[ISN] KPMG: Institutional investors have no faith in company boards over cyber security

http://www.techworld.com/news/security/kpmg-investors-have-no-faith-in-company-boards-over-cyber-security-3607927/ By Antony Savvas Techworld.com Apr 16, 2015 Institutional investors believe the majority of the companies they have invested millions in are not up to the job when it comes to delivering cyber security, according to KPMG research. KPMG also found that 79 percent of investors would be discouraged from investing in a business that has been hacked. The findings revealed that investors believe less than half of the boards of the companies that they currently invest in have adequate skills to manage cyber risk. Furthermore, they believe that 43 percent of board members have unacceptable skills and knowledge to manage innovation and risk in the digital world. This sentiment was mirrored in a recent KPMG survey of FTSE 350 businesses, which found that 39 percent of boards and management agreed they were severely lacking in their understanding of the area. Malcolm Marshall, global leader of KPMG’s cyber security practice, said: “Investors see data breaches as a threat to a company’s material value and feel discouraged in investing in a business that has had its sensitive information compromised.” […]