risk management 47


How effective is bribery risk assessment as the basis of risk mitigation? asks PwC


Bribery and fraud are fast becoming a top priority for most businesses and governments alike, writes Ranjit Auluk, PwC's South East partner in forensic services


And last month we supported a new Transparency International UK document on how firms can take action to mitigate the effects of bribery. Diagnosing bribery risk is a practical guide to effective bribery risk assessment which we believe will help them grasp these issues head on. Without a clear understanding of your risks, it is impossible to know if you’re covering all the bases.


The guide is aimed at businesses of all shapes and sizes and offers a basic theoretical framework for risk assessment, advising what to do in the workplace with the support of a firm’s board or leadership.


Ranjit Auluk


No sector, business, or individual can ever really say they are completely risk free of bribery – and there isn’t really a one-size fits all battle-plan to adopt.


Support for small businesses to tackle record levels of cyber attacks


... more small businesses than ever are facing the threat of losing confidential information through cyber- attacks


Additional research published jointly by PwC and the Department for Business, Innovation and Skills (BIS) cites that more small businesses than ever are facing the threat of losing confidential information through cyber-attacks.


The 2013 Information Security Breaches Survey has shown that 87% of small businesses across all sectors experienced a breach in the past year. This is up more than 10% and cost small businesses up to 6% of their turnover, when they could protect themselves for far less.


The survey also showed that:


• Large organisations are also still at high risk with 93% reporting breaches in the past year


• The average cost of the worst security breach for small organisations was £35,000 to £65,000 and for large organisations it was between £450,000 and £850,000. The vast majority of these were through cyber-attacks by an unauthorised outsider


THE BUSINESS MAGAZINE – THAMES VALLEY – SEPTEMBER 2013 www.businessmag.co.uk


Details: Ranjit Auluk ranjit.auluk@uk.pwc.com


• Several individual breaches cost more than £1 million


• 12% of the worst security breaches were partly caused by senior management giving insufficient priority to security.


UK businesses face more advanced threats than ever before from unauthorised outsiders. The business world has changed and companies of all sizes, in all countries and across industries, are now routinely sharing information across business borders, whether it's with business partners or employees’ personal devices. Cyber security is critical. It is no longer only an IT challenge; business leaders need to make sure they are protecting what is most critical to their organisation’s growth and reputation.


Organisations also need to make sure that the way they are spending their money in the control of cyber threats is effective. Spending on cyber control as a percentage of an organisation’s IT budget is up this year from an average of 8% to 10%, but the number of breaches and their impact is also up as well so it is clear that there is work to be done in measuring the effectiveness of the security spend.


The guide can be downloaded from: www.transparency.org.uk/briberyrisk


The survey can be downloaded from: www.gov.uk/government/publications/ information-security-breaches-survey- 2013-technical-report


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88