IT directors of public companies should start planning the implementation of comprehensive IT and business risk management processes, before tougher auditing regulations are introduced in Europe, warns Meta.
The analyst predicted that European governments will introduce stricter corporate governance regulations within two to three years, following scandals last year such as Enron.
These will hold board members more directly responsible for the validity and integrity of company information, and will have a significant impact on IT risk management and security budgets, analysts at Meta's 14th annual forum in Barcelona told delegates.
Threats of cyber attacks are also an important factor that will see spending on security increase by 10 per cent this year.
Analysts admitted that it is almost impossible to provide a model showing a financial return on investment (ROI) for IT risk management, but warned that IT directors and chief information officers (CIOs) have been told that they cannot afford to wait.
Chris Byrnes, vice president and director of security at Meta, said: "When I realised I would have to tell CIOs that they have to implement comprehensive IT risk management processes, I expected a major argument. But all I get is nodding heads."
Byrnes insisted that IT directors understood that Enron would mean a greater role for their department in protecting and auditing company information.
IT directors should devise strategies that combine policy, technology, processes and insurance.
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