Security Compliance Software Statistics 2024

In an era where cyber threats are becoming increasingly sophisticated, understanding the landscape of security compliance software is more critical than ever. The statistics surrounding security compliance software in 2024 offer invaluable insights into the trends, challenges, and opportunities that define this pivotal sector. These numbers illuminate the evolving threats organizations face and underscore the necessity for robust security measures. By grasping the current state of security compliance, businesses can better navigate the complexities of safeguarding their digital assets.

This data is indispensable for a diverse array of stakeholders, including IT professionals, data protection officers, corporate executives, and policymakers. For IT professionals, it provides actionable insights into the most effective tools and strategies to deploy. Corporate executives and board members can use this data to make informed decisions on where to allocate resources for maximum impact. Policymakers benefit by understanding the broader implications of security trends, guiding legislation that fosters more secure digital environments. The ripple effect of these statistics touches every corner of the industry, driving advancements and shaping the future of security compliance.

In a rapidly evolving field, staying abreast of the latest statistics empowers decision-makers to craft strategies that are not only reactive but also proactive. Informed by the right data, organizations can predict potential threats, allocate resources judiciously, and ultimately, fortify their defenses against an ever-expanding array of cyber vulnerabilities. The subsequent detailed analysis of security compliance software in 2024 will equip stakeholders with the knowledge needed to navigate and thrive in this dynamic landscape.

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Top Security Compliance Software Statistics 2024

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Cybersecurity Trends & Statistics

• In 2023, 34.5% of executives reported their organizations’ accounting and financial data were targeted by cyber adversaries [25].
• 22% of those targeted experienced at least one cyber event, while 12.5% experienced more than one [1].
• Nearly 48.8% of C-suite and other executives expect an increase in the number and size of cyber events targeting their organizations’ accounting and financial data in the upcoming year [1].
• Only 20.3% of polled executives say their organizations’ accounting and finance teams work closely and consistently with their cybersecurity peers [1].
• The cybersecurity market size is expected to reach USD 314.28 billion by 2029, growing at a CAGR of 11.44% from 2024 to 2029 [3].
• Cybercrimes cost the world almost USD 600 billion yearly, or 0.8% of global GDP, according to the Center for Strategic and International Studies (CSIS) and McAfee [3].
• By 2025, humanity’s collective data will reach 175 zettabytes [2].
• The global cybersecurity market share is projected to be worth $660.67 billion by 2030, growing at a CAGR of 15.9% from 2022 to 2030 [8].
• The Internet of Things (IoT) continues its exponential growth, with a key focus in 2024 on enhancing IoT security [4].

Ai And Machine Learning In Cybersecurity

• The AI in the cybersecurity market is growing at a CAGR of 23.6% and will reach a market value of $46.3 billion in 2027 [1].
• AI algorithms are expected to provide real-time threat analysis in 2024, enabling faster and more accurate responses to cyber incidents [4].
• AI and Machine Learning (ML) are set to play a more critical role in cybersecurity in 2024 [4].

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Cybercrime Statistics

• The cost of cybercrime is predicted to hit $8 trillion in 2023 and will grow to $10.5 trillion by 2025 [1].
• Ransomware gang recently used a new zero-day flaw to steal data on 1 million hospital patients [2].
• Community Health Systems (CHS) confirmed criminal hackers accessed the personal and protected health information of up to 1 million patients [2].
• The highest rate of mobile phishing in history was observed in 2022, with half of mobile phone owners worldwide exposed to a phishing attack every quarter [2].
• 76% of organizations were targeted by a ransomware attack in 2022, with 64% actually infected [2].
• Only 50% of organizations that paid the ransom managed to retrieve their data [2].
• The average cost of a data breach in 2023 was $4.45 million, a 15% increase over the past three years [10].

Compliance And Regulatory Trends

• SOC 2, ISO 27001, HIPAA, and GDPR are critical compliance standards for organizations to align with [5].
• Recognizing the importance of SOC 2 Type I and II compliance, along with GDPR adherence, Supered engaged BD Emerson for their unmatched expertise [5].
• By 2025, 70% of organizations will use digital adoption platforms across the entire technology stack to overcome insufficient application user experiences [6].
• 84% of security and IT professionals list data protection frameworks, such as GDPR and CCPA, as a mandatory requirement for their industries [12].

