The complex nature of IT applications and systems is the main source of IT risk exposures, according to research.

An Economist Intelligence Unit study, sponsored by technology firm SAP, found that a shortage of skilled project managers that can handle large and unwieldy IT projects is exacerbating the problem.

Indeed, many large corporates, particularly in the financial services industry continue to struggle with the issue of integrating complex legacy IT systems. However, SAP’s Stefan Goehring, said organisations are working towards untangling the web of systems.

SAP’s study also found that unplanned downtime is the biggest IT risk facing organisations, particularly in the financial services and manufacturing industries. Downtime was seen as more damaging than viruses or the leaking of sensitive company data.

According to the research, IT risk management is also far from efficient. Just 13 per cent of executives polled said their company has a comprehensive IT risk management structure in place, while only 11 per cent described their company’s handling of IT risks as “highly effective”.