Date of Publication :21st October 2023

Abstract: The top challenges IT compliance professionals face with the advent of new technologies like Artificial Intelligence (AI) and what they could be focused on to elevate challenges are the objective of the paper. A prime coverage of 1,000 survey respondents who are industry cyber practitioners talk about their pain points, IT risk particularly in terms of AI and compliance budgets, staffing, risk management best practices, and much more to provide an in-depth view of the current state and what to prepare for future as focus points. In 2022, 1 in 2 companies with 1,000-5,000 employees suffered a security breach, indicating that threat actors are as motivated as ever to gain access to lucrative and corporate data. 57% of surveyed organizations expect to spend more time on risk compliance management in 2023, as opposed to last year’s 35%. Additionally, 63% of survey respondents expect to spend more money on IT compliance and risk management, an increase from 45% in 2022. With security breaches on the rise is there attention from the C-Suite and board on how to prevent them? Known is that companies are poised and ready to level up their risk and compliance management processes in the coming years, but where, when majority of survey respondents report handling risk and compliance are still in silos. More of this will be investigated through this paper with level up options

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