IT oversight and cybersecurity

Technology’s rapid advancement means boards need to stay ahead of the curve

 

As innovation, emerging technologies and cybersecurity become increasingly important in a digital world, boards of directors are asked to have a broad IT perspective in their oversight role. The level of board engagement is increasing at the same time the technology and cybersecurity world continue to evolve rapidly.

The board of director's role in overseeing a company's IT initiatives can be challenging.  Boards need to take a broad look at IT, highlighting a baseline of where the company is today and then focusing on where it aspires to be in the future. How does the company’s technology compare to its peers? Is it ahead of the curve or always playing catch-up? What is the company’s digital agenda and where is it trying to go?

At the same time, cyber threats continue to be a major concern for companies and boards today. According to PwC's Global State of Information Security Survey 2016 companies saw 38% more detected security incidents in 2015, and the average total financial loss because of those incidents was $2.5 million. Boards understand the potential severity and damage a breach can do, and they’re getting a better handle on how to oversee cybersecurity issues.

 

Photo courtesy of NASA. Used with permission. 

Technology hub: insights for board members

Our technology board hub provides resources for directors about the many intersections of technology—its strategic value, the connection to innovation, the related risks and the need for new skills. Explore topics in our new Technology series including:

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