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70% of region’s businesses brush off Brexit vote, says R3


Seven out of 10 South East businesses say they have yet to feel any financial impact – positive or negative – from the June vote to leave the EU, according to new research by the insolvency and restructuring trade body R3.


However, 20% of South East businesses, equivalent to 55,000 businesses, say the vote has already had a negative financial impact on them, compared with just 9% of businesses (25,000) who say the outcome of the referendum has had a positive financial impact.


The figures are from a survey of key decision- makers at a representative sample of 500 UK businesses by BDRC and R3.


Andrew Watling, chairman of Southern Committee of R3 and partner at Quantuma in Southampton, said: “The immediate shock of the referendum result was much briefer than expected, and many businesses – and importantly, consumers – have adopted a business as usual approach since then.


“The UK is, of course, still a member of the EU, so the impact of the vote itself will be limited for the time being. When we find out what Brexit actually means, things might begin to change.


“In the short-term at least, there are likely to be one or two instances of ‘Brexit’ being used as a bit of a convenient excuse by companies when they run into trouble.”


He added: “That said, Brexit will be causing genuine problems for a significant minority of companies, and it will be benefiting others. The main reason for this is the sharp fall in the value of the pound. Importers will have been hurt, while exporters may have seen an increase in demand for their products. Uncertainty over the future of the UK-EU relationship may put some important deals on hold, at least temporarily.


“Anecdotally, while our members say they are yet to see any increase in Brexit-related


appointments, some have reported an increase in calls from worried business owners looking for advice.


“While a number of recent surveys have reported business confidence falling since the vote, that doesn’t appear to have yet translated into a financial impact for most businesses.”


Across the UK, the businesses most likely to say they have seen a negative financial impact from the referendum result are large companies employing 251 or more people.


23% of large companies (2,000) say they have seen a negative financial impact from the referendum result, while just 2% say they have experienced a positive impact.


Watling said: “Larger businesses have much more of a direct exposure to Europe or are much more likely to import materials than the UK’s smaller businesses. They will bear the immediate brunt of any Brexit effect, whether positive or negative.”


Cybersecurity experts urge companies to share experiences


Following the Government’s announcement that it will be investing £1.9 billion in fighting cybercrime, cybersecurity experts are urging companies to share their experiences to assist in tackling the ever-evolving and sophisticated methods that fraudsters are adopting to dupe their targets.


Cybercrime has remained a taboo subject among businesses with many fearing reproach from existing clients or new customers if they revealed they had been exposed to security breaches. But this reticence hinders progress against the criminals


Jason Fry, a cybersecurity specialist at PAV i.t. services, has worked with dozens of corporate and independent businesses across the UK helping them to review and update their cybersecurity policies, procedures and solutions. He


said: “Though I have no doubt that most companies have, at some point, been the victim of a cyber-attack, security breach or scam, I am not convinced they would be open and honest about it through fear of criticism. But sharing experiences is the only way companies will learn, benefit and ultimately reduce the likelihood of an attack.


“Unfortunately the fraudsters are always one step ahead, so developing a cybersecurity business network to share knowledge and experiences of new techniques and scams could only prove advantageous in addressing the numerous cyber threats facing companies today."


Robert Schifreen, a former UK-based computer hacker who was arrested in 1985 for breaching computers at British Telecom but who now runs a security-awareness training programme


THE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – DECEMBER 16/JANUARY 17


called SecuritySmart.co.uk, agreed. He said: “Certainly there have been huge advances in the ways attacks are carried out and the methods that are adopted by cybercriminals. These days we see more and more sophisticated methods being put into practice that are scarily ‘real’ to the target, such as a combination of social engineering and ‘vishing’ (fraudulent phone calls that appear to come from trusted sources). Lack of awareness, not just among business owners but their employees, is a huge part of the problem.”


Fry suggested: “A secure and authenticated forum where business leaders could chat anonymously would be one example of how companies could share knowledge without fully exposing themselves. Until companies are willing to discuss cybercrime openly the fraudsters will continue to have the upper hand.”


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