Technology has significantly impacted corporate governance in several ways:
1) The "Cybercompany Model" outlines four aspects of how technology is used - electronic shareholder communications, financial reporting, auditing, and governance functions.
2) Electronic financial reporting through XBRL provides standardization, validation, and transparency of reporting.
3) Continuous electronic auditing allows for more frequent assurance of disclosures and reduced audit costs.
4) While technology has increased efficiency, effectiveness, and transparency, security controls are still a top board concern to mitigate vulnerabilities like unencrypted communications and data breaches.