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Investment executives from 2 UK pension funds, NEST and RailPen (managing a total of £38Bn) have called for cyber risk assessment to be part of the investment management process.
Both funds raise concerns over the alignment of business risk with cyber risk and highlight recent losses, which some firms have or may suffer following cyber attacks. As a reason for a better understanding of cyber risks and the impacts they have on shareholder value. An obvious concern to investment funds.
This aligns with a number of recent reports by credit rating agencies, who have raised concerns over the impact of cyber on shareholder value across the short, medium and long term. It also sits alongside the drive by regulators and government agencies globally to set expectations for cyber risk management. E.g. the US DoDs CMMC programme.(https://lnkd.in/eKsJpVW)
It has been a long held view of mine that shareholder value is at risk from cyber, that the regulatory environment and the actions of financial markets will play a role is setting the direction for boards and their officers to manage cyber risks. The challenge is how do they find the necessary skills to site at the board table; oversight and assure the risk to a standard both the markets and regulators will accept.
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