As innovation, emerging technologies and cybersecurity are impacting companies and their digital strategies at a more critical level, boards of directors will want to be engaged in how the company is planning for the future.
The board of director's role in overseeing a company's digital changes can be challenging. It continues to evolve rapidly, making it hard to keep up. Boards need to take a broad look, 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 2018 many companies at risk of cyberattack remain unprepared. Forty-four percent of executives responding to the survey say they do not have an overall information security strategy in place and 48% have not established an employee security awareness program. Company leaders must assume greater responsibility for cybersecurity readiness, but only 44% of survey respondents say their corporate boards actively participate in their companies’ overall security strategy.
Photo courtesy of NASA. Used with permission.
Our digital hub provides resources for directors about the many intersections of digital and technology—its strategic value, the connection to innovation, the related risks and the need for new skills.