The AFME Corporate Finance Committee has been briefed on the rising and continuous risk of cyber crime generally by the Government’s Task Force on Cyber Risk. The Task Force is concerned that companies and their financial advisers have been targets of cyber attacks, and that it is likely that those involved in capital raising and takeovers will be considered rich targets of such efforts in future.
AFME believes that it is necessary to consider how cyber risk could be part of the due diligence process related to capital raisings and takeover bids. Accordingly, the Committee has decided to recommend to AFME members that are engaging in the relevant businesses to consider including cyber risk in due diligence checklists and, where appropriate, to discuss cyber risk with responsible board members or senior executives of the companies involved.
Download the Institute of Chartered Accountants in England and Wales (ICAEW) report, Cyber-Security in Corporate Finance
Read AFME chief executive Simon Lewis’ speech at the launch of the ICAEWreport, 16.01.14
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