The Disclosures of Information on Cybersecurity in Listed Companies in Latin America—Proposal for a Cybersecurity Disclosure Index

Maricela Ramírez, Lázaro Rodríguez-Ariza, María Elena Gómez Miranda and Vartika
Additional contact information
Maricela Ramírez: Faculty of Economic and Administrative Sciences, Pedagogical and Technological University of Colombia, Tunja 150001, Colombia
María Elena Gómez Miranda: Department of Financial Economics and Accounting, University of Granada, 18071 Granada, Spain
Vartika: Indian Institute of Management Rohtak, Rohtak 124010, India

Sustainability, 2022, vol. 14, issue 3, 1-23

Abstract: For the corporate sphere, cybersecurity becomes an inescapable business responsibility, and accountability becomes a way of providing trust and ensuring resilience against cyber risks and high-impact cyber threats. The purpose of this study was to create a disclosure index that allows analysis of the scope of the disclosure of voluntary and mandatory cybersecurity information. The content analysis technique used focuses on the examination and identification of the cybersecurity information revealed in the annual reports and the 20 F annual forms of the companies with the highest stock market prices in Argentina, Brazil, Chile, Colombia, Mexico, and Peru during the period of 2016–2020. Longitudinal analysis indicates an increase over time in the disclosures and scope of information. The findings highlight that the country with the highest related disclosure is Argentina; the most extensive disclosures are due to the financial sector; and the strategy dimension represents the greatest weight in the index score. The study provides a novel instrument for measuring the content of disclosure on cybersecurity that is applicable in any specific context. In this case, the scope of disclosure in Latin America—a region which, according to our research, does not have previous studies on the subject—is evaluated.

Keywords: cybersecurity disclosure; disclosure index; cybersecurity governance; cybersecurity strategies; cybersecurity risk management; financial implications of cybersecurity risk (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2071-1050/14/3/1390/pdf (application/pdf)
https://www.mdpi.com/2071-1050/14/3/1390/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:14:y:2022:i:3:p:1390-:d:734333

Access Statistics for this article

Sustainability is currently edited by Ms. Alexandra Wu

More articles in Sustainability from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().