Out-Law News | 03 Jul 2014 | 3:50 pm | 1 min. read
A survey of 498 businesses executives in the UK by KPMG revealed that "getting the best from an IT investment" is the technology issue businesses are most concerned about.
"One reason for this is that many companies under-invested in IT during the recession and know that now they need to catch up," KPMG's Business Instincts Survey report for 2014 said.
The report said that companies may not have the skills needed to resolve problems with technology or make the most of new technology. While organisations recognise they need to make more of the data they hold, many "are unaware of how they can create valuable intelligence from their vast data stores", it said.
The survey also found that UK business boardrooms rate corporate governance and regulatory change as the top risk issue that has influenced how they have managed their business. Supply chain risk and procurement was the next most cited risk issue influencing the management of UK businesses, ahead of data protection and cyber security threats.
KPMG warned that companies should not get complacent about the potential for cyber attacks to hit their organisation.
"The stark truth is that cyber threat and data protection is a much greater risk factor than respondents perceive," the firm said in its report, adding that many businesses do not appreciate the extent of the threat facing them until they experience a cyber security breach.
"Another problem is that boards may feel that they have already addressed the issue," it said. "A couple of years ago cyber threat was a leading concern of chief executives. The fear is that having assigned responsibility for the risk to a CIO (chief information officer), boards think the matter is now under control."