Analyzing the Relationship between Board of Directors Characteristics and Disclosure about Cybersecurity Risks and its Impact on Stock Prices: An Empirical Study on Companies Listed on The Egyptian Stock Exchange

Research Purpose:  The research aimed to analyze the relationship between board of directors characteristics and disclosure about cybersecurity risks and its impact on stock prices by applying it to companies listed on the Egyptian Stock Exchange.
Design and Methodology: The study relied on the content analysis approach to analyze the content of the annual reports for a sample of (30) companies listed on the Egyptian Stock Exchange during the period from (2020) to (2022), with a total (90) views, to test the research hypotheses using a set of statistical methods.
Results and Recommendations: The results of this research indicate that there is a positive and significant correlation between the size of the board of directors, the independence of the board of directors, and the diversity of the board of directors and the level of disclosure about Cybersecurity risks. There is also a significant effect for disclosure about Cybersecurity risks on Stock prices. (this effect is negative). Based on this, the researchers recommend the need for the professional bodies and organizations responsible for issuing Egyptian accounting standards to issue an accounting standard that regulates accounting for cybersecurity risks, taking into account the experiences of other countries that obligate their companies to disclose about Cybersecurity risks, which contributes to improve the quality of disclosure and helping all stakeholders to evaluate the company's ability to maintain information security and reduce the possibility of breaches and negative events in the future.
Originality and Value: This study provides a contribution and addition to the accounting literature in this field through  analyzing the most important characteristics of the board of directors that affect on  the disclosure about Cybersecurity risks and its reflection on stock prices in the Egyptian business environment, and an attempt to propose an index for the disclosure about Cybersecurity risks, which consists of (40 ) items, and this indicator can be used as guidance in developing a comprehensive accounting standard for disclosing cybersecurity risks in the Egyptian environment as an example for the economies of emerging countries.