IT Risk Management Statistics 2024 – Everything You Need to Know

• By end of 2020, a failure to figure out how to support remote work without exposing sensitive information led tonearly 25% of organizations paying unexpected coststo address cybersecurity breaches and malware infections. ^[4]
• The cost of failure is high 70% believe the cost of failure is $13 million. ^[4]

IT Risk Management Latest Statistics

• Employee productivity (62%). ^[3]
• Employee safety (29%) Competitive differentiation (29%) Brand and reputation (28%). ^[3]
• Enhancing the quality, availability, and timeliness of risk data (79%) Enhancing risk information systems and technology infrastructure (68%). ^[3]
• Financial institutions rank their top ERM program priorities as 6 Collaboration between business units and the risk management function (66%). ^[3]
• Managing increasing regulatory requirements and expectations (61%) Establishing and embedding the risk culture across the enterprise (55%). ^[3]
• Boards devote a relatively small amount of their meeting time to risk management about 9% on average. ^[3]
• Only 6% of directors believe their organization’s board is effective at managing risk. ^[3]
• 16 65% of organizations are operating “reactive” or “basic” policy management programs. ^[3]
• 15 Credit unions in the U.S. face a combined $6.1 billion in annual regulatory costs, or about 15% of operating expenses. ^[3]
• More than half (51.75%). ^[3]
• 7 56% of organizations lack a formal program for assessing the BC readiness of third parties. ^[3]
• Only 27% of organizations rank their BC program maturity as a 4 or 5 out of 5, according to COBIT maturity level definitions. ^[3]
• The remaining 73% fall into maturity levels 0­–3. ^[3]
• Employment of financial managers is projected to grow 17 percent from 2020 to 2030, much faster than the average for all occupations. ^[5]
• According to a recent study on project risk management trends, only 30% of projects are being delivered on budget, and only 15% of projects are actually delivered on time. ^[0]
• In the same study, 92% of recently surveyed CEOs agreed that information about risk is important or critical to long. ^[0]
• However, only 23% believe they have comprehensive information about risks to their business. ^[0]
• In a world where 70% of capital projects are over budget and 85% are behind schedule, we want to help you beat the odds. ^[0]
• The same survey found that 58% of organizations believe they have incurred a vendor. ^[4]
• A 2018 Ponemon Institute study found that 57% of respondents did not know their organizations’ vendor safeguards were sufficient to prevent a data breach. ^[4]
• And just 34% of respondents even had a comprehensive inventory of all their third parties touching their data. ^[4]
• Hyperproof surveyed in December 2020,86% of respondents from the U.S.are preparing for the potential passage of a federal data privacy and security law in the U.S. in the next few years and have factored this into their 2021 IT compliance budget. ^[4]
• 92% of tech companies surveyed by Hyperproof in December 2020 reported using a risk management standard framework, such as ones developed by NIST and ISO. ^[4]
• 78% of tech companies surveyed by Hyperproof in December 2020 said their organizations have identified clear roles, responsibilities, and owners for various risks. ^[4]
• 71% of tech companies surveyed by Hyperproof in December 2020 said their organization conducts risk assessments on a regular cadence. ^[4]
• 35% of tech companies surveyed by Hyperproof in December 2020—the biggest group—said that their organization manages IT risk in an ad hoc fashion, only when a negative event happens. ^[4]
• Another 28% reported that IT risks are managed in siloed departments, processes. ^[4]
• 44% of respondents admit they need improvement in identifying existing controls built to address certain risks. ^[4]
• Visibility into the true risk profile of third parties is still low 55% of respondents felt challenged in getting complete accurate risk information about their vendors. ^[4]
• 51% of respondents stated that collecting risk information on third parties is manual and time consuming. ^[4]
• 41% of respondents struggle to monitor their third parties on an ongoing basis because they don’t have sufficient data to monitor effectively 23% of respondents. ^[4]
• 22% of respondents have gaps in knowing what sensitive information resides within third party systems their employees are using. ^[4]
• Organizations spent 15,000+ hours on completing assessments each year Enterprises aren’t getting insights 54% say data is only somewhat valuable; less than 8% of assessments result in action. ^[4]
• Yet, 64% say the processes used are somewhat or not effective. ^[4]
• 40% of organizations use manual procedures like spreadsheets and 51% deploy risk scanning tools to vet their third parties; however 34% said these tools are only somewhat valuable while 20% said the results don’t provide any insights. ^[4]
• Only 24% of respondents say their organizations collaborate with third parties to improve their security measures. ^[4]
• Virtually all respondents (93%). ^[4]
• A full half of all respondents spend 50% or more of their total time at work on low. ^[4]
• We asked respondents to tell us what tasks they find especially tedious The three tasks selected most often as tedious are 1) Locating documents and other information needed for the audit (52% selected). ^[4]
• 2) Communicating with the auditor (52% selected this), and 3) Finding information needed to meet compliance requirements (51% selected this). ^[4]
• Joint research from Coalfire and Omdia Research in 2020 found that growing compliance obligations threaten to become unsustainable cost burdens—51% of those surveyed are spending 40% or more of their IT security budgets on compliance. ^[4]
• The world, after all, has already warmed by over 0.8 degrees Celsius , and we haven’t yet increased pre industrial concentrations by even 50 percent. ^[6]
• Earn a Degree Breakthrough pricing on 100% online degrees designed to fit into your life. ^[7]
• Breakthrough pricing on 100% online degrees designed to fit into your life. ^[7]
• For example, suppose a risk manager believes the average loss on an investment is $10 million for the worst one percent of possible outcomes for a portfolio. ^[1]
• Therefore, the CVaR or expected shortfall is $10 million for this one percent portion of the investment’s distribution curve. ^[1]
• The VaR loss for this investment will likely be lower than $10 million as the CVaR loss often exceeds the distribution boundary of the VaR simulation. ^[1]
