Corporate Governance and Technology
Commentators have suggested that Companies with boards that not only have an understanding but also embrace technology in their corporate governance roles will have a great advantage over those that do not. However, Australian boardrooms and executives have been considered significantly less technologically savvy then their overseas counterparts.
It seems there is an increased demand in boardrooms across US, Europe and Asia for tech savvy directors. This type of director is desirable in any company nowadays, especially since the increased focus on cyber security.
Many company directors are resistant to taking their operations into the cloud because of the perceived security issues. However, they are oblivious to the fact that companies such as Xero, Linkedin and many of our major banks have taken their operations into the cloud.
Instead, many directors are leaving their companies at risk of cyber hacks through their insecure email or website. This has led to many companies being subject to cyber scams such as the cryptolocker. A cryptolocker is a virus that encrypts files on an affected system so extortionists can demand a ransom to provide the key to unlock them. Therefore, it is crucial that company directors have a good understanding of technology not only to help their company prosper but also to prevent it from attack.
Should you require any further information in relation to the above, please contact The Quinn Group on (02) 9223 9166 or submit an online enquiry form today.