Vendor Security and Privacy Assessment Statistics 2024

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Best Vendor Security and Privacy Assessment Statistics

Best Vendor Security and Privacy Assessment Statistics

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Vendor Security and Privacy Assessment Benefits Statistics

40% are seeing benefits at least twice that of their privacy spend. ^[0]
81% of Americans think the potential risks of data collection by companies about them outweigh the benefits. ^[0]
97% of companies recognized they were realizing benefits such as competitive advantage or investor appeal from their privacy investments. ^[0]
Most organizations are seeing very positive returns on their privacy investments, and more than 40% are seeing benefits at least twice that of their privacy spend. ^[0]
Large enterprises estimated their benefits at $4.1 million, and 17% placed the value at more than $10 million. ^[0]
Small businesses estimated their benefits at $1.8 million. ^[0]

Vendor Security and Privacy Assessment Usage Statistics

79% of people have adjusted privacy related settings on their social media accounts or reduced their social media usage. ^[0]

Vendor Security and Privacy Assessment Market Statistics

Facebook owns 80% of the market share of social media platforms, and Google owns 90% of the market share of search engines. ^[0]
Salesforce research 97.80% of respondents said they would be comfortable sharing personal information directly with a brand for the purposes of personalizing marketing messages. ^[0]
The worldwide information security market is forecast to reach $170.4 billion in 2024, according to Gartner. ^[1]

Vendor Security and Privacy Assessment Software Statistics

40% of organizations say they use office productivity software, such as documents and spreadsheets, for compliance management. ^[2]
71% of respondents are currently using software that blocks ads, protects data privacy or otherwise helps control their web experience. ^[0]
69% of organizations don’t believe the threats they’re seeing can be blocked by their anti. ^[1]

Vendor Security and Privacy Assessment Adoption Statistics

In this area, Asia and Africa show a similar level of adoption, with less than 40% of countries having a law in place. ^[0]