• R squared values range from zero to one and are commonly stated as a percentage (0% to 100%). ^[1]
• An R squared value of 0.9 means 90% of the analysis accounts for 90% of the variation within the data. ^[1]
• According to Cybint, 95% of cybersecurity breaches are caused by human error. ^[2]
• 95% of cybersecurity breaches are caused by human error. ^[2]
• 88% of organizations worldwide experienced spear phishing attempts in 2019. ^[2]
• 68% of business leaders feel their cybersecurity risks are increasing. ^[2]
• On average, only 5% of companies’ folders are properly protected. ^[2]
• 86% of breaches were financially motivated and 10% were motivated by espionage. ^[2]
• 45% of breaches featured hacking, 17% involved malware and 22% involved phishing. ^[2]
• and .dot which make up 37%, the next highest is .exe. ^[2]
• An estimated 300 billion passwords are used by humans and machines worldwide. ^[2]
• Personal data was involved in 58% of breaches in 2020. ^[2]
• Security breaches have increased by 11% since 2018 and 67% since 2014. ^[2]
• 64% of Americans have never checked to see if they were affected by a data breach. ^[2]
• 56% of Americans don’t know what steps to take in the event of a data breach. ^[2]
• The average ransomware payment rose 33% in 2020 over 2019, to $111,605. ^[2]
• 94% of malware is delivered by email. ^[2]
• 48% of malicious email attachments are office files. ^[2]
• Ransomware detections have been more dominant in countries with higher numbers of internet connected populations, and the U.S. ranks highest with 18.2% of all ransomware attacks. ^[2]
• Most malicious domains, about 60%, are associated with spam campaigns. ^[2]
• About 20% of malicious domains are very new and used around one week after they are registered. ^[2]
• 65% of groups used spear phishing as the primary infection vector. ^[2]
• Phishing attacks account for more than 80% of reported security incidents. ^[2]
• 30% of data breaches involve internal actors. ^[2]
• 90% of remote code execution attacks are associated with cryptomining. ^[2]
• 66% of companies see compliance mandates driving spending. ^[2]
• 15% of companies found 1,000,000+ files open to every employee. ^[2]
• 17% of all sensitive files are accessible to all employees. ^[2]
• About 60% of companies have over 500 accounts with non. ^[2]
• More than 77% of organizations do not have an incident response plan. ^[2]
• Companies reportedly spent $9 billion on preparing for the GDPR and, in 2018, legal advice and teams cost UK FTSE 350 companies about 40% of their GDPR budget or $2.4 million. ^[2]
• 88% of companies spent more than $1 million on preparing for the GDPR. ^[2]
• Since the GDPR was enacted, 31% of consumers feel their overall experience with companies has improved. ^[2]
• By 2019, only 59% of companies believed they were GDPR compliant. ^[2]
• 70% of companies agree that the systems they put in place will not scale as new GDPR regulations emerge. ^[2]
• The healthcare industry lost an estimated $25 billion to ransomware attacks in 2019. ^[2]
• More than 93% of healthcare organizations experienced a data breach in the past three years. ^[2]
• 15% of breaches involved healthcare organizations, 10% in the financial industry and 16% in the public Sector. ^[2]
• Trojan horse virus Ramnit largely affected the financial sector in 2017, accounting for 53% of attacks. ^[2]
• Financial and manufacturing services have the highest percent of exposed sensitive files at 21%. ^[2]
• Manufacturing companies account for nearly a quarter of all ransomware attacks, followed by the professional services with 17% of attacks, and then government organizations with 13% of attacks. ^[2]
• The U.S. government allocated an estimated $18.78 billion for cybersecurity spending in 2021. ^[2]
• Lifestyle (15%) and entertainment (7%). ^[2]
• Supply chain attacks were up 78% in 2019. ^[2]
• Security services accounted for an estimated 50% of cybersecurity budgets in 2020. ^[2]
• The total cost of cybercrime for each company increased by 12% from $11.7 million in 2017 to $13.0 million in 2018. ^[2]
• In 2019 over 2020, Scandinavia saw the largest increase in total cost of data breaches at 12%, while South Africa saw the largest decrease at 7.4%. ^[2]
• 50% of large enterprises are spending $1 million or more annually on security, with 43% spending $250,000 to $999,999, and just 7% spending under $250,000. ^[2]
• More than 70 percent of security executives believe that their budgets for fiscal year 2021 will shrink. ^[2]
• Since the pandemic began, the FBI reported a 300% increase in reported cybercrimes. ^[2]
• 27% of COVID. ^[2]
• target banks or healthcare organizations and COVID 19 is credited for a 238% rise in cyberattacks on banks in 2020. ^[2]
• Confirmed data breaches in the healthcare industry increased by 58% in 2020. ^[2]
• 52% of legal and compliance leaders are concerned about thirdparty cyber risks due to remote work since COVID. ^[2]
• 47% of employees cited distraction as the reason for falling for a phishing scam while working from home. ^[2]
• 81% of cybersecurity professionals have reported their job function changed during the pandemic. ^[2]
• Cloud based cyber attacks rose 630% between January and April 2020. ^[2]
• Remote workers have caused a security breach in 20% of organizations. ^[2]
• 27% of COVID19 cyberattacks target banks or healthcare organizations and COVID 19 is credited for a 238% rise in cyberattacks on banks in 2020. ^[2]
• Confirmed data breaches in the healthcare industry increased by 58% in 2020. ^[2]
• 61% of companies think their cybersecurity applicants aren’t qualified. ^[2]
• 70% of cybersecurity professionals claim their organization is impacted by the cybersecurity skills shortage. ^[2]
• Since 2016, the demand for Data Protection Officers has skyrocketed and risen over 700%, due to the GDPR demands. ^[2]
• 61% of cybersecurity professionals aren’t satisfied with their current job. ^[2]
• There was a 350 percent growth in open cybersecurity positions from 2013 to 2021. ^[2]
• 40 percent of IT leaders say cybersecurity jobs are the most difficult to fill. ^[2]
• The cybersecurity unemployment rate is 0% and is projected to remain there through 2021. ^[2]
• By 2021, 100% of large companies globally will have a CISO position. ^[2]
• Information Security Analysts job positions in the US are expected to grow 31% from 2019–29. ^[2]
• Computer Network Architect job positions in the US are expected to grow 5% from 2019–29. ^[2]
• Computer Programmer job positions in the US are expected to decline 9% from 2019–29. ^[2]

