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The UK government published a report this week, commissioned in 2023, on the prevalence and quality of cyber disclosures by UK companies. The answer to the question could have been summed up in 2023, as companies in general in the UK do not report cyber incidents, there are no regulations other than GDPR requiring formal reporting of data breaches. FIs report under Basel accords and the FCA/ Bank of England guidelines.Listed companies should report material risks to capital markets, to which cyber can be considered a material risk. But unlike the US and the SEC cyber is not a specific defined reporting class, requiring boards report material risks or material cyber incidents. Note the term material. Listed companies form less than 0.001% of UK firms. The remaining 99.999% being privately held firms of all sizes, that manage our CNI and critical services.One hopes the UK will align itself more with its partner nations and require cyber incident reporting to a high enough standard. Demonstrating board oversight, assurance and ultimately governance over cyber risk through regulation, not guidance?https://lnkd.in/eB9Bemqk@Thaddeus Dziekanowski Brian D. McCarthy Faisal KhanVeritas GRC#cybersecurity #cyberriskmanagement #cyberregulation
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