Cybersecurity skills of company directors — ASX 100
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.
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Author's Biography
Nigel Phair is the Director (Enterprise) of UNSW Institute for Cybersecurity Canberra. He is an influential analyst on the intersection of technology, crime and society. Nigel has published four acclaimed books on the international impact of cybercrime. In a 21-year career with the Australian Federal Police he achieved the rank of Detective Superintendent and led investigations at the Australian High Tech Crime Centre for over four years.
Hooman Alavizadeh is a research associate at the UNSW Institute for Cybersecurity, Canberra, Australia. Before joining UNSW, he was a postdoc fellow at Cybersecurity Laboratory, Massey University, New Zealand. He holds a PhD in Cybersecurity from Massey University, New Zealand and holds a MSc in Computer Science from Eastern Mediterranean University, Cyprus. His research interests are in Moving Target Defense, cloud security, security modelling and analysis, and artificial intelligence (AI) in cybersecurity.
Citation
Phair, Nigel and Alavizadeh, Hooman (2022, October 1). Cybersecurity skills of company directors — ASX 100. In the Journal of Risk Management in Financial Institutions, Volume 15, Issue 4. https://doi.org/10.69554/SGEP1520.
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