Despite companies around the world losing billions of pounds last month as a result of the ‘I LOVE YOU’ virus, the report by Lloyd’s of London found few have heeded the warning.
The report also suggested half of the businesses surveyed have been affected by computer viruses and 12% had experienced hacking-related problems with their computer systems.
‘This survey paints a very worrying picture of unprotected businesses beginning to count the cost of cyber vandalism.
‘What is even more alarming is that without proper e-commerce insurance cover, those costs are going to keep mounting unless there are substantial improvements to IT security in UK organisations,’ said Lloyd’s chairman Max Taylor.
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Company bosses are considering relocating operations or headquarters away from the UK following the country's decision to leave the European Union