New guidance tackles cyber threat for UK firms doing deals

British companies engaging in mergers and acquisitions, buyouts, capital raisings and stock market listings are prime targets for cyber attacks and need to make cyber security a top priority, according to new, government-backed guidance. The volume and sensitive nature of information generated and shared widely during the course of a deal makes the corporate finance community particularly vulnerable to cyber crime, according to the Institute of Chartered Accountants in England and Wales' (ICAEW) Cyber-Security in Corporate Finance report. Overall, cyber crime is estimated to cost UK businesses several billion pounds per year, the ICAEW said. Devised by its "Taskforce" of 12 major professional organisations, including the Cabinet Office and the London Stock Exchange, and backed by the government's 860 million pound ($1.4 billion) National Cyber Security Programme, the guidance spans all phases of a deal from initial information gathering to completion.

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