We recognise that a strong governance framework is essential for the success of our portfolio companies and provides the foundation to encourage and support innovative ESG and sustainability practices. This includes many different aspects of performance, including Corporate Governance, safeguards against bribery, corruption and money laundering, data protection and cybersecurity.
We work with our portfolio companies to help them establish appropriate governance policies and processes, such as monitoring and reporting systems to ensure compliance with company Codes of Conduct and Anti-Bribery and Corruption Policies. These aspects of ESG performance will also be reported quarterly to TDR, alongside notification of any cyber and data breaches, with supporting KPIs provided on an annual basis.
An area that all companies increasingly focus on is the growing threat of potential cybersecurity breaches. To support company-led cybersecurity activities we have engaged Orpheus Cyber to provide cyber risk ratings for all our portfolio companies. Managing this risk will help to avoid value erosion in the portfolio from a cyber-attack. As well as reducing risk for TDR and the specific portfolio companies, Orpheus will enable TDR to prioritise spending on the most essential cybersecurity issues going forward.
Through our engagement with Orpheus we have been able to identify areas for improvement within our portfolio companies, highlighting these to management teams for action. This has allowed companies to direct their resources towards the most critical, immediate risks and provide a further line of defence to safeguard against potential cyber-attacks.
Cyber Security is of the utmost importance for us, as the world and our ships are increasingly connected together. Today, taking a broad approach to cyber security is critical; automating and standardising wherever possible, diligently staying at the forefront of technical development, monitoring IT systems 24/7 and not least training every employee to be a strong line of defence against potential attacks.
Ole-Marius Moe-Helgesen, Chief Digital Officer at Hurtigruten