Investors, regulators and other stakeholders are putting greater pressure on organisations to improve transparency and build governance that demonstrate cybersecurity is a priority.
Digitalisation has changed the way companies operate and given rise to a rapidly evolving set of risks that companies face and must prepare for – cybersecurity risks. The increasing prevalence of cyber attacks, notably ransomware, coupled with declining availability of cyber insurance, is leaving companies increasingly exposed to the often-significant impacts of a cybersecurity incident.
There is naturally a short-term financial cost – research from IBM1 reveals that the average total cost of a ransomware breach in 2022 is $4.54 million- but reputationally the impact of an incident may be longer lasting.
Our latest paper on corporate governance looks at the evolving regulation and the expectations of institutional investors. In the report, Orla Cox, Hetal Kanji and Simon Onyons set out a proposed framework for cybersecurity reporting based on the FSB Task Force on Climate-related Financial Disclosures (TCFD) structure.
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