Cyber Security in ESG

Cyber security is one of the important matters for Environmental, Social, and Governance (ESG) for businesses and organisations. Based on Global Risks Report 2023 by the World Economic Forum (WEF), ‘Widespread cybercrime and cyber insecurity’ remains at the 8th spot of both short-term and long-term global risks, while other matters, such as climate change and natural resources, shows some shifting of the prioritisation. This indicates how cyber security will consistently remain the key issue globally.

MDEC recognises Cyber Security as one of the three items to be addressed under the MDEC’s ESG Roadmap 2023-2025.

Incorporating cyber security into an organisation's ESG strategy is vital for ensuring the company's overall sustainability and responsible governance. Failing to address cyber security risks can negatively impact the organisation's financial, social, and environmental performance. Hence, businesses need to recognise and prioritise the importance of cyber security within their ESG initiatives.