Ransomware And Phishing

• In 2022, 76% of organizations were targeted by a ransomware attack, with 64% actually infected [2].
• Only 50% of these organizations managed to retrieve their data after paying the ransom [2].
• The highest rate of mobile phishing in history was observed in 2022, with half of the mobile phone owners worldwide exposed to a phishing attack every quarter [2].

Market Growth And Investments

• The global cybersecurity market size is expected to be worth around USD 533.9 Billion by 2032 from USD 193 Billion in 2023, growing at a CAGR of 11% during the forecast period [11].
• The cybersecurity services market size in the United Kingdom was valued at USD 14.24 billion in 2023 [13].
• The cybersecurity market revenue in China was valued at USD 15.58 billion in 2023 [13].

Notable Cybersecurity Incidents

• A ransomware gang recently used a new zero-day flaw to steal data on 1 million hospital patients [2].
• In 2022, Community Health Systems (CHS) confirmed that criminal hackers accessed the personal and protected health information of up to 1 million patients [2].
• In 2023, ransomware constituted 17% of security incidents, showing a decrease from 21% in 2021 [10].

Future Trends And Predictions

• By 2025, 70% of organizations will use digital adoption platforms across the entire technology stack to overcome insufficient application user experiences [6].
• The expansion of remote work continues to shape the professional landscape in 2024 [4].
• Quantum computing is revolutionizing data processing and problem-solving in 2024 [4].
• The cybersecurity sector continues to grapple with a significant challenge: the skills gap [4].
• Blockchain technology is increasingly being recognized for its potential to enhance cybersecurity measures [4].

Notable Compliance Achievements

• Supered swiftly achieved SOC 2 Type I and II compliance and secured GDPR compliance, demonstrating their commitment to security and privacy [5].
• BD Emerson guided Supered through the SOC 2 Type I compliance in an intense 20-day sprint [5].
• Following the Type I achievement, the focus shifted to SOC 2 Type II compliance, including a 3-month monitoring period [5].

Cybersecurity Insurance

• Cybersecurity insurance has become a mainstream component of business risk management strategies in 2024 [4].
• Organizations with extensive use of AI and automation security tools contain data breaches 108 days faster than those without [24].

Key Statistics

• The average cost of a data breach in 2023 was $4.45 million [10].
• The global cybersecurity market is projected to hit $298.5 billion by 2028 [17].
• The average cost of a ransomware recovery is nearly $2 million [24].

Industry-specific Impacts

• The healthcare sector continues to experience the highest data breach costs of all industries, increasing from USD 10.10 million in 2022 to USD 10.93 million in 2023 [16].
• Educational institutions experienced a staggering 2,507 attempts per college or university per week in 2023 [16].
• Financial services businesses take an average of 233 days to detect and contain a data breach [24].

Compliance Technology And Tools

• Vanta automates up to 90% of the work for security and privacy frameworks [7].
• The new Microsoft 365 backup allows partners, such as Veeam, to provide a comprehensive backup solution to protect data and systems following a cyberattack [9].

Emerging Threats And Solutions

• The number of IoT attacks in the world reached over 10.54 million in December 2022 [24].
• Nearly 60% of organizations have over 500 accounts with non-expiring passwords [12].
• The cost of a data breach averaged almost $10 million in 2022 for U.S. organizations [22].

Market And Regulatory Developments

• The Cyber Security Market size is USD 193 Billion in 2023 and expected to reach USD 533.9 Billion by 2032 [11].
• The Cybersecurity Maturity Model Certification (CMMC) affects an estimated 300,000 companies [14].
• 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 (RFP) [12].

Workforce And Skills Gap

• The cybersecurity workforce is becoming more diverse, with women representing 24 percent of the workforce in 2022, up from 20 percent in 2021 [24].
• There are 1,178,662 employees working in cybersecurity in the U.S. as of October 2023 [24].

Data Privacy Regulations

• Data privacy regulations protect the data of 65% of the world’s population [17].
• By 2023, Gartner predicts that 65% of the population globally will have its private data covered and protected under modern privacy regulations [15].

Cybersecurity Spending

• Global spending on security and risk management is set to increase 14.3% in 2024 [20].
• The global average cost of a data breach in 2023 was $4.45 million [24].

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