The impact of board characteristics on cybersecurity disclosure: An applied study in the Iraq Stock Exchange

• zeyad khalaf

  University Of Fallujah

  Author

This study aimed to analyze the impact of the characteristics of the board of directors, represented by size, independence, diversity, and the presence of specialized committees, on the level of disclosure of cybersecurity risks in Iraqi companies listed on the Iraqi Stock Exchange. The study adopted the descriptive analytical approach, through a purposive sample consisting of (10) companies belonging to multiple sectors: banking, industrial, insurance, and communications. (70) annual reports were analyzed during the period (2019-2025.

The characteristics of the Board of Directors were measured based on content analysis of annual reports, while an index for cybersecurity disclosure was constructed consisting of (25) items based on relevant literature, international standards, and the regulatory framework adopted in the Iraqi environment. The results of the study showed a significant effect of the characteristics of the board of directors in enhancing the level of cybersecurity disclosure, as the diversity of the board, especially the presence of experts in information technology, emerged as the most influential factor in raising the level of disclosure.

The results also showed that the independence of the Board of Directors and the presence of specialized committees clearly contribute to enhancing transparency and improving the quality of cyber risk disclosure. Accordingly, the study recommends the necessity of strengthening the requirements for mandatory disclosure of cybersecurity by regulatory authorities, in addition to supporting the independence of boards of directors, attracting technical expertise, and activating committees specialized in risk management and cybersecurity, in a way that contributes to raising the level of transparency and enhancing investor confidence in the Iraqi Stock Exchange.

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