CYBERSECURITY threats & trends

We’re living in a rapidly developing technological world, and as it grows, so do the threats and vulnerabilities. It is wise during these times to pause and take view of the current situation and to plan and organise your business to meet the challenges of this modern world. There are a number or trends and statistics to consider.

Cybercrime Statistics:

Cybercrime History -

• The rate of cybercrime increased by 600% during the COVID-19 pandemic.

• The total cost of all cybercrime damages in 2021 was about $6 trillion worldwide. Certain types of cybercrime are experiencing rapid surges -

• Phishing attacks increased by 48% in the first half of 2022.

• Research suggests that up to 40% of cyber threats are now occurring directly through the supply chain.

• Ransomware attacks grew by 41% in 2022 and identification and remediation for a breach took 49 days longer than the average breach.

• As the internet of things (IoT) continues to grow in scope, sophistication, and accessibility, it’s becoming an increasingly tempting target for cybercriminals.

• Majority of cybercrime rely on social engineering to complete effectively.

Top Five most targeted industries in 2022:

• Healthcare

• Financial services

• Retail

• Education

• Energy and utilities

Cybersecurity Threats & Trends to watch for:

• According to Microsoft, nearly 80% of nation-state attackers targeted government agencies, thinks tanks and other nongovernment organizations.

• Microsoft also reports that 58% of cyberattacks from nation states originated in Russia.

• Fraud cases are up 70% since 2020.

• More attacks on IoT are expected, making the internet of things an area of interest when it comes to cybersecurity.

Organisations continue to work diligently to ensure they are prepared for incidents that come their way in the future.

Anticipate the following:

• Enhanced software supply chain security.

• Ransomware will become an even bigger problem for businesses.

• Organisations are moving to a zero trust framework for cybersecurity.

• Increased scrutiny on the cybersecurity posture of third-party providers.

• People paying extra attention to how they manage their personal data.

• Rise in cyber insurance to offer further protection for businesses.

The data above speaks for itself, things are not getting any better, they’re continuing to get worse. Every UK business has a duty of care to the data they hold, whether that be customer or employees. An effective first Cyber milestone for any organisation is to attain Cyber Essentials Plus. This is a Government backed scheme that can help your organisation be protected from all common Cyber Security threats, like the ones mentioned in this article. Having a Cyber Essentials Plus certification can give your customers peace of mind that you’re working to keep your business secure from Cyber Attacks.

Don’t be a victim! Ensure Cyber Security is in your priority agenda, the nearer the top, the better! For more information visit www.xpertex.com

Changes to UK Certificates of Origin

Herts Chamber are pleased to say that the changeover from pre-printed Certificates of Origin (CoOs) has gone smoothly. Should you have any issues then please do contact our export team via emailexport@hertschamber.com.

We would like to say a huge thank you for your co-operation in this. Please do not forget, if you have any old stock send them back to the Herts Chamber and we will replace them like for like against any new submitted Certificates of Origin (CoOs).

Hertfordshire Global Get connected to a world of opportunity

Are you protecting your business against adverse currency movements in times of economic uncertainty?

Covid, Brexit and the Ukraine War has delivered exceptionally challenging currency fluctuations for SME’s exposed to import and export markets. Many firms don’t realise that they can manage their currency risk like any other risk but don’t know how, and as a result too many firms allow their currency exposure to fluctuate which can mean the difference between a good year or fighting for survival.

Dealing with a currency broker has never been easier and they can help you manage your currency risk by understanding your currency position & budget requirements. They can help build up a plan to provide you with a solution to managing your currency risk professionally and effectively, allowing you to focus on what you are there for.

UKFX Holdings Ltd (a Herts based currency broker) helped a Hemel Hempstead based Importer who was making large one off and smaller regular payments to Germany to purchase machinery manage their currency risk.

The client has historically purchased Euros using his bank and taking whatever rate the Bank gave them as and when he had to pay his supplier in Germany. They didn’t engage in any form of active hedging and were totally exposed to currency movements, which they didn’t seem concerned about as there was nothing their bank could do to help.

However, the fall in GBPEUR from 1.2000 to 1.0600 caused a 11.6% drop in Gross Profit, therefore a worrying and bleak picture of the business sustainability. We were referred to them through a mutual client who has been using us since 2012. We helped them identify their actual risks and currency exposure, and then put a simple hedging strategy in place. We then walked them through the process of using Forward FX Contracts and Limit Orders to achieve FX rates that weren’t available from their bank.

By positively engaging in active currency management, we helped them lock in their profit on every transaction/sale. As a result of this, they are able to quote with confidence and know that their 20% profit margins will not be eroded by currency fluctuations. Added to this we were able to save them 4% (£18,000.00) on just the FX Margin the bank was charging them.

Moving currency can be a complex procedure, but with the right partners it doesn’t have to be. UKFX Holdings Ltd can help take away the burden of trading and monitoring rates, and manage the process on your behalf, ensuring that you take advantage of the market at the right time.

For more information contact Kris Charalambides (Head of Corporate FX) email: kris@imsfx.co.uk

British Chamber of Commerce (BCC) quarterly Economic Survey

We have put together a brief summary of the results from Q1 2023 of the latest BCC survey.

• 5,258 businesses across the UK participated, employing around 850,000 people.

• 73% were from the service sector, 27% in manufacturing. Almost 50% were exporters.

• 92% SMEs

• 52% believed their turnover will increase over the next 12 months.

• 34% reported an increase in sales over the past three months.

• 47% of hospitality firms reported a drop in cashflow.

After business confidence plummeted to historically low levels in the second half of 2022, there has been a marked improvement in sentiment in the first quarter of 2023.

If you wish to see the survey in full please visit: www.britishchambers.org.uk