Firms ‘face cyber attack during transactions’

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The financial community should prioritise cyber security, says a North West chief.

A report, Cyber security in Corporate Finance, is a joint initiative from the Government and Institute of Chartered Accountants in England and Wales. Produced by a taskforce including KPMG, it demonstrates how the risks of cyber attack are heightened during the process of completing a transaction because the volume of information shared – and number of people involved – is greater than in the course of ‘business as usual’ transactions.

KPMG’s regional head of cyber Martin Tyley said: “Rather than a new start, 2014 has brought with it more tales of cyber espionage, vulnerability and compromised corporate information.

“We hope these stories serve as a warning, especially as corporate finance transactions are a rich source of information when it comes to gathering commercial data, intellectual property and sensitive client details. However, experience tells us that the flurry of activity as organisations’ books are assessed often means attention is focused on cash flow, not cyber flaws.

“The fact is this must change.”