More UK companies failing to tackle cyber security
Summary
But the report says large enterprises with digitally-savvy, cyber-engaged executive teams have significantly higher revenue growth, valuations and net margins and effective cyber security also brings many top line benefits, including greater success rates when tendering for new clients, improved data insights, investor confidence and maintenance of share-holder value during mergers and acquisitions. For example, it’s second nature to have finance and HR representation at board level, yet despite the growing risk of cyberattack, knowledge of cyber issues are at best under-represented, and at worst ignored. In the US, the Securities and Exchange Commission adopted rules in July requiring public companies to disclose within four days all cybersecurity breaches that could affect their bottom lines. It seems likely more cyber regulation will emerge in the coming years in the UK and Europe that will eclipse the current GDPR reporting rules. This means requirements for boards to report on relevant expertise at board and senior management level on cyber security, report on risk management arrangements and disclose all material incidents to the relevant public authority to build a more comprehensive shared picture of the emerging threat.”