ASEAN Corporate Disclosures Highlight Cybersecurity Gaps

FTI Consulting, Inc. (NYSE: FCN) released the ASEAN Disclosure Index 2023 report, which sheds light on the disclosure policies of 110 prominent publicly traded firms in Singapore, Thailand, Malaysia, Indonesia, and the Philippines.

According to the research, the examined firms had an average Corporate Disclosure score of 6.95/10. Malaysian firms, in particular, emerged as transparency leaders, with an average score of 7.71. Cyber risk disclosure and readiness appeared as ASEAN firms' Achilles' heel, with only 41% appropriately addressing this critical issue.

The ASEAN Disclosure Index 2023 reveals that over 75% of enterprises have a workforce with more over 20% women, with Thailand leading the way with an astonishing 95%. In terms of climate risk disclosure, 79% of ASEAN corporations include net-zero targets in their annual reports, with 90% of Malaysian companies on board.

However, just 35% of organizations report breaches in cybersecurity, and only 41% offer adequate cyber risk disclosures. Meanwhile, in terms of talent and culture, 65% have flexible work-from-home rules, and 75% have employee health, safety, and environmental metrics.

Amrit Singh Deo, Senior Managing Director at FTI Consulting, commented on the research, stating that while ASEAN corporations usually do well on disclosure metrics, cyber risk preparedness requires attention. He underlined the need of transforming operational hazards into strategic problems, as well as the need for strong management in the post-lockdown period.