Transmission losses should be the least of your worries at those data rates.
However you need to think about all those other things that may be much more likely problems:
Reflections. When you extend the length of the electrical path, you are more likely to get enough reflections that requires termination. With very short path, you may get by without termination if the electrical path is sufficiently short compared with risetimes. In order for termination to work well, you need a cable with well defined impedance. A ribbon cable may be okay, if signals/grounds are carefully placed. Loose wires all over the place may (most likely) not be okay.
Crosstalk. With a longer path and especially in a cable, you may get more crosstalk for two reasons:
- The conductors may be closer together compared to your PCB (and for a longer run, which would matter if you compare to really short traces on a PCB)
- The ground is further away and most likely not a solid plane (unless you have ground as a shield) creating better opportunity for field lines to go around two signal wires.
Ground bounce. If the cable has insufficient ground return wires, you may see ground bouncing up and down at the card end due to L * di/dt in the (too few) ground wires.
Oh, and on top of this comes timing. But I assume you have that analyzed already both with and without the extra flight time of about 2ns.
Isn't it funny how digital SI always come down to these few basic things (plus a few others including loss when signals are really fast; think 5GBps+)?
PS: As for the cable "emitting ESD" as some other poster noted - that does not make sense to me or resonate with any experience or theory I can come up with.