New initiative tackles cyber-security threat to corporate finance sector.
Understanding, anticipating and managing cyber-security risks in corporate finance is crucial for all company directors and advisers; it is not an issue to be dealt with only by IT and technical specialists.
Corporate finance – including M&A, buyouts, venture capital and IPOs – is a major area of economic activity and driver of entrepreneurship, innovation and business expansion. UK-related M&A deals were worth a total of £216.8bn in 2013. But companies undertaking such deals need to make cyber-security a priority. In one recent case, a FTSE 350 company had important data stolen during an M&A deal when its security was breached by criminals.
To assist UK organisations and to protect the national economic interest the UK government created the National Cyber Security programme, coordinated by the Cabinet Office. The budget was recently increased to £860m and the initiative includes the involvement of the Centre for the Protection of National Infrastructure (“CPNI”), GCHQ and the Department for Business, Innovation & Skills.
The Corporate Finance Faculty has responded to this challenge by working with the Cabinet Office to initiate a Taskforce to tackle the specific risks in corporate finance.
The Taskforce includes senior representatives of:
Rt Hon David Willetts MP, Minister for Science & Universities launched a guide by the Taskforce, Cyber-Security in Corporate Finance, on Thursday 16 January 2014 at Chartered Accountants’ Hall, London. The publication outline's the most important risks and how companies can manage or eliminate them. The CBI fully supports the publication's objectives.