A new study has found that global private companies are confident about their own prospects, but are underprepared for cyber-attacks.
The report found that only 68 per cent of private company CEOs are concerned about the speed of technological change, while 41 per cent are not concerned about cyber threats.
Some 60 per cent of firms are rethinking their HR function, while problem solving (79 per cent) and leadership (72 per cent) are skills on which private company CEOs place a high value when recruiting.
Commenting on the findings, a spokesperson for the report says: “Despite the threat of digital disruption being felt by senior executives across the globe, less than half of the UK businesses questioned for our survey say they have a strategy fit for the digital age.”
She adds that although a similar number of firms recognise the importance of digital, only 54 per cent discuss digital disruption at board level.
Whilst businesses can protect themselves with robust internal controls and employee screening, digital security is a collective responsibility and it is essential that businesses take the necessary steps to protect themselves against fraud and cyber attacks.
When putting processes in place for effective business administration, sound management accounts will enable better control of your financial situation and awareness of the business in real time, helping you detect and counter fraud in a more timely matter, and enhance planning for the peaks and troughs. In turn, whilst many companies do not need an audit due to rising thresholds, an audit can give comfort to business owners and act as a fraud deterrent.
At Beavis Morgan, we work with our clients to put processes in place which make it easier to run your business, reduce risk and maintain effective management of your company’s working capital.