitive market.
Vanta claims the Trust Center can reduce deal cycles by 30%, helping organizations grow faster. The Trust Center combines Trustpage’s and Vanta’s strengths, making it easier for customers to manage security programs and expedite security reviews from within Vanta.
With one in eight companies struggling to prove trust to customers and prospects, organizations need a powerful solution to showcase their security posture. The Vanta Trust Center offers advanced functionality, customization, integrations, and workflows to maintain customer trust and manage security reviews proactively.
Protecting security compliance has become more critical than ever, and Vanta’s focus on this area positions them well in the market. Cybersecurity and compliance are now essential for managing risks and retaining the largest clients by demonstrating a strong security posture.