Welcome to the Cyber Security Benchmark magazine. This magazine will guide you through KPMG's research into the current state of Cyber Security reporting in the annual reports of the biggest companies.
Welcome to the online magazine that introduces KPMG Cyber's research into cyber security reporting through the annual report. This magazine describes the current state of reporting by the largest companies in 28 countries. Take a look at the full report or view Bermuda's results.
Why should companies report on cyber risk
Cyber security is a strategic risk for every organisation, no organisation can operate without IT, and many companies are digitising their existing business model, therefore the topic should be on the agenda of every board. We see that more and more boards are regularly discussing cyber security.
Investors, governments, and global regulators are increasingly challenging board members to actively demonstrate diligence in the area of cyber security. Regulators expect personal information to be protected and systems to be resilient to both accidents and deliberate attacks. Value chain partners expect a trustworthy and transparent approach to risks. Customers expect that services are available and data is protected when it is being stored or processed by reputable organisations. The annual report provides an opportunity for organisations to inform the public and other stakeholders about the cyber security risks that the organisation encounters and the measures it takes to protect against them.
This magazine presents the results of KPMG Cyber’s research into the current state of cyber security risk reporting based on 800 annual reports.
Additionally, we also take a look at Cyber in Bermuda. Cyber Security reporting through the annual report is relatively immature in Bermuda, with only 15% of companies defining Cyber Security as a boardroom responsibility. This is slightly higher than the Caribbean average of 11%, but lower than the global average of 20%. Read further to view the main results for Bermuda.
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