Understanding and preparing for digital security reporting - Jones & Palmer
In a dynamic digital environment, the increasing frequency of cyberattacks necessitates robust safeguarding of assets and data. Consequently, transparent reporting becomes imperative to showcase a commitment to digital security. As digital security regulations continue to emerge, existing laws governing risk reporting are firmly established. Last year, the FRC Lab identified shortcomings among digital security disclosures. This document guides UK listed companies to enhance digital security reporting, meeting stakeholder needs, and attracting secure investments.
Companies are grappling with a surge in cyberthreats, making the prioritisation of digital security a top concern. In this landscape, where investors actively seek secure opportunities, transparent reporting stands out as a crucial competitive advantage. Although established risk legislation is in place, digital security requirements are constantly evolving.
Recommendations by the FRC Lab emphasise the need for business resilience in the face of these challenges. Our guide provides UK-listed companies with a systematic approach to both preparing for and reporting on digital security. This ensures alignment with stakeholder expectations, compliance with emerging requirements, and integration of digital security into the broader ESG narrative.
Covering various crucial aspects, from understanding cyberthreats to meeting stakeholder expectations and incorporating best practices, it underscores the significance of horizon scanning and the implementation of long-term strategies to effectively mitigate future risks.
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Published 17 November, 2023