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Information security and risk management moving up the boardroom agenda

A survey conducted by Vanson Bourne on behalf of NTT Com Security (formerly Integralis) has found that information security and risk management are moving up the boardroom agenda of UK companies.

Information security and risk management is now regularly included on the agenda for board meetings, with over half of respondents (56 percent) saying these items are discussed ‘routinely’ (16 percent) or ‘frequently’ (40 percent), and less than a third (29 percent) discussing it at board level only ‘occasionally’.

The survey also reveals that over half of all organizations view security and risk as critical to their discussions and planning of new products and services: with 6 in 10 financial organizations saying that this is the case. Concerns over information security and risk have stopped either a project or business idea progressing in nearly half (49 percent) of all organizations surveyed, with the financial sector showing most concern: 56 percent have put projects or ideas on hold due to their fears.

Control of information risk and assessed risk: proactive vs. reactive

According to the research, confidence among businesses remains high, with over half (52 percent) of all respondents agreeing that the organization is ‘completely in control of information risk’, rising to nearly three-quarters (72 percent) for financial services organizations.

However, while organizations are basing their spending on a mixture of assessed risk and protecting against threats, it seems that most are still taking a reactive rather than a proactive approach to risk management. Only 1 in 5 organizations base their spending on assessed risk – even less for businesses in financial services – and around 1 in 4 base it on protecting against the next threat.

The survey was conducted in late September-early October among 100 IT decision makers in large UK organizations within financial services, manufacturing, retail, distribution and transport and other commercial sectors.

http://www.nttcomsecurity.com

•Date: 7th November 2013 • UK •Type: Article • Topic: Enterprise risk management

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