EY: Cybercrime approach is far from mature

30 October 2013 Consultancy.uk

It is not a matter if but when an organization will become the target of a cybercrime attack. Even though organizations are increasingly aware of the risks and impact involved with cybercrime while boosting their investment in combatting e-crime, they still have a long way to go. This is concluded by accountants and consulting firm EY in the research report ‘Under Cyber Attack’, based on input of over 2.000 executives from 68 countries.

Companies are increasingly being impacted by cyber issues. 59% of organizations cite an increase in external threats. One-third (31%) of executives confirm that the number of security incidents – threats that have substantially impacted a firm – has increased over the previous 12 months. Apart from the external threats, strikingly enough reckless behavior by employees is seen as one of the most important causes.

EY Cyberissues

In reaction to the increased threat, companies have over the past year boosted their defense. Nearly half (43%) of organizations indicate that information security budgets are on the rise. At the same time, the focus of existing investments is increasingly directed towards security improvement, instead of other IT or online initiatives. In addition, organizations are increasingly aligning their information security strategy with the organization’s business strategy (46%) and more than half align it with their IT strategy.

EY Security-budgets

Despite the improvements in battling cybercrime, executives acknowledge that there still is a long way to go. 65% of the respondents point out the budget is not enough to cope with the ever increasing cyber risks. Exactly half of the managers feel that a lack of skilled and capable resources blocks accurate value creation in the area of cyber security.

EY Value-creation

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Grant Thornton advises on deal for high-growth cloud hosting firm

08 April 2019 Consultancy.uk

Grant Thornton’s North West Corporate Finance team has completed its first TMT deal of 2019. The professional services firm advised the shareholders of Hosted Desktop UK on their investment from specialist SME lender Beechbrook Capital.

Technological disruption and changing consumer behaviour have continued to affect top Technology, Media & Telecommunications (TMT) players in recent years. The industry has seen revenues border on stagnation over the past decade, at 0.4% annual growth since 2008. While the industry is keen to develop new digital services and models to meet market challenges, they face a range of barriers – meaning the recruiting of talent specialising in innovative software and technology has become a key goal for the industry.

Amid this, Hosted Desktop UK (HDUK) provides cloud computing services to small and medium sized businesses across the UK. The firm’s cloud solutions provide businesses with IT reliability, flexibility, value for money and business continuity. As the firm bids to grow in the UK, with demand for its disruptive technologies high, HDUK has secured a key investment from specialist SME lender Beechbrook Capital.

Grant Thornton advises on deal for high-growth cloud hosting firm

The transaction was Beechbrook Capital’s maiden deal from its latest UK SME credit fund, which supports small and medium-sized businesses in the UK with EBITDA of £1 million and above. Manchester law firms Pannone Corporate (sell-side advice, led by Mark Winthorpe) and DWF LLP (buy-side advice, led by Jonathan Robinson) also advised on the deal, while Grant Thornton’s North West Corporate Finance team advised HDUK’s shareholders.

The deal represents the Grant Thornton branch’s first TMT deal of 2019, with a team comprised of Partner and Head of Corporate Finance Peter Terry, Manager Daniel Brecker and Assistant Manager Cariad Mudford advising HDUK shareholders on the investment. It is the third key deal in the TMT sector that the GT North team has advised on in the last 18 months, following the £16.5 million sale of Salford-based Sonassi to Iomart in December 2017 and NorthEdge Capital’s investment in Yorkshire company iPortalis in August 2018.

Grant Thornton’s Peter Terry said of the news, “As our domestic and working lives become ever-more technology dependent, it’s no surprise that there continues to be strong investor interest in any asset in the cloud computing, data infrastructure and connectivity space… We were pleased to work with Beechbrook Capital on the first deal in its new fund. It shows that despite the well-documented uncertainties in the economy there are still good funding options for dynamic SMEs and their management teams.”