ISACA Risk/Reward Barometer assesses attitudes about wearable tech, other IT security challenges

According to findings released earlier this month from ISACA's 2014 IT Risk/Reward Barometer, wearable technology is changing the way we secure valuable information and protect privacy in our personal lives and in the workplace. That presents challenges that CTOs will need to grapple with.

Results from the Risk/Reward Barometer, based on surveys conducted by ISACA each year, demontrate that the increase in wearable technology is perceived as problematic by business and IT professionals. The Internet of Things, with its ongoing push to connect everyday objects to the internet, is also generating some concern over security threats and data privacy.

"The Internet of Things is here and we are likely to see a surge in wearable devices in the workplace," Rob Clyde, international vice president of ISACA said in press materials released along with Risk/Reward results. "These devices can deliver great value, but they can also bring great risk. Companies should take an 'embrace and educate' approach."

Personal information security has become a common topic in the modern workplace. With continuous advancements in technology, it is increasingly important that employee and employer information remains secure. The Risk/Reward results suggest that, for employers, it is worth taking the time to educate employees about how to properly secure their portable and now wearable devices. It is also important that companies create policies to regulate the use of these devices to prevent any kind of security breach.

According to the Risk/Reward Barometer, only 11 percent of individuals surveyed said that their company's Bring Your Own Device (BYOD) policy addresses wearable technology. Sixty-nine percent of those surveyed are very concerned about the decreasing level of personal privacy, and yet only 30 percent of individuals see the Internet of Things as a risk. According to enterprises surveyed, the risks associated with the Internet of Things outweigh the benefits by 4 percent.

Eighty-three percent of IT professionals surveyed said that bringing wearable devices to work is as risky as, or riskier than, just bringing portable devices. With more than half of consumers in the United States wanting to get a new device in the next year, this is causing security concerns that many businesses and organizations, as a whole, may not be ready for.

There have been a number of retailer data breaches in the news recently, but the Risk/Reward Barometer reveals that this is not affecting consumer purchasing patterns. Fewer than half of all consumers surveyed said they have recently changed an online password or PIN code (45 percent), made fewer online purchases with a mobile device (15 percent), or shopped less frequently at retailers that experienced a data breach (28 percent).

A common barometer is an instrument that measures atmospheric pressure to produce an accurate forecast of the weather. ISACA's Risk/Reward Barometer measures attitudes and behaviors related to the risks and rewards of key technology trends, with information from business and IT professionals, as well as consumers. This information is used to globally forecast technology trends and how they will impact consumers trust in information. It also examines the trade offs consumers make to balance the risks and rewards of technology. The Barometer polls thousands of business and IT professionals and consumers worldwide to obtain accurate data.

ISACA is a global non-profit that helps business and IT leaders "build trust in, and gain value from information and information systems." ISACA has more than 115,000 members in 180 countries worldwide, and has been a trusted source of information for IT professionals and business leaders since 1969.