ICMA Centre academics to collaborate with businesses to diminish cyber risks
The Cyber Readiness for Boards project is a collaboration between researchers from leading universities including the ICMA Centre, part of the Henley Business School, UCL and Coventry University. Jointly funded by the National Cyber Security Centre (NCSC) and Lloyd’s Register Foundation, the project explores the factors which shape UK board decisions around cyber risk and develop intervention to provide guidance and support. The project also sees involvement from the Research Institute in Science and Cyber Security (RISCS) and RESILIA, which is a part of AXELOS Global Best practice.
Cybercrime has cost the UK economy between £11bn and £30bn each year according to figures from 2016. In their research conducted in 2018, the NCSC highlighted the pivotal role of private sector organisation boards in protecting their business against cybercrime. Understanding the nature and importance of cybercrime will help boards protect their companies.
Dr Tony Moore commented on the project:
It is now widely recognised that cyber security cannot be treated as a purely technical issue. Rather, cyber risk management needs to be addressed at board level and fully integrated into broader strategic and business planning.
The research team based at the ICMA Centre (led by Dr Tony Moore and Visiting Professor Andreas Hoepner) will run two of the project's work packages. The first will investigate the impact of board composition on cyber risk decision making, by identifying any characteristics of boards that correlate to a reduced probability of harmful cyber security incidents. The second will employ a natural experiment to assess whether investor engagement on the issue of cyber-security can encourage corporations to raise their awareness of cyber risks. Their research findings will contribute to an evidence-based review of board structure and training. First year results are expected to be delivered from September 2019 and the project will conclude in September 2020. Find out more about Dr Andreas Hoepner's research here.
View Profile Find out more about Dr Tony Moore's research here.