Guidance for businesses on the threats posed by cyber-crime has been launched at an event in the City of London, hosted by the Institute of Chartered Accountants in England and Wales (ICAEW) Corporate Finance Faculty.
The guidance, titled Cyber Security in Corporate Finance, advises companies on how to mitigate against cyber-attacks during corporate finance transactions; protect commercially sensitive data exchanged during the deal process; and provide information on types of cyber risks and how to respond to cyber breaches.
Alongside the UK official National Cyber Security Centre (NCSC), a taskforce comprises of the Association of Corporate Treasurers, BDO, British Private Equity and Venture Capital Association, Deloitte, EY, Grant Thornton, KPMG, the Law Society, London Stock Exchange, PwC, the Takeover Panel and UK Finance.
The launch event heard from Andrew Rogan, Director for Operational Resilience, at the trade association UK Finance; Ian Jeffery, Chief Executive Officer at The Law Society; and Ros Gray, Assistant Director General, The Takeover Panel.
Michael Izza, ICAEW Chief Executive, also speaking at the event, said: “Corporate finance transactions are a critical part of the economy but the flow of sensitive information and data during a deal can leave a business vulnerable to cyber security breaches. This new guidance and taskforce will be key in helping to raise awareness and minimise the risks posed by cyber criminals.
“A cyber-attack could have a potentially disastrous impact on the dealmaking process, and so it is crucial that boardrooms across the country treat threats very seriously and take preventative action. We must do all that we can to ensure London remains a pre-eminent place to do deals, raise investment and generate growth.”
Sarah Lyons, NCSC Deputy Director for Economy and Society, said: “We know the sensitive information that the accounting sector often manages, whether it is financial records, risk analysis or external audits, can make Chartered Accountants attractive targets for cyber criminals.
“A breach in this sector can not only jeopardise organisations and their customers, but can also undermine trust, confidence and reputation. I’d encourage everyone from across the industry to engage with this report and the NCSC’s range of practical guidance, to help increase their cyber resilience.”
Comment
Sylvain Cortes, VP Strategy, Hackuity, described the moves as reassuring. “The attack surface of these corporations is enormous, so any guidance will be invaluable to companies striving to reduce their cyber risk. The finance sector has become a prime target for attackers globally due to the huge amounts of PII and financial data they hold. Any type of breach, particularly in this sector, shatters both the victim organisation’s reputation and customer trust. The more help and guidance for maximum defense, the better.”
