Cyber security has been recognised as a risk in the World Economic Forum Global Risks Report for several years, with the latest version ranking cyber security as one of the top 10 risks that the world will face in the next 10 years.1 As the incidence of cyber attacks and ...Find out more
By Betina Vaz Boni, Analyst, Governance Issues, PRI
Cyber attacks can compromise customer information, operational systems and sensitive business data such as financial data, supplier details and intellectual property.
Cyber security risk is real and pervasive, as demonstrated by recent attacks that have put the frighteners on big banks, web service providers, the UK’s National Health Service and even the US intelligence community.
A recent study by Accenture found that the global average cost of cyber crime has risen from $7.2 million in 2013 to $11.7 million in 2017. Businesses are under pressure to strengthen their cyber security capabilities and be more effective in managing cyber incidents.
In light of recent high-profile data breaches at companies such as Facebook and Sony, investors are increasingly aware of the need to assess cybersecurity risk within their investment portfolios.