Nadeem Maniar
Fraud & Forensic Director, Crowe UAE
“Each one of us is either a target or a victim of cybercrime. Human error caused 90 percent of cyber data breaches in the UK in 2019, according to the Information ...
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Geert-Jan Kroll
Technology Advisory Partner, Crowe Peak (Netherlands)
“With organized crime having entered the picture, cybercrime has become one of the world’s largest illegal economies, reaching US$10.5 trillion annually by 2025 ...
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“Each one of us is either a target or a victim of cybercrime. Human error caused 90 percent of cyber data breaches in the UK in 2019, according to the Information Commissioner’s Office – and it’s a similar picture around the globe. The Middle East’s digital markets have been expanding with an annual growth rate of 12 percent and correspondingly the cost of data breaches is increasing at an alarming rate. In August 2020, The National [a Middle East newspaper] reported that the cost of a data breach in Saudi Arabia and the UAE has risen by 9.4 percent over the past year. These incidents cost companies studied in the region US$6.53 million per breach on average, which is higher than the global average of US$3.86 million per breach. The best defense is a good offense. The right systems and controls, timely awareness, the latest techniques, and an experienced professional partner like Crowe can help you and your organization mitigate the risk of cybercrime.”
Fraud & Forensic Director, Crowe UAE
Nadeem
Maniar
Technology Advisory Partner, Crowe Peak (Netherlands)
Geert-Jan
Kroll
“With organized crime having entered the picture, cybercrime has become one of the world’s largest illegal economies, reaching US$10.5 trillion annually by 2025 – up from US$3 trillion in 2015. The cost of one single incident is often high enough to make companies go out of business in under six months. With technology and automation, cyber criminals need less skill to threaten companies and look for vulnerabilities to exploit. With new techniques and methods emerging daily, the threat landscape changes constantly. This can make it quite difficult to protect your digital assets and company from cybercrime. I think the cybersecurity paradigm should shift from prevention to a more cycle-based approach. This means that companies should apply the ‘assumption of breach’ principle in which they assume that sooner or later they will be struck by a security breach or incident. What companies should do, besides protecting their digitals assets, is to implement measures related to incident detection, response and recovery in order to be able to act accordingly once an incident takes place. Business leaders should adopt the belief that every company is a lucrative target for cybercriminals and that, by practicing good cyber hygiene, they can drastically reduce the risk of becoming a victim of cybercrime. Cybersecurity is about people, processes and technology. In this way, a company’s attitude to cybersecurity and culture matters most.”
Viewpoints from Crowe
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There are 5.2 million family-owned businesses in the UK, making up 86.2 percent of the total, according to IFB...
National Head of Private Clients, Crowe UK
Nadeem
Maniar
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In France, family businesses range from solo-entrepreneur to groups worth billions of US dollars. Overall, they sailed...
Partner ACA, International Tax Liaison Partner, Crowe Global
Geert-Jan
Kroll
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There are 5.2 million family-owned businesses in the UK, making up 86.2 percent of the total, according to IFB Research Foundation from 2021. The majority of family businesses in the UK have fewer than 10 employees. Diversity is also notably less in family businesses, which according to BEIS saw only 5.6 percent identifying a minority ethnic group leader as opposed to 10.2 percent in non-family counterparts. Although this lack of diversity and regional focus would not tend to be an issue with first-generation businesses operating in popular UK sectors, introducing non-family members to provide critical thinking is an important challenge for organizations as they grow. For the family business with longevity, legacy remains important, and having consistent values is vital. We have helped families to develop a family charter to set boundaries and rules of operation, both in terms of how the family behaves, but also in terms of how they interact with non-family members in the business. The impact of COVID-19 on family businesses is far from certain. The pandemic has hit sectors that have a high proportion of family business operators – for example retail and hospitality – and although government support has helped keep many going, a day of reckoning comes as debts start to become payable. Interest rates remain low, however, and the economy is recovering well, so one would hope that our nation of family businesses, now and into the future, will go from strength to strength. You can read more on Crowe UK’s insight into family-owned businesses here.
In France, family businesses range from solo-entrepreneur to groups worth billions of US dollars. Overall, they sailed through the crises triggered by the pandemic with no or little damage, some of them even taking advantages of new opportunities. What sets them apart in the business world could be summarised in three words: focus; tradition; and agility. Focus: they do business for themselves, so their vision is not impaired by shareholders’ concerns. Corporate identity is strong, each employee can be seen as a building block to success and feels empowered and motivated to reach this common goal, driving efficiency and commitment. Tradition: the transmission of a business from generation to generation makes it implicitly legitimate and trustworthy. In a society that seeks meanings, such heritage is very powerful. Agility: those that are successful keep away from “doing things the way it was always done” and use their family heritage to federate around their vision so that, when facing disruption, they can rethink business strategy and implement the necessary changes at record speed and with the support of all their stakeholders.
Viewpoints from Crowe
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Geert-Jan
Kroll
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Nadeem
Maniar