Nearly a third of listed companies and large private corporates are failing to tackle the technology challenges they face, leaving them vulnerable to losing ground to tech-savvy rivals and potentially acting as a drag on the economy.A study by the Governance Institute of Australia found that 30 per cent of publicly listed and large private companies said their boards were not dealing properly with the technology challenges facing them.
The findings are worrying given predictions that technology disruption and cybersecurity risk will be among the top external challenges facing directors by 2025.Governance Institute chairman Pauline Vamos said it was “a concern” that a significant minority of companies were failing to meet the technology challenges facing corporate Australia, adding it demonstrated the need for boards to overhaul their recruitment practices.
Nearly a third of respondents overall said their organisation’s technology and digital strategy was not linked to the overall strategy. , hindering Australia’s ability to tackle climate change and protect itself against offshore threats.