A survey of board directors concerning their level of understanding the risks their companies faced revealed nearly one-third had limited or no understanding of their company’s risk profile. This survey was done a decade ago, long before data breaches, corporate cybercrime, data privacy, and security issues were being reported on a daily basis. This interesting information came to us from the Wisconsin Law Journal in their article, “Addressing emerging data privacy risks at the board level.”
This shocking news would surely make directors more alert and aware of their company’s risk profile than they did a decade ago. Or so one would think.
Unfortunately, recent data does not support that hope. Corporate Board Member magazine published survey results earlier this year that found only 49 percent of directors felt their boards invest a sufficient amount of time discussing the role emerging technologies play in risk assessment at an enterprise-wide level.
Data security has never been more important. Risk assessments need to be thorough and frequent.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.