As cyber threats rise and budgets fall, what can compliance professionals do?

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In recent years, C-suite leaders and senior IT experts have witnessed a rise in cyberattacks against their organizations, with 2022 seeing one of the highest spikes yet. In fact, according to our 2022 Cyber Security Insights Report, serious cyber incidents have increased 25% yearly across both the United States (US) and the United Kingdom (UK), naturally bringing significant ramifications for compliance professionals.[1]

Despite rising threat levels, companies’ cyberattack budgets often do not reflect this growing risk. Cybersecurity funding is expected to increase only 11% on average by 2025, and perhaps even more concerning in the same period, 13% of UK organizations are even expecting budget cuts in cybersecurity measures.

If businesses are to deal effectively with serious cybersecurity incidents, compliance professionals, IT experts, and business leaders must all work together and prioritize cybersecurity. We must aim for a holistic strategy that includes insurance, security, and response strategies, with regulatory compliance running through each area.

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