Protecting your business from cybercrime
Sixty per cent of Leicestershire businesses have suffered a significant cyber incident in the past 12 months, according to a survey by local cyber experts at financial and business advisers Grant Thornton UK LLP. Conducted at a series of cyber
security awareness events held by the firm, the survey also revealed that local businesses are committed to improving their systems however, with plans to mitigate the risk of cybercrime. Almost three quarters (72%) said
they have a strategy in place that will help them lessen the impact on the business, with 85% having business continuity plans and reporting procedures in place in the event of a severe cyberattack. According to the poll, the
majority of local firms are most concerned about the financial protection available in the event of an attack by cyber criminals, with more than two-thirds saying the business insurance that specifically protects or helps them overcome cybercrime is ‘inadequate’. Grant Thornton gathered local
businesses to discuss the level of cybercrime in the East Midlands. Nationally, cybercrime is
reported to cost UK businesses in the region of £21bn annually, according to estimates by The Cabinet Office. The National Audit Office
estimates 80% of all cyberattacks could potentially be avoided by exercising good cyber hygiene. Tom Copson (pictured), Director
at Grant Thornton’s Leicester office, said: “100% of the business owners and managers we spoke to believe cybercrime is a realistic threat to their business. “Given that 60% of them have
been targeted by cybercrime or suffered a significant cyber
‘Cybercrime is reported to cost UK businesses in the region of £21bn annually, according to estimates by The Cabinet Office’
incident, it is easy to see why they are concerned. “Cyber security isn’t just a
technical problem, it’s a risk that should be managed in a similar way as all other business risks. “The continuous development of
new methods to connect and share information increases the chance of a security threat. Our poll results clearly show a cyberattack is not just something that ‘happens to other businesses’; it’s a real issue that can affect us all and cause severe damage to an organisation’s immediate business capability and reputation.
“Having robust procedures in
place will greatly limit the chances of an attack and reduce the impact should a breach occur.” Grant Thornton’s cyber
consulting team recommends all businesses employ robust assurance procedures. This includes assessing how effective current systems are; identifying key risks; reviewing third party risk management arrangements; complying with industry, regulatory and legal standards and continually reviewing and updating privacy and security strategies to ensure they remain effective.
Nottingham becomes a Gigabit City
Nottingham is currently undergoing a period of transformation - change is in the air and is visible in our streets and skyline. As anyone that lives and works there knows, there
are a large number of visible and highly celebrated redevelopment and regeneration projects currently in progress across the city centre. This investment in our built environment and
infrastructure, and in our commercial, educational and recreational offering, is great news for our city's future. But there’s something else happening behind the scenes, something invisible but equally as important. Following a multi-million-pound investment,
Nottingham has recently joined the growing ranks of Gigabit Cities. A network of over 70km of full-fibre internet
cables are already in place throughout the city, linking many public buildings and key business clusters, and more are being laid all the time, extending reach and availability. The network provides high speed, highly resilient and secure infrastructure on which to operate business-critical internet and communications services, such as cloud based services, remote access and hosted telephony.
Building on previous investments, including a new
£2m data centre and the creation of a city centre hub for digital tech businesses, full-fibre internet is helping to position Nottingham as one of the UK’s best cities to locate and grow a business if looking to compete in a global marketplace. Over 3,000 businesses in the city can take advantage of Gigabit speed internet services right now, transforming how the business and their teams work and deliver real business benefits. As well as providing future-proof communications
infrastructure, full-fibre connectivity provides the foundations for enabling the rollout of 5G, the implementation of smart city innovations and the development of Internet-of-Things technology, all bringing huge social, economic and commercial benefits to the city. Nottingham-based IT company – and Chamber member - Mason Infotech has partnered with Entanet (A CityFibre business) and the ITS Group, to bring full-fibre internet access to Nottingham’s businesses and to help directors and IT professionals to make optimum use of the technology to improve business processes, efficiencies and productivity.
business network June 2019 77
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