# Three-quarters of firms globally are not ready for new ESG rules, KPMG finds
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2020-11-22
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: New KPMG Report Reveals Global Companies Unprepared for ESG
Meta Description: Find out why 75% of firms are unprepared for upcoming ESG audits & regulations based on KPMG's latest report. Ensure compliance & avoid greenwashi
URL: https://financedigest.com/three-quarters-of-firms-globally-are-not-ready-for-new-esg-rules-kpmg-finds-2html

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_By **Rachel Zahr,** product marketing manager at_ [_Synopsys_](https://www.synopsys.com/software-integrity.html?cmp=pr-sig&utm_medium=referral)

Over the last few years, there have been a number of debates reflecting on the necessity of the internet, with some viewing it as a luxury resource. Since the advent of Covid-19, however, we might finally be able to put this argument to rest.

The pandemic has expedited our reliance on the internet and technology exponentially. While mobile and web applications may have once been a useful tool to stay connected with friends or a means of [boosting sales](https://www.financedigest.com/winning-fintech-seo-tactics-to-boost-traffic-and-make-more-sales.html "Winning FinTech SEO Tactics to Boost Traffic and Make More Sales"), today these are pivotal in the everyday functioning of our society. The vast majority of the [world’s workforce have had to move online or into a hybrid working](https://www.financedigest.com/the-importance-of-information-security-in-a-post-pandemic-hybrid-working-world.html "The importance of information security in a post-pandemic hybrid working world") environment, and so too have schools.

This change has introduced both [opportunities as well as challenges](https://www.financedigest.com/global-lycopene-market-outlook-business-challenges-investment-opportunities-progression-status-revenue-expectation-and-forecast-2022-2029.html "Global Lycopene Market Outlook Business Challenges, Investment Opportunities, Progression Status, Revenue Expectation and Forecast 2022-2029"). On one hand, for web-optimised businesses, such a transition is less [disruptive than it is beneficial as they seek to expand their consumer](https://www.financedigest.com/unfolding-the-great-payments-disruption-how-consumers-can-navigate-this-new-financial-world-and-how-financial-institutions-can-rise-to-the-challenge.html "Unfolding the Great Payments Disruption – how consumers can navigate this new financial world and how financial institutions can rise to the challenge") base. On the other hand, the surge of data being transferred within and across the millions of applications that now exist, creates the ideal environment in which malicious hackers lie in wait. In this way, generating an amplified sense of caution and uneasiness among [individual users as well as businesses](https://www.financedigest.com/prime-bank-and-agam-spark-lending-revolution-for-individuals-and-business.html "Prime Bank and AGAM spark lending revolution for individuals and business").

**The Fight Against Cybercriminals: Where We Stand Today**

It is disconcerting just how damaging cyberattacks can be, from [exploiting](https://www.financedigest.com/explainer-how-britain-is-exploiting-brexit-to-reform-finance.html "Explainer-How Britain is exploiting Brexit to reform finance?") vulnerabilities for financial gain and exposing sensitive information, to damaging reputations of organisations and individuals alike. The [impact is significant and the pool of potential](https://www.financedigest.com/future-market-insightss-detailed-report-on-cat-litter-market-offers-projections-of-potential-impact-of-corona-virus-outbreak.html "Future Market Insights’s Detailed Report on Cat Litter Market Offers Projections of Potential Impact of Corona Virus Outbreak") victims is extensive. Indeed, the [web has become](https://www.financedigest.com/how-web-3-0-literacy-will-become-mandatory-in-2022.html "How Web 3.0 literacy will become mandatory in 2022") increasingly accessible that everyone, from young children to aging parents, are employing a range of web apps to carry out personal, professional as well as educational tasks. Moreover, they are doing so with hardly any technical proficiency. Yet, regrettably, the majority of these [users base their choice of application](https://www.financedigest.com/apac-solar-micro-inverters-market-competitive-growth-strategies-based-on-type-applications-end-user-and-region.html "APAC Solar Micro Inverters Market Competitive Growth Strategies Based on Type, Applications, End User and Region") on its reliance, convenience, accessibility and whether or not it is engaging. Security is an afterthought, if one at all.

The threat landscape is intensifying in scope and sophistication but web users, both novice and veteran, have little security awareness, putting them in a susceptible position. Even individuals who are hyper aware of cyberthreats, risk succumbing to the innovative schemes of bad actors.