Vendor Security and Privacy Assessment Latest Statistics

86% of companies surveyed agreed that innovative digital technologies have helped identify financial crime. ^[2]
The leading risk among organizations for 2021 was business interruption (41%). ^[2]
This was followed closely by cyber incidents such as cybercrime, data breaches, and fines and penalties at 40%. ^[2]
70% of risk and compliance experts said the pandemic has increased their reliance on technology to improve decision making, performance monitoring, and risk management. ^[2]
Firms have identified the top five risk and compliance functions that can benefit from technology as the following Vendor oversight (54%) Marketing reviews (41%) Compliance policy/activity tracking (41%) Trade surveillance (32%). ^[2]
Cybersecurity practices among vendors are becoming an expectation, as 44% of firms say they are being asked for proof of cybersecurity as part of a request for proposal. ^[2]
Navex Global found that the number of “mature and advanced” risk and compliance programs grew by 29%, while the number of “reactive and basic” ones declined by 35%. ^[2]
34% of organizations outsource some or all of their compliance functionality. ^[2]
When security professionals are asked how to improve their company’s security posture, the top answer is upgrading tools (67%). ^[2]
80% of respondents say they had a business continuity plan in place and that it helped them navigate the pandemic’s impact. ^[2]
There has been a 45% increase in the cost of non. ^[2]
50% of organizations said they spend 6 10% of their revenue on compliance costs. ^[2]
31% of respondents predict their compliance teams will grow in the next 12 months, down from 43% in 2018. ^[2]
Regulators fined banks $10 billion in a 15 month period through 2019, with most of those fines caused by cyber attacks (60%). ^[2]
Under the GDPR, EU authorities can fine organizations up to €20 million, or 4% of worldwide turnover for the preceding financial year. ^[2]
44% of organizations say their top compliance management challenges are handling compliance assessments, undergoing control testing, and implementing policy and process updates. ^[2]
76% of compliance managers say they manually scan regulatory websites to track changes and assess the impact on their organization. ^[2]
Stagnant budgets and a shifting workforce have left many compliance teams feeling stretched, with 87% of organizations reporting they have no additional capacity due to being understaffed or only adequately staffed. ^[2]
55% of organizations say their compliance culture is based around a “Can we?” rather than “Should we?” attitude, indicating a focus on building a more proactive and positive compliance culture. ^[2]
43% of those under extreme pressure to increase revenue due to the pandemic said they would like to deploy and ML to combat financial crime in the future. ^[2]
68% of companies prioritize threats according to the potential cost to the business. ^[2]
In the wake of the pandemic, compliance training has shifted to elearning, with 62% of organizations reporting using that method rather than blended learning (30%). ^[2]
44% of organizations have experienced a breach within the last 12 months, with 74% saying it was the result of giving too much privileged access to third parties. ^[2]
47% of firms predict they will spend more on third party risk management resources in 2021. ^[2]
58% of organizations say that the top challenge they face when it comes to third party risk management is vendor responsiveness in the due diligence phase. ^[2]
48% of organizations find it challenging to track third. ^[2]
63% of organizations say that reliance on a vendor’s reputation is the most common reason they are not thoroughly evaluating their privacy and security practices. ^[2]
61% of respondents say their third party management program does not define or rank risk levels. ^[2]
73% of organizations find managing third party permissions and remote access to be a drain on internal resources and an overwhelming undertaking for their team. ^[2]
Only 49% say their organizations are doing this due diligence with all third parties before allowing them access to sensitive and confidential information. ^[2]
65% of organizations say they predict spending more on cybersecurity and privacy resources in 2021. ^[2]
Almost 90% of web application breaches were caused by credential abuse, and phishing was present in more than a third of all breaches. ^[2]
78% of companies worldwide say zero trust has increased in priority, and nearly 90% are currently working on a zero trust initiative. ^[2]
More than 60% of all data breaches involve stolen or weak credentials. ^[2]
From February to April 2020, attacks targeting the financial sector grew by 238%. ^[2]
Customer personal data is included in 44% of data breaches. ^[2]
yearto date is up 27% compared to the fiscal year 2020, with phishing and ransomware seen as the top attack methods. ^[2]
67% of organizations with 5,001–10,000 employees plan to invest in employee security awareness, which is twice the number reported in 2019 (33%). ^[2]
