- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-06-22T21:15:00
Compliance teams are taking more responsibility for issues related to information security (infosec) and data privacy, motivated by increasing threats posed by data breaches and cyber intrusions, according to a new survey from NAVEX.
Nearly a third (30 percent) of respondents in NAVEX’s “2023 State of Risk and Compliance Report” said their firm had suffered a data privacy or cybersecurity breach within the past three years. It was the most common compliance issue reported.
As a result, it is perhaps unsurprising 85 percent of respondents said infosec compliance was very important or absolutely essential for their organization, on par with regulatory compliance (83 percent).
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Register for free
Access one free, non-premium article each month.
Complimentary CPE webcasts, resources, and e-Books.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
The Australian Prudential and Regulation Authority will require Medibank Private to hold 250 million Australian dollars (U.S. $166 million) in extra capital until the insurer remediates identified cybersecurity weaknesses after a significant data breach.
About 83 percent of data breaches are perpetrated by external bad actors and not employees, with 70 percent of those breaches linked to organized crime groups with financial motives, according to the latest research.
More whistleblowers than ever before filed reports with their employers in 2022, with more than half doing so anonymously, according to the latest hotline benchmark report from NAVEX.
A new report on corporate whistleblowing and hotline trends in 2023 found reporting volume at an all-time high, with key disparities uncovered between reports filed by third parties and those filed by employees.
Many ethics and compliance programs have refocused their efforts away from bribery and corruption and onto data security and privacy, complex government regulations, artificial intelligence security, and other contemporary challenges, a survey from LRN found.
Nearly 800 financial crime professionals said the biggest threats to the effectiveness of their anti-money laundering programs are budget cuts and their inability to keep pace with more aggressive and innovative uses of technology by criminals to commit fraud.
