24 technology: hosting & cloud


Is business security underestimated?


Recent cyber-attacks have prompted government officials to meet to discuss escalating priority of protection from cyber-crime, writes Dominic Preist of Jelf


Last year saw one of the biggest security breaches in banking history when customers’ names, addresses, telephone numbers and email addresses were compromised, at US’s JP Morgan Chase. Whilst the bank said no financial information had been stolen, it has highlighted the increase in such threats. Andrew Tyrie, chairman of the cross-party Treasury Committee, said that the incident shows how banks are at an almost constant risk of security breaches.


However, the banking industry isn’t the only one at risk. More recently Sony Pictures, Moonpig.com Limited and Office Limited have all been victims of cyber security breaches.


It’s not just the larger, corporate companies that have been targeted by cyber criminals. According to


government research by security company Palo Network, more businesses than ever are facing the threat of losing confidential information. The research revealed:


• 87% of firms employing up to 50 staff had experienced a cyber- security breach and the trend is on the increase


• The average cost of the worst breach for small companies was between £35,000 and £60,000


• Some attacks caused more than £1 million of damage


Protecting your business


Although the government have been actively working with security specialists for several years to combat cybercrime, the urgency of the potential risks have been highlighted by these high-profile incidents.


Five funding programmes


for tech companies So, you’ve got a great idea but don’t have the means to fund it, what are your options? Jason Mitchell of MHA MacIntyre Hudson considers the options


You could seek external investors to back your idea, through loan or equity capital, but these ultimately have their paybacks. Another area to consider is grant funding – effectively a free source of money with no strings attached other than providing publicity for the funder and some reporting requirements.


To encourage technological innovation in the UK industry there are considerable public funds available to back new ideas right through from initial feasibility/proof of concept through to prototyping, with an emphasis on projects that will deliver new jobs and export markets. However, unlike other forms of finance, these are a well- kept secret and are not widely publicised/broadcast – here are five schemes worth considering:


www.businessmag.co.uk 1 The SMART programme


SMART is a grant scheme run by Innovate UK which offers funding to small and medium-sized enterprises (SMEs) to engage in R&D projects in the strategically important areas of science, engineering and technology, from which successful new products, processes and services could emerge. A year round scheme, applications are made quarterly and provides funding of £25,000-£250,000 for three main areas ‘Proof of market’, ‘Proof of concept’, ‘Development of prototype’


2 Innovate competitions


Innovate UK also runs competitions in sector specific areas the UK government wants to stimulate innovative ideas in, recent areas include flexible manufacturing, ICT, aerospace, improving food supply chain efficiency and wearable


The government has advised that the best defence for businesses is to enhance protection and focus efforts on prevention, warding off attacks instead of trying to fix the damage inflicted by breaches they fall victim to.


Last year the government introduced a cyber-security certification. An organisation that has measures in place to help defend themselves against common cyber threats can acquire the Cyber Essentials Certification. Free to use to advertise to their customers, the certification could increase a business’s reputation, providing a competitive selling point. In hope that this will increase cyber security the government have also created a fund (of up to £5,000) for firms employing up to 50 people to improve their cyber security by bringing in outside expertise to help.


It might come as a surprise that according to TechUK, businesses are most likely to fall victim to cybercrime because employees have created weak passwords. It is recommended that staff education can protect a business from these cyber threats and dangers. Making employees understand that the


technology. It could be they are looking for something in exactly the same area you are working in.


3 Innovation vouchers


Innovation vouchers offers businesses £5,000 towards the cost of collaborating with an external partner (eg a university).


4 Horizon 2020 – SME instrument


An EU funded scheme this offers support to SMEs in a similar way to SMART with support of €50,000 for feasibility studies and €.5-2.5 million for implementation. Particular focus on biotechnology, blue growth, food production and processing, green technology, ICT, nanotechnology, security, space, or transport.


5 Creative Europe


This year, the EU’s MEDIA and Culture funds were combined under a cross-sectoral programme – Creative Europe. The new seven- year, €1.46 billion programme supports the development of European films, TV and games, as well as cultural festivals, professional training, and literary translations.


If you don’t meet any of the criteria THE BUSINESS MAGAZINE – THAMES VALLEY – MARCH 2015


applications and public networks they use could be used as access points by cyber criminals is of paramount importance.


Finally, it is also advised that businesses keep their cyber defences updated so they can effectively combat the new techniques cyber attackers use.


Jelf Insurance Brokers specialise in offering insurance solutions for your individual business needs. No matter the size of your business there is a cyber-package available to suit each company’s individual requirements. If you have any questions or would like to discuss the implications of cyber security further you can contact Dominic Preist.


Details: Dominic Preist 0118-9839800 dominic.preist@jelfgroup.com www.jelfgroup.com


Jelf Insurance Brokers is authorised and regulated by the financial conduct authority (FCA) not all products and services are regulated by the FCA.


for grants and still require business loans, don’t despair, access to loan finance through banks is improving thanks to government-backed schemes, such as the enterprise finance guarantee scheme. This scheme is designed to support small and medium-sized businesses, with a turnover of up to £41m, with a viable business proposition but insufficient security or an inadequate track record to back their borrowing.


Alternatively a whole new sector of crowdfunding has expanded rapidly over the past few years through websites such as Crowdcube, Funding Knight and Money &Co where you can seek to raise loan or equity finance directly from private investors through an auction, with loan finance often attracting much lower rates compared to those available through traditional sources.


For further information, guidance and advice, contact us.


Details: 0118-9503895 www.macintyrehudson.co.uk


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