About 60% of companies have over 500 accounts with non expiring passwords, highlighting just one of the inadequate security practices that leave companies open for data breaches. ^[2]
By 2024, Gartner predicts that 65% of the world’s population will have its personal data covered under modern privacy regulations. ^[2]
The top five highest risk areas as defined by chief audit executives are Cybersecurity (65%) IT (51%); third party relationships (41%) Compliance/regulatory (41%). ^[2]
66% of audit departments communicate with other risk and control groups within their organizations on how they can better share resources, particularly risk assessment and data analytics. ^[2]
Pre pandemic, internal audit budgets grew 5% per year between 2017 and 2019. ^[2]
However, in 2020, that figure saw a 1.5% decrease. ^[2]
The Institute of Internal Auditors suggests that over 75% of audit teams lack a modern audit technology solution. ^[2]
62% of survey respondents said that moving from traditional, manual processes to a data driven audit is a top challenge. ^[2]
Only 29.8% of respondents say that they regularly use data analytics in their audits. ^[2]
37% of companies perform one or more internal audits annually. ^[2]
62% of companies expect more compliance involvement in cyber resilience in the coming years. ^[2]
Half of survey respondents expect the personal liability of compliance professionals to increase in the next 12 months, and 10% expect it to increase significantly. ^[2]
34% of organizations say that regtech solutions are affecting the management of compliance. ^[2]
The total projected cost of financial crime compliance in the U.S. and Canada for 2021 is $49.9 billion, which is an increase of 19% from 2020. ^[2]
Gartner found in the 2020 CISO Effectiveness Survey that 78% of CISOs have 16 or more tools in their cybersecurity vendor portfolio; 12% have 46 or more. ^[3]
Most organizations recognize vendor consolidation as an avenue for more efficient security, with 80% executing or interested in a strategy for this. ^[3]
According to the 2021 Gartner CIO Survey, 64% of employees are now able to work from home, and two fifths actually are working from home. ^[3]
The movement to hybrid is a durable trend with more than 75% of knowledge workers expecting future hybrid work environments. ^[3]
However, it seems these statistics show trends and positive movements in the privacy awareness of individuals in younger generations (61% of individuals who are active about their privacy are under the age of 45). ^[0]
84% of respondents indicated that they care about privacy, care for their own data, care about the data of other members of society, and they want more control over how their data is being used. ^[0]
Of this group, 80% also said they are willing to act to protect it. ^[0]
Among privacy active respondents, 48% indicated they already switched companies or providers because of their data policies or data sharing practices. ^[0]
79% of respondents said they are very or somewhat concerned about how companies are using the data they collect about them, while 64% say they have the same level of concern about government data collection. ^[0]
81% of respondents feel as if they have little or no control over the data collected. ^[0]
46% of customers feel they’ve lost control over their own data. ^[0]
6.45% of respondents indicated that they find the federal government responsible for protecting data privacy. ^[0]
24% of respondents find the individual user responsible for protecting data privacy. ^[0]
21% of respondents find that companies should be responsible for the protection of data privacy. ^[0]
43% of all respondents don’t believe they can adequately protect their personal data today. ^[0]
63% of Americans say they understand very little or nothing at all about the laws and regulations that are currently in place to protect their data privacy. ^[0]
97% of Americans say they are ever asked to approve privacy policies, yet only about onein five adults overall say they always (9%) or often (13%). ^[0]
Some 38% of all adults maintain they sometimes read such policies, but 36% say they never read a company’s privacy policy before agreeing to it. ^[0]
62% of Americans believe it is not possible to go through daily life without companies collecting their data. ^[0]
72% of Americans report feeling that all, almost all or most of what they do online or while using their cellphone is being tracked by advertisers, technology firms or other companies. ^[0]
Another 19% think some of what they do is being tracked. ^[0]
Close to half (47%). ^[0]
77% of Americans say they have heard or read at least a bit about how companies and other organizations use personal data to offer targeted advertisements or special deals or to assess how risky people might be as customers. ^[0]
70% of Americans say their personal data is less secure than it was five years ago. ^[0]
Only 6% of Americans report that they believe their data is more secure today than it was in the past. ^[0]
