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Companies overlooking cost of cyber risks as variety and number of breaches increase

Companies overlooking cost of cyber risks as variety and number of breaches increase

Companies are overlooking cost of cyber risks as incidents of breaches riseCyber risk is becoming increasingly common while the types of breaches are becoming more diverse, claims a new white paper by the audit and accounting expert BDO. For instance, ransomware is now the fifth most common type of malware; with the cost of freeing up computer systems from ransomware tripling since 2016. Yet organisations are continuing to spend up to four times more on insuring other company assets (e.g. property, equipment etc.) than on cyber insurance, despite an increasingly widespread belief that their cyber assets are in fact up to 14 percent more valuable. The report also finds that as cyber incidents increase, they become more difficult – and therefore more expensive – to defend. In the new cyber insurance white paper, BDO’s global cybersecurity leadership group stresses the importance of businesses gaining an understanding of their unique risk profiles in order to ensure the right cyber insurance for their needs. Cyber insurance: managing the risk does include some of the positive trends around cyber security – for example, both the level of Board involvement and investments in cybersecurity have increased significantly in the last 2-3 years.

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London businesses lead the way in uptake of flexible working

London businesses lead the way in uptake of flexible working 0

London-based businesses are leading the way in flexible working in the UK, according to a new report from conference call provider Powwownow. The study of 2,000 people claims  that business leaders in the capital let their staff spend the most time working out of the office during an average week – a total of 3 hours and 31 minutes, compared to the UK average of 2 hours and 34 minutes. The survey also suggests that young people, many of whom are graduates with sought-after skills such as digital and cybersecurity expertise, are the most likely to consider flexible working a main attraction of a new job, with three quarters (76 percent) agreeing. While young people in London (18 – 24 year olds) are the most likely to want flexible working (85 percent), they are the least likely to be offered it by businesses. Over half of young people (53 percent) are not proactively offered flexible working, compared to just a third (33 percent) of 35-44 year olds who also have to ask for it.

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Employers in industries reliant on overseas workers will be hardest hit by Brexit

Employers in industries reliant on overseas workers will be hardest hit by Brexit 0

Brexit MigrationAccommodation and food services, manufacturing, and transport industries will be hardest hit by limits on movement of EU and non-EU workers following Brexit, a new report has claimed. The latest edition of Mercer’s Workforce Monitor has highlighted how reliant certain sectors of the UK economy have become on EU-born and non-EU born workers, as respectively, 33 percent, 23 percent and 20 percent of accommodation and food services, manufacturing, and transport are made up of non-UK-born nationals, meaning companies in those sectors, and those reliant on them, are especially at risk from the changes in the UK’s migration policy. According to Gary Simmons, Partner at Mercer, “Since 2013, the UK-born workforce has been declining as people retire and we can see how reliant certain industries are on overseas workers filling the gaps. The UK is likely to impose more stringent migration controls in the future and this will reduce the number of overseas workers available.”

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UK cyber workforce grows 160 percent in five years, new report claims

UK cyber workforce grows 160 percent in five years, new report claims 0

The UK ‘cyber workforce’ has grown by 160 percent in the five years to 2016, according to new Tech Partnership research. Around 58,000 people now work in cyber security, up from 22,000 in 2011, and they command an average salary of over £57,000 a year – 15 percent higher than tech specialists as a whole, and up 7 percent on last year. Just under half of the cyber workforce is employed in the digital industries, while banking accounts for one in five, and the public sector for 12 percent. The figures, derived from analysis of bespoke data from IT Jobs Watch and supporting information from the Office of National Statistics’ Quarterly Labour Force Survey, are published in the Tech Partnership’s most recent Fact Sheet, Cyber Security Specialists in the UK.

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