From my experience in dozens of interviews, I'm not sure what a panel interview is. It may be just a semantic difference. I've had 5 to 50 people present during different interviews for (administrative positions), but they were referred to as search committees. It may be that the persons on the panel are simply from different disciplines or departments at a particular institution.
In information technology, you can expect that the panel will be concerned with (1) their particular areas, (2) your contribution to and expertise in those areas, and (3) your vision with regard to the institution.
My only advice to you would be to know your area thoroughly and be prepared to respond to or address any standard, as well as off-the-cuff, questions that may be asked. I have found that search-committee members will not know as much as you do about your expertise. However, you are being interviewed to address a need that isn't being met, so, take it from there. How can you meet that/those need(s)? Double-check the job description and institution description and think about all the experiences/successes you can bring to academe to improve their concerns. You could be a star!!
In terms of job security, if you are their number-one candidate, but don't request tenure contingent upon hiring, it can be tentative. If it is a "work-at-will" state, you can be let go for no reason, in spite of your outstanding work record or support from faculty, staff, and administrators. In my situation, a new dean came in and decided to restructure the college. My position, in spite of faculty and administrative support, was eliminated. The dean has since been fired! Go figure.
Good luck in your venture into academe. It can be very satisfying -- up to a point. If nothing else, be sure to take maximum advantage of the benefits offered if you are hired. Best of luck to you.
Been there, done that.