**The Responsibility of Application Owners and Developers**

As such, the responsibility of safeguarding users, while simultaneously offering an experience that meets their wants and needs, falls to the [application developers](https://www.financedigest.com/lane-change-assist-systems-market-overview-business-growth-development-factors-application-and-future-prospects.html "Lane Change Assist Systems Market Overview – Business Growth, Development Factors, Application And Future Prospects") and owners. The [way to achieve this is through embedding security throughout the application](https://www.financedigest.com/five-ways-bad-bots-are-trying-to-crack-your-virtual-vaults-by-erez-hasson-strategist-application-security-at-imperva.html "Five Ways Bad Bots Are Trying To Crack Your Virtual Vaults") development lifecycle, beginning in its design and up to its production.

All individuals who play a role in the application’s formation, be it the developers themselves, the architects, managers or executives, [need to have the necessary knowledge to maintain its security](https://www.financedigest.com/the-three-must-haves-of-cyber-security-that-you-need-to-stay-cyber-safe.html "The three “must haves” of cyber security that you need to stay cyber safe"). In addition to this, the realisation of [security cannot afford to sacrifice the speed of its delivery if they hope to meet consumer demands](https://www.financedigest.com/new-demands-on-network-security.html "NEW DEMANDS ON NETWORK SECURITY"). For that reason, application owners need to strike a balance between education and tooling.

In the same way that school children are having to adapt to remote learning, so too must application owners and their teams. Security training tools and education resources need to be accommodating of our new reality, which is best done through on-demand and/or virtual delivery. In this way, permitting individuals to make time for training amidst their varying schedules.

In prioritising [security and protecting their customer base from familiar and unfamiliar threats](https://www.financedigest.com/is-the-next-big-cyber-threat-mis-placed-security-spending.html "Is the next big cyber threat mis-placed security spending?"), application owners can consolidate consumer trust and in turn, retain and gain users. When security is embedded, users can rest assured that their [data is in safe hands whilst benefitting from transformative](https://www.financedigest.com/four-ways-data-and-ai-can-transform-financial-services.html "Four ways data and AI can transform Financial Services") product features.

This year has been anything but predictable, and the best way to keep user and application [data safe is to ensure that application development teams are security](https://www.financedigest.com/normalizing-advanced-cloud-data-security-with-normalyze-from-amer-deeba-and-ravi-ithal.html "Normalizing Advanced Cloud Data Security with Normalyze from Amer Deeba and Ravi Ithal") aware.

**On the Consumer-Side: What students, teachers and education administrators can do to protect themselves?**

From the opposite side of this, students, teachers and administrators would do well to vet educational apps, choosing to work solely with trusted [sources or application](https://www.financedigest.com/amino-acids-premixes-market-overview-analysis-with-application-product-source-opportunity-and-region-2022-2029.html "Amino Acids Premixes Market Overview & Analysis with Application, Product, Source, Opportunity and Region 2022-2029") owners. If there is ever any uncertainty, it is [important that research is conducted to understand what security measures](https://www.financedigest.com/quality-control-measures-for-drug-development-are-of-utmost-importance-as-inadvertent-presence-of-unknown-pharmaceutical-ingredients-can-further-complicate-health-conditions-of-the-patients.html "Quality control measures for drug development are of utmost importance as inadvertent presence of unknown pharmaceutical ingredients can further complicate health conditions of the patients.") have been adopted by the resource or tool in question. One clear red flag is if the app does not possess an SSL certificate, or more commonly recognised as the little closed padlock in the browser bar.

As we face an economic downturn and a dwindling educational budget, finding free web apps may be just the ticket. However, users need to be conscious that the [price comes](https://www.financedigest.com/uk-house-prices-speed-up-but-slowdown-coming-nationwide-says.html "UK house prices speed up but slowdown coming, Nationwide says") in the exchange of personal information that will likely be sold off to a third-party. Therefore, such decisions should not be made lightly.

Finally, the [next best step](https://www.financedigest.com/eu-leaders-to-discuss-next-steps-on-energy-ukraine.html "EU leaders to discuss next steps on energy, Ukraine") that students and staff can take to defend themselves against cybercriminals is through building themselves up as a human firewall. In other words, ensuring that these same individuals understand the importance of long and complex passwords, multifactor authentication and steering clear of links from unknown email senders. Once again, it [comes back](https://www.financedigest.com/twitter-asks-some-laid-off-workers-to-come-back-bloomberg-reports.html "Twitter asks some laid off workers to come back, Bloomberg reports") down to security awareness training.

Similarly to application owners giving precedence to the security training of their developers and employees, school administrators should do the same for teachers, staff and students. It is only by working together on this that we might rise to the challenge posed by attackers, and build a more secure as well as security conscious society.


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