Today’s (10 April 2018) copy of the Times contains a very interesting article quoting Ciaran Martin, CEO of the National Cyber Security Centre (part of GCHQ). Speaking to The Times, Mr Martin said: “Institutional investors play an extremely powerful role in assessing many risks in companies, but that is not the same for cyber risks … I think one thing that would help enormously is if institutional investors played a stronger role in asking the tough questions across the corporate sector.” Those who oversee pension funds and other savings need to ensure that standards are raised, Mr Martin added.
With cybercrime and fraud (increasingly issues which are fusing into one) representing just under 50% of all crime in England and Wales for the 12 months up to September 2017, it is difficult to disagree with Mr Martin’s comments.
Indeed, corporate entities considering deals need to undertake comprehensive due diligence concerning their prospective partners – not just financial due diligence, but integrity due diligence (problems come from people and companies need to make sure that those they are dealing with deserve trust and confidence) and cyber due diligence (making sure that partner organisations are effectively protected against cyber breaches, and the legal and reputational damage which follows).
Crowe’s Forensic team deliver this type of comprehensive due diligence, protecting our clients and making sure good business can be done, even in an increasingly risky world.