Technology-related risks might rank high on the agenda for boards these days. But new research suggests many British company directors are totally clueless when it comes to understanding IT risks.

These are the findings of a PricewaterhouseCoopers and institute of internal auditors survey. The study, IT Risk - Closing the Gap, found that 98 per cent of the 250 senior managers surveyed said IT was necessary for future success. But 68 per cent of internal auditors said boards don't understand IT risks.

On the other side of the table, 40 per cent of Boards said they don't see Internal Audit as being capable of discussing the business implications of IT risks. And one third said IT Internal Audit lacks credibility within the business.

So there you have it. Everyone agrees IT risks are an important. But boards of directors and Internal Audit say the other is too incompetent to understand it.