Cybersecurity skills of company directors — ASX 100

Nigel Phair and Hooman Alavizadeh
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Nigel Phair: Director (Enterprise) UNSW Institute for Cybersecurity, University of New South Wales, Australia
Hooman Alavizadeh: UNSW Institute for Cybersecurity, University of New South Wales, Australia

Journal of Risk Management in Financial Institutions, 2022, vol. 15, issue 4, 429-436

Abstract: Cyberattacks on companies cause huge financial loss all over the world due to lack of cyber risk awareness of companies. Understanding cybersecurity risk is crucial for company directors. In this paper, we analyse the cybersecurity skills of the directors listed on the top 100 Australian Securities Exchange (ASX 100) ranked by market capitalisation. By analysing the background and skills set of the non-executive board members of ASX 100 companies, we were able to observe that only 1.8 per cent of non-executive directors have cybersecurity knowledge and background. Interestingly, a majority of directors (around 78 per cent) have knowledge in neither technology nor cybersecurity realms. Moreover, only 7 per cent of ASX 100 companies have at least one director with cyber and technology knowledge and background.

Keywords: cyber; cyber security; cyber skills; company directors; ASX 100 (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2022
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