Survey Reveals Disconnect Between Executives and Risk Teams
Recent research highlights a significant gap in perceptions between executives and risk management teams, leaving organizations vulnerable to unforeseen threats. A survey conducted among over 270 professionals in the fields of information technology and risk management indicates that while 91% express concerns about cybersecurity threats, there remains a marked difference in the understanding of compliance and operational resilience between different levels of management.
Emerging Regulations Drive Change
In an era of increasing regulatory demands, organizations are compelled to adopt strategic approaches to compliance. Frameworks like the Digital Operational Resilience Act (DORA), Network and Information Security Directive 2 (NIS2), and the EU AI Act are enacted with a dual purpose: enhancing cybersecurity and promoting responsible AI use. These regulations not only serve to protect organizations but also present opportunities to fortify risk management practices and optimize operational workflows.
Key Findings from the Research
AuditBoard, in association with Ascend2 Research, discovered several critical trends among the surveyed professionals:
Perceptions of Compliance Insights
There is a discrepancy between how executives and practitioners perceive real-time compliance insights. Notably, 92% of executives believe they have timely insights into compliance status, whereas only 69% of management professionals agree. This disconnect suggests a gap in communication and data reporting methods within organizations.
Impact of Compliance Workloads
Further findings reveal that 90% of the professionals surveyed anticipate that adherence to regulations like DORA and NIS2 will affect their workload. Particularly, InfoSec professionals feel the strain most, with a significant number expecting substantial increases in their responsibilities.
Compliance Priorities Among Organizations
While 61% of those surveyed prioritize compliance with NIS2, only 52% report actual compliance. A considerable portion (44%) plans to meet the requirements by year's end, indicating a proactive stance but also highlighting a persistent gap in meeting compliance standards.
Remaining Challenges Toward Compliance
A majority of organizations still face considerable work to achieve compliance. Many self-proclaimed compliant entities under the EU AI Act are lacking crucial elements that would ensure robust compliance. Despite 63% of these organizations asserting they have transparency measures in place, a notable 55% disclose they have not implemented full risk management frameworks.
Concerns About Third-Party AI Compliance
There’s heightened concern regarding third-party AI use with respect to compliance of the EU AI Act, with 83% sharing worries about its ramifications. However, a silver lining is that 91% feel optimistic about the Act positively influencing their operations in developing AI applications.
Industry Perspectives on Compliance
Industry leaders are keenly aware of the rising tide of cyber threats, making compliance with new regulations critical. Karen Albert, Vice President of Internal Audit, underscores the necessity for organizations to navigate barriers to compliance as they work towards enhancing their security posture.
Jason Sechrist, Director of Product Solutions, emphasizes that utilizing tailor-made technology can empower professionals across all levels to make informed decisions and effectively manage compliance tasks, aiding organizations in their journey toward better compliance frameworks.
Conclusion and Insights for Future Actions
For those interested in delving deeper into the findings and actionable strategies outlined in the research, there is valuable information available. The insights provided serve as a roadmap for organizations striving for improved operational resilience and compliance.
Frequently Asked Questions
What is the main finding of the recent survey conducted by AuditBoard?
The survey reveals a stark disconnect between executives and risk professionals regarding compliance insights, highlighting differing perceptions about real-time data access.
How do emerging regulations impact organizations?
Emerging regulations like DORA, NIS2, and the EU AI Act push organizations to adopt more strategic and proactive approaches to compliance and risk management.
What percentage of respondents are concerned about cybersecurity threats?
An impressive 91% of survey respondents express concern about evolving cybersecurity threats facing organizations today.
How are compliance workloads expected to change?
90% of professionals indicated that compliance with new regulations will affect their workload, with InfoSec professionals feeling this impact the most.
What challenges do organizations face in achieving compliance?
Many organizations reported that they still have substantial work to accomplish compliance, with a significant number lacking essential compliance measures.