79% of Americans are not confident about the way companies will behave when it comes to using and protecting their personal data. ^[0]
18% of countries has no data protection law implemented. ^[0]
59% of respondents said their organizations are currently meeting all GDPR requirements. ^[0]
29% hope to be similarly ready by early 2020.Cisco Data Privacy benchmark study 2019 22. ^[0]
9% of organizations said it would take more than a year to get GDPR ready. ^[0]
3% of the respondents in our global survey indicated that they did not believe GDPR applied to their organization. ^[0]
47% of organizations updated website cookie policies, and 80% updated policy more than once over the past year. ^[0]
47% of respondents said they have greater trust in companies that use their data as a result of the GDPR. ^[0]
58% of European companies declared GDPR compliance as a top priority, whereas only 11% of U.S. respondents selected it as number one. ^[0]
93% of US IT decision makers said they had at least taken some steps to comply with privacy regulations such as or the EU’s General Data Protection Regulation. ^[0]
35% of US businesses surveyed said that they won’t be CCPA compliant by January 1, 2020, because they feel it’s too expensive to attain compliance. ^[0]
90% of respondents report their firms to rely on for data processing, and the top method for ensuring vendors have appropriate data protection safeguards is “relying on assurances in the contract” . ^[0]
69% of registered s from the EU hold the top privacy role for their firm. ^[0]
56% of organizations named “locating unstructured personal data” as the most difficult issue in responding to data subject access requests. ^[0]
36% of organizations said monitoring data protection/privacy practices of third parties is the most challenging GDPR task. ^[0]
52% of respondents said they felt they had more control of their personal data as a result of the GDPR. ^[0]
47% expressed notification fatigue and said they receive far too many meaningless privacy related notifications as a result of GDPR.Cisco Consumer Privacy Survey 2019 39. ^[0]
59% of respondents indicated they feel they have a greater ability to exercise theirrights Cisco Consumer Privacy Survey 2019. ^[0]
87% of surveyed organizations reported they have delays in selling to existing customers or prospects, which is up significantly from last year. ^[0]
However, the least prepared organizations have average delays that are nearly 60% longer than those who are most prepared. ^[0]
82% of organizations view privacy certifications such asISO 27701. ^[0]
Among large enterprises , the average annual privacy spend was $1.9 million, and 2% of these enterprises spent more than $5 million. ^[0]
The average privacy spend of small businesses was $800,000, and 41% of them spent less than $500,000. ^[0]
Across all companies in the survey, the average estimated benefit of privacy spend was $2.7 million. ^[0]
Overall costs associated with breaches were lower; only 37% of GDPR ready companies had a loss of over $500,000 last year vs. 64% of the least GDPR ready. ^[0]
64% of respondents believe that privacy options or features are “extremely important” or “very important” when considering their next smartphone, computer, and smart home device purchase. ^[0]
80% of social media users are concerned about advertisers and businesses accessing the data they share on social media platforms. ^[0]
Cambridge Analytics scandal made more than 73% of the US users concerned about how their information is used on the internet. ^[0]
26% stated they are extremely concerned, 22% stated they are very concerned, and 25% stated they were somewhat concerned. ^[0]
41% of customers don’t believe companies care about the security of their data. ^[0]
84% of customers are more loyal to companies with strong security controls. ^[0]
Risk management and privacy concerns within digital transformation initiatives will drive additional security service spending through 2020 for more than 40% of organizations. ^[0]
87 % of Europeans said that they consider cybercrime to be an important problem. ^[0]
Only 2% of firms that have reported a breach to a supervisory authority have been fined. ^[0]
The average time to identify a breach in 2019 was 206 days and the average time to contain a breach was 73 days, for a total of 279 days (4.9% increase from 2018). ^[0]
For the period from 28 January 2019 to 27 January 2020, there were on average 278 breach notifications per day (a 12.6% increase). ^[0]
58% of the total breaches in 2019 were the result of hacking incidents, impacting 36.9 million patient records. ^[0]
Among respondents whose organizations must comply with the GDPR, 38% have reported a breach this year (compared to just 16% in 2018). ^[0]
Most companies reporting a breach say they’ve reported fewer than 5, although 22% have reported 10 or more. ^[0]
Healthcare continued to incur the highest average breach costs at $7.13 million – a 10.5% increase over the 2019 study. ^[0]
52% of EU companies have notified data breach, as opposed to only 22% of U.S. companies doing the same. ^[0]
