A third said they don’t believe their leadership team or board is doing everything what it can to safeguard the company’s digital assets and data, and only 36 per cent of business leaders think their organisation upholds governance adequately.
Some 43 per cent have had to abandon a project, with the average cost of failed IT projects last year at just under €841,000. “The survey highlights the need for organisations to identify and implement IT strategies which directly support business goals and address concerns – some of which could prove, or are already proving, to be quite costly,” said Phillip Maguire, Auxilion chief executive. “Not only are companies facing the possibility of cyber breaches due to inadequate safeguards, but failed IT projects are also impacting the bottom line.
However, there were some positives in the survey. Half of businesses carry out a self-assessment of performance relating to governance or compliance every year. Some 44 per cent use a managed services provider for this, with around the clock assistance, cost savings and the skills gap among the top reasons for opting for a third aprty.
“Organisations really need to look at what digital solutions and services they can deploy today to overcome such obstacles and capitalise on potential opportunities,” said Mr Maguire. “As well as rectifying the areas of poor governance and inadequate cybersecurity, these technologies can also boost efficiency, support productivity and drive growth.”