IT risk too important to leave to CIO

Information Technology risk has become one of the most significant corporate threats and a major issue for risk managers, according to a survey of 218 senior risk managers by the Economist Intelligence Unit. The survey, which captures the views of CEOs, CFOs, chief risk officers and other executives responsible for managing risk, indicates that almost 60% of companies incurred significant financial damage as a result of systems failure in the past 12 months, while one-third suffered financial damage as a result of cyber-crime such as hacking and phishing over the same period. Just under half of executives surveyed now see IT risk as a high or very high risk to their business.

The survey results are published today in Digital risk: The challenge for the CRO, a report by the Economist Intelligence Unit sponsored by ACE, Cisco Systems, Deutsche Bank, IBM and KPMG. The report covers a range of IT risks including systems failures, cyber-crime and accidental disclosure of data or misuse of systems by employees. The findings are drawn from a new survey of senior executives, 40% of them from companies in the financial services sector. Respondents from 18 other industries also participated in the survey.