Of the breached organizations that could be definitively classified, the Business sector accounted for 67% of reported breaches, followed by Medical (14%), Government (12%) and Education (7%). ^[0]
The share of breaches caused by malicious attacks increased from 42% in the 2014 report to 52% in the 2020 report. ^[0]
This 10 percentage point increase represents a nearly 24% increase in the share of breaches caused by malicious attacks. ^[0]
52 % of incidents involved a malicious attack, compared to 25% caused by system glitches and 23% caused by human error. ^[0]
73% of customers say trust in companies matters more than it did a year ago. ^[0]
54% of customers say it’s harder than ever for a company to earn their trust. ^[0]
89% of customers are more loyal to companies they trust. ^[0]
65% have stopped buying from companies that did something they consider distrustful. ^[0]
54% of respondents are highly likely to walk away from a business that requires them to provide highly personal data , in order to conduct business with them. ^[0]
70% of customers strongly associate transparency with trust. ^[0]
58% of customers are comfortable with relevant personal information being used in a transparent and beneficial manner. ^[0]
63% of customers say most companies aren’t transparent about how their data is used. ^[0]
48% of customers have stopped buying from a company/using a service due to privacy concerns. ^[0]
73% of customers say a company’s ethics matter more than they did a year ago. ^[0]
However, only 16.7% said they would be OK with sharing this type of information through third parties. ^[0]
Amazon was the most trusted technology company at 30%, followed by Google (27%), Apple (22%), Microsoft (22%) and Facebook (19%). ^[0]
The least trusted were Uber (5%), Snapchat (6%) and Twitter (8%). ^[0]
99.75% of customers strongly associate privacy with trust. ^[0]
100.72% of customers would stop buying from a company, or using their service due to privacy concerns. ^[0]
According to the US Census Bureau, roughly 20% of the US population live in rural areas ; however, less than 8% of the nation’s physicians are practicing in rural areas. ^[4]
A national survey in 2018 indicated that 89% of American adults used the Internet and 58% of rural American homes are connected to the Internet. ^[4]
In 2018, 77% of Americans own a smartphone. ^[4]
Even in rural areas, the smartphone ownership rate is 65%. ^[4]
Currently, cyber attacks targeting medical information has increased 22 percent a year with 112 million compromised records back in 2015. ^[4]
According to the Cost of Data Breach Study released by IBM Security and the Ponemon Institute in 2018, the average global cost of a health data breach per lost or stolen record was US $380. ^[4]
Table 4 shows the number and percentage of study participants who answered “yes ”, “no ”, and “I don’t know ” to statements in each domain. ^[4]
Additionally, Authorization and Data backup plans were incorporated in this analysis since they contained high percentages of “I don’t know” responses (18.5% and 22.6%, respectively). ^[4]
As stated earlier, storage domain had the lowest percentage of “yes” responses (49.5%). ^[4]
When analyzing the specific questions for the storage domain, Q13 and Q14 were areas that had a high percentage of “no” and “I don’t know” responses. ^[4]
Of the 31 participants, 19 (61.3%). ^[4]
Eleven participants (35.5%). ^[4]
storage, transmission/accessibility had the next lowest percentage of “yes” responses at 51.6%. ^[4]
Five respondents (16.1%). ^[4]
Ten respondents (32.3%). ^[4]
The percentage of “yes” responses to the statements in the secure networks domain was 69.7%. ^[4]
Q41 and Q46 had the highest percentages of “no” answers for this domain. ^[4]
Seven respondents (22.6%). ^[4]
Q46 also had the greatest percentage of “I don’t know” answers for the secure network domain (35.0%). ^[4]
Q43 and Q44 also saw a high percentage of participants who reported “I don’t know.”. ^[4]
For Q43, 9 participants (29.0%). ^[4]
Similarly, for Q44, 9 participants (29.0%). ^[4]
The encryption domain followed secure networks with the next lowest percentage of “yes” responses with 71.0%. ^[4]
Q22 and Q24 had high percentages of respondents reporting “I don’t know.”. ^[4]
Specifically, 8 participants (25.8%). ^[4]
Also, 11 participants (35.5%). ^[4]
After encryption, the consent domain had the next lowest percentage of “yes” responses at 71.5%. ^[4]
Q17, Q18, and Q16 had high percentages of “no” responses at 45.2%, 29.0%, and 22.6%, respectively. ^[4]
Eight participants (25.8%). ^[4]
For Q26, eight participants (25.8%). ^[4]
For Q25, seven respondents (22.6%). ^[4]
Finally, for Q27, six participants (19.4%). ^[4]
For Q37, nine respondents (29.0%). ^[4]
For Q38, seven respondents (22.6%). ^[4]
Finally, for Q39, six participants (19.4%). ^[4]
The average per record cost of a data breach increased by 10.3 percent from 2020 to 2021. ^[5]
The average total cost for healthcare increased from $7.13 million in 2020 to $9.23 million in 2021, a 29.5 percent increase. ^[5]
