City Cyber Taskforce Launches to Secure Corporate Finance

Two of the UK’s leading accounting and security bodies are teaming up with others to launch a new taskforce today designed to help organizations improve the security of their corporate finance deals.

The initiative is led by the Institute of Chartered Accountants in England and Wales (ICAEW) in collaboration with the National Cyber Security Centre (NCSC).

Other representatives from the worlds of banking, law, consulting and elsewhere 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.

The 14 organizations will publish new guidance at a launch event for the taskforce today designed to advise companies how to mitigate cyber-risk when conducting corporate finance transactions – which include fund raising, M&A deals and IPOs.

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Cyber Security in Corporate Finance will feature key guidance such as how to build resilience against cyber-attacks, protect commercially sensitive data that is exchanged during the deal process and respond to breaches. It will also contain critical information on different types of cyber-risks.

ICAEW CEO, Michael Izza, argued that the flow of sensitive information during a deal can expose businesses to security breaches.

“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,” he added.

“We must do all that we can to ensure London remains a pre-eminent place to do deals, raise investment and generate growth.”

NCSC deputy director for economy and society, Sarah Lyons, claimed that chartered accountants are an increasingly attractive target for threat actors given the sensitive financial and risk data they are tasked with handling.

“A breach in this sector can not only jeopardize organizations and their customers, but can also undermine trust, confidence and reputation,” she continued.

“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.”