In order to conduct business in today's global economy, organizations have to comply with country-specific regulations and adapt when existing regulations change or are interpreted differently over time, said the report.

Nearly 45 percent of the companies surveyed reported an increase in the time and monetary resources required to ensure compliance with 13 regulations and industry standards found in countries around the world.

The study surveyed nearly 575 IT directors or above from large and mid-sized enterprises representing companies headquartered in North America, Europe, Asia Pacific and Central and South America.

The study revealed that the shifting nature of regulations is a factor in the escalating costs. Fifty five percent of Asia Pacific organizations (where J-SOX was recently enacted), as well as 41 percent of North American and 40 percent of European organizations, have reported the introduction of new regulations as a reason for increasing compliance expenses.

Changes to existing regulations were also reported to be a factor by 39 percent of Asia Pacific businesses, and by 49 percent of North American and Central/South American organizations, and by 34 percent of European organizations.