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Reference

1. safran – https://www.safran.com/blog/reality-of-risk-management.
2. investopedia – https://www.investopedia.com/ask/answers/041415/what-are-some-common-measures-risk-used-risk-management.asp.
3. varonis – https://www.varonis.com/blog/cybersecurity-statistics.
4. quantivate – https://quantivate.com/blog/grc-risk-compliance-statistics/.
5. securityboulevard – https://securityboulevard.com/2021/02/it-risk-management-third-party-risk-management-and-compliance-statistics-for-2021/.
6. bls – https://www.bls.gov/ooh/management/financial-managers.htm.
7. edf – http://blogs.edf.org/climate411/2015/09/10/statistics-101-climate-policy-risk-management/.
8. coursera – https://www.coursera.org/courses?query=risk%20management.

How Useful is It Risk Management

One of the key benefits of IT risk management is its proactive approach to identifying and mitigating potential risks before they escalate into more serious issues. By conducting thorough risk assessments and vulnerability scans, organizations can pinpoint weaknesses in their IT systems and take preemptive measures to address them. This preemptive approach not only helps organizations avoid costly data breaches and system outages but also enables them to make informed decisions about resource allocation and business priorities.

Another significant advantage of IT risk management is its ability to enhance overall business resilience. By regularly updating security protocols, encrypting sensitive data, and implementing robust backup and recovery solutions, organizations can better prepare for unforeseen cyber threats and natural disasters. In the event of a security breach or system failure, a well-defined IT risk management plan can help limit the extent of damage and facilitate a swift recovery process.

Moreover, IT risk management plays a crucial role in ensuring regulatory compliance and data protection. With the implementation of data privacy laws such as GDPR and HIPAA, organizations are required to protect customer information and adhere to strict data security standards. Failure to comply with these regulations can result in hefty fines, reputational damage, and loss of customer trust. By incorporating IT risk management practices into their overall compliance strategy, organizations can demonstrate their commitment to data security and protect their stakeholders from potential legal repercussions.

Furthermore, effective IT risk management can also drive business innovation and efficiency. By evaluating the potential risks and benefits of new technologies and IT initiatives, organizations can make more informed decisions about strategic investments and digital transformation efforts. This risk-aware approach can help businesses stay ahead of the competition, seize new opportunities, and adapt to changing market dynamics.

In conclusion, IT risk management is a critical component of any organization’s cybersecurity strategy and digital resilience. By taking a proactive approach to identifying and mitigating potential risks, organizations can protect their assets, maintain regulatory compliance, and safeguard their reputation. In today’s hyper-connected world, investing in IT risk management is not just a good business practice—it is a fundamental requirement for sustainable growth and success.

In Conclusion

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