Confidence is up as directors say IT is recognised as business critical
Corporate directors admit that big data and cloud technologies require more attention with over 25% saying they don’t receive enough management attention.
PwC’s 2014 Annual Corporate Directors Survey revealed 53% saying their firm’s IT strategy and IT risk mitigation approach ‘at least moderately’ took benefit from big data.
About 47% of them admit managing their company’s social media monitoring for adverse publicity, which is more when compared to 31% recorded in 2012.
Half of the directors are now ‘somewhat engaged’ in overseeing employee use of mobile technologies, double the number two years ago.
Less than half are concerned about the affect of the new Department of Homeland Security/NIST cybersecurity framework.
PwC Center for Board Governance leader Mary Ann Cloyd said: "We structured this year’s survey to gauge director sentiment on key trends as well as other factors shaping governance and the board of the future.
"Over the past few years, we’ve seen significant changes to board practices regarding IT oversight and cybersecurity.
"There is increasing recognition that IT is a business issue, not just a technology issue."
Half of those surveyed have not discussed their company’s crisis response scheme following a security breach, with two-thirds not discussing cybersecurity insurance coverage.
The survey also witnessed an improvement in directors’ outlook about their company’s IT strategy and IT risk mitigation approach, with 45% of them considering their firm’s approach contributes to, and is in line with, setting overall company strategy.
26% of directors say that the company’s IT strategy and IT risk mitigation approach offers the board required data for effective supervision.
66% of survey respondents also consider their company’s approach is backed by an adequate perceptive of IT at the board level.
More female directors are unclear whether their company’s IT strategy and IT risk mitigation approach is backed by an adequate perceptive of IT at the board level compared to their male counterparts.
Further, female directors are highly sceptical about whether their firms’ approach delivers the board with required data for efficient management.
There has also been a rise in employing external IT advisors to assist boards, with 38% of directors admit their boards being served with external IT consultants up from 26% two years ago.