39 percent of costs are incurred more than a year after a data breach. ^[5]
Annually, hospitals spend 64 percent more on advertising the two years following a breach. ^[5]
34 percent of data breaches in 2018 involved internal actors. ^[5]
71 percent of breaches are financially motivated. ^[5]
Ransomware accounts for nearly 24 percent of incidents in which malware is used. ^[5]
95 percent of breached records came from the government, retail and technology sectors in 2016. ^[5]
36 percent of external data breach actors in 2019 were involved in organized crime. ^[5]
Microsoft Office files accounted for 48 percent of malicious email attachments. ^[5]
The global number of web attacks blocked per day increased by 56.1 percent between 2017 and 2018. ^[5]
There was an 80 percent increase in the number of people affected by health data breaches from 2017 to 2019. ^[5]
Organizations with more than 60 percent of employees working remotely had a higher average data breach cost than those without remote workers. ^[5]
Estimates show there were as many as 192,000 coronavirus related cyberattacks per week in May 2020 alone, a 30 percent increase compared to April 2020. ^[5]
In 2021, 98 percent of pointof sale data breaches in the hospitality industry were financially motivated. ^[5]
Confirmed data breaches in the healthcare industry increased by 58 percent this year. ^[5]
Web application breaches account for 43 percent of all breaches and have doubled since 2019. ^[5]
Cyber scams increased by 400 percent in the month of March 2020, making COVID19 the largest ever security threat. ^[5]
The average distributed denial of service attack grew to more than 26 Gbps, increasing in size by 500 percent. ^[5]
In the first quarter of 2020, DDoS attacks rose more than 278 percent compared to Q1 2019, and more than 542 percent compared to the last quarter. ^[5]
More than 64 percent of financial service companies have 1,000 plus sensitive files accessible to every employee in 2021. ^[5]
On average in 2021, 70 percent of all sensitive data was considered stale. ^[5]
58 percent of companies found more than 1,000 folders that had inconsistent permissions. ^[5]
59 percent of financial services companies have more than 500 passwords that never expire, and nearly 40 percent have more than 10,000 ghost users. ^[5]
Small businesses account for 28 percent of data breach victims. ^[5]
More than 80 percent of breaches within hacking involve brute force or the use of lost or stolen credentials. ^[5]
Human error causes 23 percent of data breaches. ^[5]
62 percent of breaches not involving an error, misuse or physical action involved the use of stolen credentials, brute force or phishing. ^[5]
By 2025, cybercrime is estimated to cost $10.5 trillion globally, increasing by 15 percent year over year. ^[5]
As of 2015, 25 percent of global data required security but was not protected. ^[5]
Social media data breaches accounted for 56 percent of data breaches in the first half of 2018. ^[5]
63 percent of companies have implemented a biometric system or plan to implement one. ^[5]
17 percent of IT security professionals reported information security as the largest budget increase for 2018. ^[5]
80 percent of organizations intended to increase security spending for 2018. ^[5]
It was predicted that global cybersecurity spending would exceed $1 trillion cumulatively between 2017 to 2021. ^[5]
Worldwide, IT security spending in 2019 was projected to grow 8.7 percent compared to 2018. ^[5]
For the first time since 2013, ransomware declined 20 percent overall but was up by 12 percent for enterprise companies. ^[5]
Budget allocation to hardware based security services, which generally lack both portability and the ability to effectively function in virtual infrastructure, has fallen from 20 percent in 2015 to 17 percent. ^[5]
MSSPs, which can replicate certain security operational functions, saw modest budget allocation growth at the end of 2017 to 14.7 percent, but security professionals expected that stake would grow to 17.3 percent by 2021. ^[5]
According to the Office of Inadequate Security, in 1984 the global credit information corporation known as TRW was hacked and 90 million records were stolen. ^[5]
The Privacy Rights Clearinghouse estimated that there have been 9,044 public breaches since 2005, however more can be presumed since the organization does not report on breaches where the number of compromised records is unknown. ^[5]
According to Cybint, 95% of cybersecurity breaches are caused by human error. ^[1]
95% of cybersecurity breaches are caused by human error. ^[1]
88% of organizations worldwide experienced spear phishing attempts in 2019. ^[1]
68% of business leaders feel their cybersecurity risks are increasing. ^[1]
On average, only 5% of companies’ folders are properly protected. ^[1]
86% of breaches were financially motivated and 10% were motivated by espionage. ^[1]
45% of breaches featured hacking, 17% involved malware and 22% involved phishing. ^[1]
and .dot which make up 37%, the next highest is .exe. ^[1]
