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AICPA issues cybersecurity risk management framework

The American Institute of CPAs (AICPA) has introduced a cybersecurity risk management reporting framework to help businesses meet the growing challenge of cybersecurity attacks.

There are two resources that have been released to support reporting under the framework, this includes description criteria to explain the program in a consistent manner, and control criteria in providing advisory services to evaluate effectiveness. A third resource for CPAs will be available in May, an attest guide to assist CPAs examining an entity’s cybersecurity risk management program.

The framework’s purpose is to enable global organisations to take a proactive and agile approach to cybersecurity risk management and to communicate this with stakeholders.

“Cybersecurity threats are escalating, thereby unnerving boards of directors, managers, investors and customers,” Susan Coffey, AICPA executive vice president for public practice said. “While there are many methods, controls and frameworks for developing cybersecurity risk management programs, until now there hasn’t been a common language for companies to communicate about, and report on, these efforts.”

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