Risk Management

Blog: Five Tips For Businesses Dealing With Unpaid Invoices

Blog: Five tips for businesses dealing with unpaid invoices

In this blog we suggest 5 tips for businesses dealing with unpaid invoices The coronavirus pandemic has caused financial difficulties for many and could be making the problem of late payments worse for both small businesses, the self-employed and freelancers. Carrying the weight of unpaid invoices really can make doing business challenging. The Forum of Private Business indicates that 1 in 4 businesses fall into insolvency as a result of late payment of invoices. While business owners need to worry about paying suppliers, staff members, rent and bills, unpaid invoices…

Blog: Homeworking And The Importance Of Cybersecurity Risk Management

Blog: Homeworking and the importance of cybersecurity risk management

Having staff working remotely has presented significant challenges for many businesses, but one of the most difficult to address is the increased cybersecurity risk. As many companies did not have sufficient opportunity to prepare for the transition to homeworking, they may not have identified potential cybersecurity issues. Moreover, it is now much harder to monitor staff and ensure they are following safe practices. Cybercriminals have wasted no time in exploiting these weaknesses, and businesses are encountering threats regularly. Here we look at the cybersecurity risks that homeworking may present to…

Why Big Brother needs to watch out when it comes to employee monitoring

The ‘Big Brother’ surveillance scenario envisaged by George Orwell has long since become reality.  The ability to watch citizens outlined in the futuristic novel Nineteen Eighty-Four, published in 1949, is now firmly fact, not fiction. Rolling back to 2013, the British Security Industry Association estimated that the number of CCTV surveillance cameras in the UK numbered some 4 to 6 million and recent estimates put London in the top three cities worldwide having the highest number of cameras by population.  This race towards technological surveillance and monitoring saw a further boost during…

How secure is your password?

The need for cybersecurity is more crucial today than ever, with individuals and companies alike relying heavily on hardware and cloud-based servers to store and retrieve secured data, particularly when working remotely during COVID-19 lockdowns. We live in an evolving digital age with consistent advancements in technology, but as technology grows and develops, so do cyberattacks. A brute force attack method is simply trying every possible combination there could be. The colour-coded chart from Hive Systems provides an indication of just how long it would take a hacker to crack…

What is a privacy policy and what should it contain?

Briefly, a Privacy Policy is a statement that specifies how a data controller collects, stores, processes the personal data provided by the users of a website. As required by the EU General Data Protection Regulation (GDPR) data controllers should provide certain information to individuals whose personal data is held and used for specific purposes. The definition of personal data includes names, addresses, IP addresses, telephone numbers, date of birth, and financial information, such as debit or credit card details. The GDPR emphasizes that you should be clear about how you…

COVID-19: New Grants For Businesses Affected By Local Lockdowns

COVID-19: New grants for businesses affected by local lockdowns

On 9 September 2020, Ministers announced new funding to support businesses that have been forced to close temporarily due to local COVID-19 related lockdowns. To be eligible for the grant, a business will have been required to close due to local COVID-19 restrictions. Businesses still closed at a national level (e.g. nightclubs), will not be eligible for the scheme. Larger businesses will receive £1,500 every three weeks they are required to close. Smaller businesses will receive £1,000. For this purpose, the level of support will be defined as follows: If…

Checking all your T&Cs match up to the new normal

Companies should prioritise risk management in their approach to business and review their third-party relationships and contracts as the coronavirus pandemic continues. While the degree of disruption to supplies and staffing has settled since its initial peak, it is still fragile, and the future uncertain.  Staff are engaged in new ways of working and supply chains continue to experience pressures outside their control. With the pandemic reaching into every aspect of business, it is important to review practices, policies and processes to be sure they match up to the new…

New Protection For Innovators With Launch Of Digital Asset Fingerprinting

New protection for innovators with launch of digital asset fingerprinting

A new online digital fingerprinting service has been launched to help protect designs and innovations from copycat misuse. The World Intellectual Property Organisation’s new online business platform – known as WIPO PROOF – is designed to safeguard intellectual assets by creating date and time-stamped digital fingerprints when information is uploaded. Owners of the assets receive tamper-proof evidence to safeguard every stage of the development cycle through to commercialisation.  The aim is to speed up any subsequent litigation over copyright, design or patent, by recording and confirming each stage.   The platform…

Covid-19: Business continuity and risk management: part 2

This the second part of a two-part blog about business continuity plans (BCP) and the changing risk landscape. Read part one here. Why have a BCP? The whole point of a well-planned BCP is so that a business can continue its operations during an incident or disaster, hopefully uninterrupted. Or if the business is disrupted, then the BCP should help to minimise the issues and keep the arteries of the business functions flowing. Key contacts will need to be calm and work methodically in any crisis and communication will be…

Covid-19: Business continuity and risk management: part 1

"Since 2001, in my varied role at the firm, I have helped the partners to manage the risks of compliance and operations. Business continuity is always there at the back of your mind, but Covid-19 has been a game-changer in risk terms . . .", commented David Downham, Practice Director and Risk Manager at Bowling & Co. Let's start with some background on risk management and planning. Business continuity is a key phrase often quoted whenever a business, large or small, contemplates updating or testing their disaster recovery plan -…

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