Section 3 – Technology and innovation
T E C H N O L O G Y R E S O U R C E S I N P L A C E
P E R C E P T I O N O F A L AC K O F P R E PA R E D N E S S T O D E A L W I T H A L L T E C H N O L O G Y R I S K S Cyberattacks and data privacy breaches remain the top technology threats that pose a risk to organisations. Over two thirds of General Counsel and Board Directors say they pose a high or very high risk.
Preparedness to deal with all risks remains at similar levels to last year – only 59% of General Counsel and Board Directors say they are prepared for cyberattacks and there are similar shortfalls in General Counsel preparedness to address all areas of potential technology risk. Complexity of systems is also an area of concern with a high perceived level of risk (66% General Counsel, 58% Board) and a low level of preparedness (36% General Counsel, 32% Board). Board Director perceptions of the technology threats facing their organisations are closely aligned with General Counsel, and they feel similarly prepared to deal with cyberattacks and data privacy breaches. However, this year Board representatives have become more confident than General Counsel that they are prepared to deal with many of the other technology risks. This may reflect the greater knowledge that Board Directors have of positive technology initiatives and developments within the rest of the organisation.
Despite the significant technology knowledge and skills gap within organisations, and the clear need for legal departments to develop partner and supplier relationships to address these shortfalls, only 25% of General Counsel say they have external expert advice on the impact of new technology within the organisation, and just 25% say that training on new technology developments is in place for legal teams. This proportion has not significantly changed since the previous wave and will inevitably result in a lack of technology expertise. It is a key area for legal teams to address to ensure future technology initiatives meet business objectives and to meet up to expectations. Without the appropriate external technology advice and relevant internal training organisations will suffer a lack of knowledge at the evaluation stage of technology initiatives and a skill gap at the implementation stage.
A crisis management plan to respond to a cyberattack
External expert advice on the impact of new technology on the organisation
Training for legal teams on new technology developments in legislation
General Counsel Board
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