How to prevail when technology fails - Flipbook - Page 10
10 | How to prevail when technology fails
Fig 2 Most businesses acknowledge the risk of a regulatory investigation and/or
litigation following a major failure of their technology
Not at all concerned
Mildly concerned
3%
43%
21%
33%
Moderately concerned
Very concerned
3%
Systemic
technology
that underpins
the business
31%
7%
30%
36%
Technology embedded
into products/services
used by your
customers or used to
deliver them
17%
38%
39%
Non-systemic
technology
used within
the business
Q. How concerned would you be about a potential regulatory investigation and/or litigation following a major failure of technology your business uses? Please
answer with respect to technology that is embedded in products/services you sell, as well as internal systemic and non-systemic technology.
Note: Percentages do not total 100% due to rounding.
Three-quarters (76%) of businesses are moderately
or very concerned about a potential investigation
and/or litigation following a major failure of
systemic technology that underpins their business.
Despite widespread acknowledgment of the
threat, many businesses say that they are not
doing enough to mitigate the risks associated with
technology failure.
Just 46% have done everything they can to mitigate
the regulatory and litigation risks of technology
failing. And only 40% say that the C-suite is actively
involved in mitigating the regulatory and litigation
risks of technology failing.
That needs remedying. As more and more
businesses use technology to drive growth, their
C-suites will need to prioritize risk mitigation.
Board directors should also enhance their oversight
of technology risk by increasing time allotted to
risks in board discussions, adding new technology
roles to the board, and, where relevant, creating a
technology risk board committee. The survey data
reveals that fewer than half of boards plan to do any
of this in the next two years.
Fig 3 Only a minority of boards plans to take measures that will improve their
oversight of technology risk
Increase the time allotted to technology and associated risks in board discussions
46%
Add new technology-related roles (e.g. chief information security officer, chief digital officer) to the board
45%
Add a technology risk board committee
41%
Q. Which of the following does your business plan to do in the next two years to better manage the risks posed by your development and deployment
of technology?