Majesco's John Johansen writes well on why data strategy is a board level issue. He breaks his argument into three areas: downside risk, opportunity risk, and upside risk. This is a great way of approaching the strategic importance of data.
Johansen's downside risks are those most commonly called cyber threats. His opportunity risks are issues related with failing to exploit IT and/or being displaced by a disruptive competitor. The upside risks are related to being a data-driven organization. IIR