Two of the UK's main accounting and security agencies are forming a new taskforce today to help organisations enhance the security of their corporate finance transactions.
The effort is being led by the Institute of Chartered Accountants in England and Wales (ICAEW) in partnership with the National Cyber Security Centre.
Other representatives from banking, law, consulting, and other fields include the Association of Corporate Treasurers, the British Private Equity and Venture Capital Association, Deloitte, EY, KPMG, the Law Society, the London Stock Exchange, the Takeover Panel, and UK Finance.
During the task force's launch earlier this week, the 14 organisations published new regulations meant to help businesses mitigate cyber-risk while engaging in corporate finance activities, such as capital raising, mergers and acquisitions, and initial public offerings.
Important guidelines regarding building resilience against cyberattacks, protecting commercially sensitive data shared during deal processes, and responding to breaches were all included in Cyber Security in Corporate Finance. Additionally, it will include important details about various cyber-risks.
According to Michael Izza, CEO of ICAEW, organisations may be vulnerable to security breaches when confidential information is shared during a transaction.
“A cyber-attack could have a potentially disastrous impact on the dealmaking process, and so it is crucial that boardrooms across the country treat threats very seriously and take preventative action,” Izza added. “We must do all that we can to ensure London remains a pre-eminent place to do deals, raise investment and generate growth.”
Sarah Lyons, NCSC deputy director for economy and society, stated that chartered accountants are becoming an increasingly appealing target for threat actors due to the sensitive financial and risk data they handle.
A breach in this sector can not only jeopardise organisations and their customers, but can also undermine trust, confidence and reputation. I'd encourage everyone from across the industry to engage with this report and the NCSC's range of practical guidance, to help increase their cyber resilience, Lyons advised.
