More than Half of Small Businesses at “Huge Risk”  of Security Breach

More than Half of Small Businesses at “Huge Risk” of Security Breach

59% of UK small businesses are not taking their security seriously enough and are at huge risk of a security breach, according to new research. A survey conducted by Digital ID found 23% of small and medium companies have very little visitor security and 36% have no visitor security processes at all. When asked what security measures they did have in place, of the 59% most said they had locks or security lights at their offices, with nearly two-thirds admitting that these security devices were not in use during working hours. Only 41% of the small firms surveyed had more complex security measures in place with ID cards and restrictive access gates being the most popular. Despite one in five small businesses experiencing a security breach in the past year, the research suggested that small ... »

Small Businesses Risk Cyber Fraud

Small Businesses Risk Cyber Fraud

A number of small business owners fail to secure their businesses against cybercrime despite 42% admitting that they have fallen victim to it in the past, research by the Association of Accounting Technicians has revealed today. Of those businesses who have encountered cybercrime, computer viruses were found to be biggest problem with 23% of businesses affected; followed by phishing (where sensitive information is stolen by fraud companies/independents) at 22%, and card fraud at 12%. Despite the high level of cyber fraud incidents, 31% of small and micro businesses have no protection against computer viruses; 34% have no firewall installed and 14% admit to having no cybercrime protection measures at all. Mark Farrar, AAT chief executive, commented on the report: “Keeping online information... »

Eurozone Crisis puts UK Recovery at Risk

The UK economy will grow at a faster rate than expected this year, but the Europe-wide debt crisis may inhibit recovery in 2011, the British Chambers of Commerce (BCC) has warned. There is even still a risk of a double-dip recession if the coalition Government does not take strong measures to reduce UK debt and create helpful conditions for businesses, BCC spokesman Sam Turvey said this week. The caution came as the BCC revised its March GDP growth forecast from 1% to 1.3% following better than expected performance in the UK’s manufacturing sector and an increase in exports. At the same time, however, the BCC reduced its growth prediction for 2011 from 2.1% to two%. The chief threat to UK trade is the debt crisis in the eurozone, which is liable to hamper the UK’s exports. Unde... »

SMEs at Risk of Corporate ID Fraud

SMEs at Risk of Corporate ID Fraud

More than a fifth of small companies are leaving themselves exposed to corporate identity theft due to lax security procedures, financial insurance firm CPP has warned. A CPP survey of 500 small companies in February this year found that 22% said that they could be vulnerable to corporate identity theft due to lax security procedures, while 34% said they do not understand what corporate identity theft is.  Corporate ID fraud typically involves a fraudster changing company directors’ details or the registered office address by submitting false documents to Companies House, using information they have obtained about the business. CPP spokesman, Eoghan Hughes, said that firms’ susceptibility to corporate ID fraud is both due to the business failing to put secure systems in pl... »

Business Angels: How to make Profit from Risk

New research published today by NESTA (National Endowment for Science, Technology and the Arts) in collaboration with the BBAA (British Business Angels Association) reports for the first time that Business Angels stand to make a substantial profit from investing in start-ups, with an average Internal Rate of Return (IRR) of 22% over four years, compared with 27% IRR in the US. Business Angels – investors who put personal money directly into young unquoted companies – are a significant source of early stage finance. But despite their increasing importance, little is known about their outcomes and returns in the UK. The report reviewed 1,080 investments. More than half were directed at very early stage, pre-revenue start-ups – the riskiest time of a company’s life. Th... »