CIOs Take a Lead Role in Risk Management

CIOs Take a Lead Role in Risk Management

Formidable BarriersFormidable Barriers

65% of C-suite execs surveyed said integrating new tech with old is one of their biggest challenges, and 52% said it’s the difficulty/complexity of tech projects.

Prime IngredientPrime Ingredient

98% said technology risk management is important or very important to the running of their firm, and 84% said their company’s tech risk management program adds value.

How Tech Risk Management Adds ValueHow Tech Risk Management Adds Value

Increased customer confidence/satisfaction: 72%, Greater understanding of customer base: 69%, Better customer retention rates: 48%, Reduced costs for disaster recovery: 47%, Increased traffic to online/mobile platforms: 32%

Short-Sighted ApproachShort-Sighted Approach

Just 41% of C-suite execs surveyed said their spending on tech risk management is focused on the long term, and 17% said it’s done on a project-by-project basis.

Deciding FactorsDeciding Factors

66% said they assess risk levels by evaluating the extent of a threat’s impact, and 58% said they consider the likelihood of a threat occurring.

Lead PlayerLead Player

62% of the respondents said their firm’s key decision-makers on tech risk management are the CIO or CTO.

Hands-Off ApproachHands-Off Approach

Only 15% said decisions about tech risk management are made at the board level.

Helpful ToolsHelpful Tools

70% said industry best practices—and 54% said internally developed metrics—will be important resources to identify cost-effective solutions for tech risk management over the next 12 to 24 months.

Tech Areas of Risk Management FocusTech Areas of Risk Management Focus

Externally developed software: 66%, Software development: 47%, Mobile tech: 45%, Hardware: 37%, Payment systems: 27%

Biggest Potential Pitfalls of Social MediaBiggest Potential Pitfalls of Social Media

Reputation/brand damage: 74%, Data leakage/theft 58%, Increased susceptibility to malware: 55%

Dennis McCafferty
Dennis McCafferty
Dennis McCafferty is a contributor to CIO Insight. He covers topics such as IT leadership, IT strategy, collaboration, and IT for businesses.

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