When was the last time you misplaced board papers or an iPad? How often do you communicate board information by email rather than using a secured network? A recent global study conducted by Forrester and Diligent revealed some unsettling board communication practices that could potentially expose today's organizations to cyber risks.
Boards and governance professionals across 11 countries were surveyed about how they currently use technology in the boardroom. Not only did the survey aim to identify current gaps in board technology use, but it revealed distinct opportunities for technology to fill a void--particularly related to ESG, risk monitoring, and visibility across the organization.
Board Communication Practices
Insight #1: Boards are concerned about data security at their organizations; yet, they don't always associate their own communication practices (e.g., personal email use) with the company's cybersecurity posture.- 87% indicate that it would be ''valuable/very valuable'' if they had improved visibility of cybersecurity across their organization.
- 87% are at least mildly concerned about the security of their board's communication and data sharing.
- Nearly half (49%) indicated that ''securing documents or board materials'' is challenging/very challenging; yet, only 16% said that secure messaging would help them do their job better.
- 50% indicated they still use personal email for internal board communications.
- Nearly 30% of board members said they had lost/misplaced a device in the past year; another 23% reported losing/misplacing paper assets.
- 21% of directors indicated that someone on their board had their identity stolen and used to access sensitive board materials within the last 12 months.
Opportunities for Technology in the Boardroom
Insight #2: Globally, boards indicate that there's an information gap when it comes to the data they have and the data they need in order to oversee risk, operations, and strategy effectively.- 76% indicated that it would be ''valuable/very valuable'' if they had improved visibility of sustainability/ESG issues across their organization.
- Board-support and governance professionals globally indicated that ''visibility into sustainability and ESG issues'' is their greatest dissatisfier (more so than visibility into cyber risk).
- 86% said that ESG benchmarking (to inform talent acquisition and long-term financial performance) is ''important/very important'' to them.
- Only 23% of boards said that their current board management software helps them understand the areas of greatest organizational risk.
- Only 19% of boards said that their current board technology solution provides them with a scorecard for key governance categories.
- 40% of boards who experienced a crisis in the past two years received no help from (or were hindered by) their current board software.
Media Highlights
Environmental, social and governance (ESG) issues have become more complex and multifaceted than ever before. At the same time, ESG continues to ascend on board and leadership agendas.
In this buyer’s guide, we explore what a market-leading ESG solution should look like and highlight the key areas organisations should be prioritising as they embark on their search.