An estimated 300 billion passwords are used by humans and machines worldwide. ^[1]
Personal data was involved in 58% of breaches in 2020. ^[1]
Security breaches have increased by 11% since 2018 and 67% since 2014. ^[1]
64% of Americans have never checked to see if they were affected by a data breach. ^[1]
56% of Americans don’t know what steps to take in the event of a data breach. ^[1]
The average ransomware payment rose 33% in 2020 over 2019, to $111,605. ^[1]
94% of malware is delivered by email. ^[1]
48% of malicious email attachments are office files. ^[1]
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. ^[1]
Most malicious domains, about 60%, are associated with spam campaigns. ^[1]
About 20% of malicious domains are very new and used around one week after they are registered. ^[1]
65% of groups used spear phishing as the primary infection vector. ^[1]
Phishing attacks account for more than 80% of reported security incidents. ^[1]
30% of data breaches involve internal actors. ^[1]
90% of remote code execution attacks are associated with cryptomining. ^[1]
66% of companies see compliance mandates driving spending. ^[1]
15% of companies found 1,000,000+ files open to every employee. ^[1]
17% of all sensitive files are accessible to all employees. ^[1]
About 60% of companies have over 500 accounts with non. ^[1]
More than 77% of organizations do not have an incident response plan. ^[1]
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. ^[1]
88% of companies spent more than $1 million on preparing for the GDPR. ^[1]
Since the GDPR was enacted, 31% of consumers feel their overall experience with companies has improved. ^[1]
By 2019, only 59% of companies believed they were GDPR compliant. ^[1]
70% of companies agree that the systems they put in place will not scale as new GDPR regulations emerge. ^[1]
The healthcare industry lost an estimated $25 billion to ransomware attacks in 2019. ^[1]
More than 93% of healthcare organizations experienced a data breach in the past three years. ^[1]
15% of breaches involved healthcare organizations, 10% in the financial industry and 16% in the public Sector. ^[1]
Trojan horse virus Ramnit largely affected the financial sector in 2017, accounting for 53% of attacks. ^[1]
Financial and manufacturing services have the highest percent of exposed sensitive files at 21%. ^[1]
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. ^[1]
The U.S. government allocated an estimated $18.78 billion for cybersecurity spending in 2021. ^[1]
Lifestyle (15%) and entertainment (7%). ^[1]
Supply chain attacks were up 78% in 2019. ^[1]
Security services accounted for an estimated 50% of cybersecurity budgets in 2020. ^[1]
The total cost of cybercrime for each company increased by 12% from $11.7 million in 2017 to $13.0 million in 2018. ^[1]
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%. ^[1]
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. ^[1]
More than 70 percent of security executives believe that their budgets for fiscal year 2021 will shrink. ^[1]
Since the pandemic began, the FBI reported a 300% increase in reported cybercrimes. ^[1]
27% of COVID. ^[1]
target banks or healthcare organizations and COVID 19 is credited for a 238% rise in cyberattacks on banks in 2020. ^[1]
Confirmed data breaches in the healthcare industry increased by 58% in 2020. ^[1]
52% of legal and compliance leaders are concerned about thirdparty cyber risks due to remote work since COVID. ^[1]
47% of employees cited distraction as the reason for falling for a phishing scam while working from home. ^[1]
81% of cybersecurity professionals have reported their job function changed during the pandemic. ^[1]
Cloud based cyber attacks rose 630% between January and April 2020. ^[1]
Remote workers have caused a security breach in 20% of organizations. ^[1]
27% of COVID19 cyberattacks target banks or healthcare organizations and COVID 19 is credited for a 238% rise in cyberattacks on banks in 2020. ^[1]
Confirmed data breaches in the healthcare industry increased by 58% in 2020. ^[1]
61% of companies think their cybersecurity applicants aren’t qualified. ^[1]
70% of cybersecurity professionals claim their organization is impacted by the cybersecurity skills shortage. ^[1]
Since 2016, the demand for Data Protection Officers has skyrocketed and risen over 700%, due to the GDPR demands. ^[1]
61% of cybersecurity professionals aren’t satisfied with their current job. ^[1]
There was a 350 percent growth in open cybersecurity positions from 2013 to 2021. ^[1]
40 percent of IT leaders say cybersecurity jobs are the most difficult to fill. ^[1]
The cybersecurity unemployment rate is 0% and is projected to remain there through 2021. ^[1]
By 2021, 100% of large companies globally will have a CISO position. ^[1]
Information Security Analysts job positions in the US are expected to grow 31% from 2019–29. ^[1]
Computer Network Architect job positions in the US are expected to grow 5% from 2019–29. ^[1]
Computer Programmer job positions in the US are expected to decline 9% from 2019–29. ^[1]

