LGIM calls for compulsory cyber audits

Cyber securityLegal & General Investment Management (LGIM), one of Europe’s largest investors of institutional assets, has called on companies to carry out ‘cyber audits’ of their digital infrastructure.

The call follows high profile data breaches, which led firms such as TalkTalk into crisis.

LGIM says it is concerned about the level of awareness of cyber security risk among board members and says cyber security should be a strategic issue and audits of digital infrastructure made compulsory.

David Patt, senior analyst, corporate governance and public policy at LGIM, says investors see governance as the protection of assets invested in, both physical and human.

“Cyber security is a significant risk to our investee companies. It is incumbent of us to discuss how company boards are managing cyber security and their digital infrastructure throughout the corporate year.”

Cyber security should not be left to IT departments, he says, adding: “We all have to be the IT guy.”

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