Directors and company boards are being urged to shore up their cyber defences using the government’s new Cyber Governance Code of Practice. The Code sets out how business IFAs and Mortgage brokers can protect their day-to-day operations and secure future growth.
The Code is long overdue. 74 per cent of large businesses and 70 per cent of medium-sized firms experiencing attacks and breaches in the past year, according to government data. Cyber threats cost the UK economy billions, with significant knock-on effects to daily operations and the long-term reputation of IFAs and mortgage brokers.
A third of large businesses lack a formal cyber strategy and nearly half of medium firms operate without an incident response plan, the government says. What chance small retail financial services firms, where multiple staff work from home?
BAT encourage IFAs and brokers to engage with the NCSC Small Business Guide, https://www.ncsc.gov.uk/collection/small-business-guide
The Code was created in conjunction with businesses and business groups, including members of the Institute of Directors (IoD), who advised on the Code. BAT is confident, that with 2fa on all sections, and a full time cyber employee working alongside BAT and our clients, that we have the highest standards.
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