According to 451 Research, 64% of executives around the world — and 74% of those in the US — believe that adhering to compliance requirements is an effective way to keep data secure. This statistic is startling. An organization that only bases its data security on compliance standards can create gaps in protection, an increase in risks, and costly data breaches.
In fact, a 2019 report from IDC shows just how susceptible data can be to hackers, finding that 64% of mission-critical applications, such as enterprise resource planning (ERP) systems, have been breached in the last 24 months. These breaches compromise sensitive private information, including sales, human resources, customers' personally identifiable information, intellectual property, and financial data.
The truth is we live in a market with increasing risks of cyberattacks on core business functions. Whether tasked with protecting and adhering to standards for software-as-a-service applications or ERP systems, security teams need to understand the hidden security and compliance risks of mission-critical business applications.
Siloed and Incomplete AssessmentsToday, every organization performs audits and security assessments differently. Take internal audits, for example. An organization will conduct a risk assessment in a particular way based on a specific set of criteria. The same goes for security, IT, risk management, and a slew of other departments. Each of these groups thinks about risk differently and can view business-critical application risk through a completely different lens. Security may focus on vulnerabilities, IT may focus on availability, and finance and audit teams may focus on the ..
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