FINANCE Is cyber security insurance needed?


New research has revealed the extent to which middle-market businesses are exposed to cyber- attacks in the UK – with a Chamber strategic partner finding 56% of firms operating without any form of cyber security insurance. This is despite one in five


companies reporting an attack last year, and the likelihood of a continued surge in cyber-attacks in the coming months and beyond. More than half of the companies


reporting a cyber-attack said security breaches were up in 2020 compared to the previous year. Some 73% of those surveyed also


said their business was at risk of unauthorised users deliberately and illegally attempting to access their data or systems over the next 12 months. The Real Economy survey, by


East Midlands-based audit, tax and consulting firm RSM, questioned more than 400 middle market business leaders to uncover the cyber security challenges they have faced during the coronavirus pandemic. Eighty percent of those that had


experienced a breach said the attack was an indirect result of the pandemic. The sudden shift in remote working practices from March 2020 and the need to adapt in such a short space of time appears to have created a weakened cyber infrastructure that criminals have capitalised on. With security breaches a


certainty for many businesses and


‘There is still a lot to be done to define what cyber insurance looks like’


yet well over half of companies still having no cyber security insurance policy in place, RSM said it was perhaps surprising that 92% of those surveyed were confident in their existing measures to safeguard sensitive data. Sheila Pancholi, technology risk


assurance and cyber security partner at RSM, said: “We know many businesses are facing significant challenges around managing the impact the pandemic has had. “With employees working


remotely and not being fully safeguarded by corporate infrastructures, recognising and mitigating against cyber threats is more important than ever. “The challenge with cyber


insurance sits in the fact that businesses still don’t know what


Sheila Pancholi


they need their insurance to provide cover over. “Conversely, the complexities and


intangible nature of what’s required for that business make it difficult for insurance companies to provide coverage that has an adequate reach and is sufficiently tailored. “The burden of the time and cost


of recovering from an attack is where a cyber insurance policy could prove invaluable. There is still a lot to be done to define what cyber insurance looks like for businesses, as a policy that would have provided effective cover one month ago might not cover the new threat variation.


“Additionally, questions remain


on whether the UK workforce is adequately skilled with technically- trained cyber security professionals, and the hand in hand role security measures will have for businesses when looking at their wider cyber footprint.” RSM’s cyber security survey was


the second in The Real Economy series of topical quarterly surveys focusing on the middle market as a powerhouse of the UK economy. It is also the first authoritative


source of economic data for this crucial area of UK market, sharing insight and perspective for the wider economy.


Santander course aims to boost diversity


A large cohort of students at the University of Nottingham has been accepted on to a new programme run by global bank Santander to boost diversity in the finance industry. Eighty-seven black and black mixed ethnicity students and recent


graduates will be among the first to take part in the Santander Universities Black Inclusion Programme – the latest in a range of initiatives to increase access to finance careers in which people of colour are under-represented. The group is among 3,000 university students and graduates in the


UK to win places on the scheme. It will give them access to specially tailored online training, professional development and employability skills to help build their CV. The course is being run in partnership with leading finance industry specialist Finance Unlocked. It also focuses on the fundamentals of finance and covers topical subjects including green finance and blockchain. Professor Sarah Sharples, pro vice-chancellor for equality, diversity and inclusion at the University of Nottingham, said: “I am very pleased to see such strong participation from our black and minority ethnic students in this Santander programme. As part of our recent Race Equality Charter submission we identified the importance of targeted opportunities such as these as part of collective activity to eliminate the degree awarding gap. I wish the participants on the programme every success.” After completing the eight-hour online programme and quizzes, 30 of


the top-performing students and graduates will also be in with a chance of receiving a £1,500 Santander scholarship.


70 business network June 2021


The initiative has been promoted to students and new graduates as part


of the university’s growing portfolio of EDI activity for students and staff. Francesse Tornyie-Larbie, a first-year medicinal and biological


chemistry student, said: “It is a chance for me to make my understanding of finance more comprehensive, especially considering my past experience with A-level business. The finance sector is a viable field for a graduate in chemistry to advance in, so I am hopeful that this course will give me a slight edge in my graduate career.” Charlotte Appiah, a second year MMath mathematics student, said:


“This hopefully will give me an advantage when applying to summer internships later this year as I’ll have a better understanding of the finance industry and more insight into the daily workings of the various divisions.”


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