The frequency of assessing tech-related risk varies across different sectors, despite comparable concerns at a macro level, their internal processes, and their network. Currently, just 38% of business leaders in tech and telecoms claim to always assess the technology risk profile of their relevant suppliers, which contrasts with the sector’s above-average concerns surrounding cybersecurity – suggesting their approach to risk management may be too internally focused.
There is also significant variation in how seriously different sectors are approaching potential risks emerging from their internal teams. While 43% of respondents from tech and telecoms acknowledge that their internal processes present a risk, this compares with just 29% of financial institutions, 28% in consumer and 27% of those in life sciences.
This disparity may have to do with factors like growing compliance and regulatory expectations related to data, privacy and cybersecurity, where employees play an active role. Additionally, since many technology companies are responsible for deploying IT systems and technologies within other businesses, factors like human error and access to sensitive information have a significant impact on tech-related risk.