roundtable
the Le Mans 24-hour endurance race and apply it to yachting’s America’s Cup, electric vehicle design and the defence sector. Having a unique way of problem solving is a message that we communicate to the market and this positioning is an important way to differentiate yourself as the market moves to greater commoditisation.”
The Academy of Robotics is developing a driverless car to deliver goods to people. William Sachiti said they had just closed a fundraising round and are building a ‘street legal’ version of the vehicle. “Computer chip manufacturers are combining resources to create a single open-source system for running driverless cars. My business is focusing on the ‘last mile’ of delivery – the biggest cost for most retailers is from the depot to your house – while companies like Tesla develop technology needed for city and motorway driving. We are creating a data set that we can sell for driving on unmarked roads and residential streets. We have built a nervous system for a car that reacts to things like rain or potholes in the road.
“Our technology is based on things that have never been done before, so scaling up the business is hard. But if we pitch it right, retailers will bite our arm off. We already have a lot of interest.”
Intellectual property service provider Marks & Clerk has seen sharp growth in work to support the development of driverless and electric cars. “This is a key area of focus for us. We are working with a lot of Thames Valley companies, as well as Scandinavian businesses” said Robert Lind.
Cyber security threats
Marco Essomba at iCyber-Security Group, talked about the risk of data being hacked. “The connectivity of infrastructure is an issue. The vendor landscape is very complex and clients can be confused.”
He didn’t think clients always knew how to approach the problem. “Cyber crime is a huge and growing threat. While developments like driverless cars are exciting, it’s also scary. Hackers are already investing in ways to attack the next stage of computer connectivity. Companies and governments need to take steps to protect data, which is where our company comes in.”
Storrar concurred that cyber security should be paramount in everyone’s minds. “Being able to recover from attacks is essential. User fallibility – human error – is an area we focus on with our clients.”
THE BUSINESS MAGAZINE – NOVEMBER 2017
Miles Hewitt-Boorman from accountants Moore Stephens observed that his firm spends significantly on security to protect its clients’ data. “It’s a big challenge. We want our employees to spend time outside the office talking to clients, but we understand the importance of maintaining cyber security wherever our people are working.”
He added that there was a big divide between clients who take the data security threat seriously, and those who don’t. “We are also seeing larger firms that have built complex IT infrastructures finding they have holes in them, whereas smaller, younger companies that have grown up with IT as a key plank in their organisation are often better at cyber security.
“We are embedding in the thinking of our firm’s partners the fact that IT is fundamental to the way we deliver our services; cyber security is not an add-on, or luxury item. Getting your cyber security right is as important as employing good people.”
Lee Atkinson from Barclays highlighted that he’s constantly reminding clients to update their web browser software. “We want to protect our clients from fraud so we are urging them at every opportunity to update their software – it’s just not safe for anyone to bank online with outdated systems. Cyber crime is one of the biggest business challenges of our generation and companies need to get real about the financial and reputational damage it can inflict.”
Essomba stressed how important it was to convince company executives to take cyber security seriously. “It’s about protecting your business and surviving. Cyber crime isn’t just about small-scale criminals working in a back room, it’s about nation versus nation, and business against business, trying to hack information. It is a challenge that is only going to grow until company boards and business leaders take it seriously. I think a big shift in attitude is on the way.”
Atkinson thought one problem was getting companies to act before it is too late. “Some businesses only take cyber crime seriously if they experience computer fraud and security breaches first hand and then it’s often too late. Firms must recognise the threat that cyber crime can pose to them, their reputation and subsequently their bottom line. Companies need to consider cyber security as critical to their business operation as cost or cashflow.”
Continued overleaf ...
businessmag.co.uk 37 Lee Atkinson
Kevin Wilson
Terry Storrar
William Sachiti
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