According to the findings of recent research carried out by Information Systems Audit and Control Association (ISACA), cyber security and defenses pose the largest challenges to corporate governance. Boards of directors and team leaders have also failed to implement an ideal correlation between business and information technology targets. 69% of the respondents in the survey stated that they feel believe that there is no of connection between the two.
These outcomes imply that due to this business leaders and management need to become more vigilant create these links. Doing so would allow companies with a strong record in technology governance to capitalize, from a business perspective, .
Other find is of the ISACA study shows that the almost all business leaders (90%) agree that enhanced business outcomes are contributed to by strong technology governance. 55% of the respondents acknowledged the work completed by the leadership team and Board of Directors in securing the organization’s digital assets and data. The research findings shows that 21% of the senior leadership and board members are advised of risk problems in every meeting they attend. Almost a third (33%) of the organizations completes a risk assessment on technology use at least once in a month, sometime more frequently.
The study shows that 48% of the business leadership would prioritize increasing the amount of money spent on cyber defense improvements. Expand funding for digital transformation is important to 33% of the respondents while the figure for the cloud is 27%.
The ISACA research shows that in the past 12 months 64% of businesses grew their expenditure on risk management. In the next year, one third of the businesses intend to grow budgetary allocations for enterprise risk management programs. The largest portion of the respondents (61%) feel that senior leadership believes that there is a significant danger from both internal and external threats.
For the leaders that do not intend to increase their funding for the next year:
- 35% intend to invest in data security training for their staff
- 15% will invest in cyber security training for board members
- 21% will use fund to provide privacy training for employees.
The research also indicates that 32% of the business leaders are happy with their GDPR preparation progress. However, 35% remain uncertain about the progress while 40% are holding off to see how the new law will affect their businesses.