The Disclosures of Information on Cybersecurity in Listed Companies in Latin America—Proposal for a Cybersecurity Disclosure Index
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MDPI
Materia
Cybersecurity disclosure Disclosure index Cybersceurity governance Cybersecurity strategies Cybersecurity risk management Financial implications of cybersecurity risk
Date
2022-01-26Referencia bibliográfica
Ramírez, M... [et al.]. The Disclosures of Information on Cybersecurity in Listed Companies in Latin America—Proposal for a Cybersecurity Disclosure Index. Sustainability 2022, 14, 1390. [https://doi.org/10.3390/su14031390]
Abstract
For the corporate sphere, cybersecurity becomes an inescapable business responsibility,
and accountability becomes a way of providing trust and ensuring resilience against cyber risks and
high-impact cyber threats. The purpose of this study was to create a disclosure index that allows
analysis of the scope of the disclosure of voluntary and mandatory cybersecurity information. The
content analysis technique used focuses on the examination and identification of the cybersecurity
information revealed in the annual reports and the 20 F annual forms of the companies with the
highest stock market prices in Argentina, Brazil, Chile, Colombia, Mexico, and Peru during the period
of 2016–2020. Longitudinal analysis indicates an increase over time in the disclosures and scope of
information. The findings highlight that the country with the highest related disclosure is Argentina;
the most extensive disclosures are due to the financial sector; and the strategy dimension represents
the greatest weight in the index score. The study provides a novel instrument for measuring the
content of disclosure on cybersecurity that is applicable in any specific context. In this case, the scope
of disclosure in Latin America—a region which, according to our research, does not have previous
studies on the subject—is evaluated.
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