According to Gartner, regulatory and compliance risk have become the highest source of risk for the enterprise surpassing cybersecurity[1]. This is top of mind especially in highly regulated organizations struggling to find the resources and skillset to help manage public clouds effectively.
According to the 2021 Cost of Compliance Report by Thompson Reuters in 2020, there were on average 257 daily regulatory updates across 190 countries.[2] In that same report, 70% of global systematically important institutions (G-SIFIs) expected their cost of compliance workers to further grow due to demand for skilled staff, knowledge, and increasing volumes of regulatory requirements. In addition, a continued rise in cyber-attacks on sectors like financial services and healthcare has created a shortage of the skillset and resources required to fight these threats.
Microsoft understands these challenges and the need for organizations to properly manage and oversee third-party risk within their cloud estate. As Microsoft CVP of Worldwide Financial Services, Bill Borden said “our customers have been clear that they need cloud services tailored to their specific needs and challenges ”.