Compliance Pros Report Surge in Cybersecurity Risks in the Past Year

  • Last updated May 13, 2024
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A recent Wall Street Journal survey has revealed a huge risk increase in cybersecurity concerns among businesses, with 90% of companies acknowledging a rise in cyber risks over the past year. According to a Wall Street Journal survey conducted from February 13 to March 11, 90% of companies reported an increase in cybersecurity risks, with nearly half indicating a significant rise.

It showed that nearly all mid-sized companies, earning between $50 million and $1 billion, experienced heightened cyber threats. Respondents were mostly from the financial services sector (36%), with others working in professional and business services (13%) and technology (9%).

The survey included approximately 300 compliance professionals, primarily from the U.S., with a smaller proportion from Canada.

Here is a list of the top rising risks in cybersecurity:

Despite the critical focus on cybersecurity, the survey highlighted other significant business concerns. Regulatory scrutiny and enforcement, along with the digitization of business processes, were cited by most respondents as growing areas of concern.

The findings also reveal a worrying gap in expertise within compliance departments, with nearly half of the surveyed professionals rating their cybersecurity oversight skills at only a basic or novice level. Only a small fraction considered themselves experts in this crucial area, reflecting a pressing need for enhanced training and resources.

Respondents assessing their proficiency in managing cyber-related compliance issues:

Compliance professionals are increasingly concerned about staffing levels, with 35% reporting insufficient personnel to handle rising cyber threats. Additionally, 31% struggle to keep up with regulatory changes and 23% face a skills gap in cybersecurity.

Moreover, nearly 70% of respondents have had to enhance their cybersecurity knowledge over the past year, while 67% also focused on improving their understanding of regulatory scrutiny and enforcement.

According to experts, implementing the best VPN services is crucial for companies, especially mid-sized ones, to safeguard sensitive data and maintain operational integrity in a threatening cyber environment.

Although 90% of the professionals surveyed believe their programs are at least somewhat effective, the continuous evolution of cyber threats calls for an unrelenting commitment to adapt and strengthen these critical defenses.

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