Summary of article in The HIPAA Journal, by Steve Adler:
A study by Diligent Institute and Bitsight reveals that organizations with strong cybersecurity programs yield better financial performance and higher shareholder returns. The study, which analyzed data from 4,149 mid to large-sized organizations, found that companies with advanced security ratings created almost four times more value for their shareholders than those with basic security ratings. The report also emphasized that cybersecurity is not just an IT problem, but an enterprise risk affecting the company’s performance and health. There was a correlation between board structure and security ratings, with companies having specialized risk or audit committees performing better. The presence of a cybersecurity expert on these committees significantly improved an organization’s security performance.