Survey reveals that compliance activities cost companies $3.5 million per annum

A Telso survey has recently found that organizations are finding it difficult to meet current IT security and compliance regulations. The survey of 300 IT security professionals taking place between July and August 2020 discovered that organizations are having to comply to 13 different IT security and privacy regulations which results in them having to spend $3.5 million on compliance activities per year. They also found that in order to try to meet these regulations IT security professionals are spending around 58 working days per quarter in order to complete the compliance audits.

The survey also found that in the last 2 years organizations have been discovered to be non-compliant on an average of six times by auditors which has resulted in an average of eight fines, and a cost of $460,000 in fines. The pressure for IT security professionals to meet compliance standards is increasing as companies move to the cloud due to a rise in remote working. It was reported by Teslo that 86 per cent of the organizations involved in the survey believed that compliance would be an issue as more companies move to the cloud, with 94 per cent believing that there would be IT security and/or privacy regulation challenges as companies move systems to the cloud due to remote working.

The post Survey reveals that compliance activities cost companies $3.5 million per annum appeared first on IT Security Guru.