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Reference

dataprivacymanager – https://dataprivacymanager.net/100-data-privacy-and-data-security-statistics-for-2020/.
varonis – https://www.varonis.com/blog/cybersecurity-statistics.
secureframe – https://secureframe.com/blog/compliance-statistics.
gartner – https://www.gartner.com/smarterwithgartner/gartner-top-security-and-risk-trends-for-2021.
nih – https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6597150/.
varonis – https://www.varonis.com/blog/data-breach-statistics.

How Useful is Vendor Security and Privacy Assessment

Vendor security and privacy assessment is a critical tool in mitigating the risks associated with third-party relationships. By conducting thorough evaluations of a vendor’s security practices, data protection protocols, and compliance with legal and industry regulations, organizations can gain valuable insights into the potential cybersecurity vulnerabilities and privacy concerns that may arise from working with a particular vendor. This proactive approach enables businesses to identify and address security gaps before they lead to data breaches, financial losses, or reputational damage.

One of the main benefits of vendor security and privacy assessment is the ability to establish a strong foundation of trust and accountability with vendors. By requiring vendors to undergo rigorous security assessments, organizations send a clear message that they take data protection and privacy seriously, and they expect their partners to do the same. This commitment to security and privacy sets a positive precedent for the vendor relationship, fostering a culture of shared responsibility and collaboration in safeguarding sensitive information.

Moreover, vendor security and privacy assessment can help organizations comply with regulatory requirements and industry standards related to data protection and privacy. With the increasing adoption of data protection regulations such as GDPR and CCPA, businesses face heightened expectations to ensure the security and privacy of personal data throughout their supply chain. By conducting regular assessments of vendor security controls and privacy practices, organizations can demonstrate their compliance with relevant regulations and mitigate the risk of non-compliance penalties and legal repercussions.

Additionally, vendor security and privacy assessment can serve as a source of competitive advantage for organizations looking to differentiate themselves in the marketplace. In an era where data breaches and privacy violations dominate headlines, consumers and business partners alike are increasingly prioritizing security and privacy as key criteria in their decision-making process. By partnering with vendors who have undergone thorough security assessments and can demonstrate a strong commitment to data protection, organizations can enhance their reputation, build trust with stakeholders, and gain a competitive edge in an increasingly crowded and competitive market.

In conclusion, vendor security and privacy assessment is a valuable tool for organizations seeking to enhance their cybersecurity posture, protect sensitive data, and mitigate the risks associated with third-party relationships. By conducting regular evaluations of vendor security controls and privacy practices, businesses can establish a foundation of trust and accountability with vendors, comply with regulatory requirements, and gain a competitive advantage in the marketplace. As the digital landscape continues to evolve and threats to data security become more sophisticated, investing in vendor security and privacy assessment is a proactive and strategic decision that can yield significant long-term benefits for organizations of all sizes and industries.

In Conclusion

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Vendor Security and Privacy Assessment Statistics 2024 – Everything You Need to Know