Criminal activity has capacity to bring down UK business
Security expert will warn delegates at CIMA conference
London, UK - 9 November 2005, 12:00 GMT - CEOs and boards
need to be vigilant about the threats posed by a global organised crime industry
that has the capacity to be able to bring down firms at will. For while the
audit process can effectively identify financial risks, UK businesses of every
size are at risk from the activities of cyber criminals, including digital
fraud and extortion. That is the message DK Matai, Chairman of bespoke online
security firm mi2g, will deliver to delegates at tomorrow's (Thursday
10 November) CIMA Annual Conference in London, as global organised crime is
estimated to have a gross annual profit of between US$1.25 and $1.5 trillion
per annum - roughly equivalent to the GDP of the UK.
The warning from DK Matai will come as he joins an expert line-up of economists
and business leaders at the Chartered Institute of Management Accountants'
annual conference. It also coincides with a prediction by the mi2g
Intelligence Unit that there is a growing requirement for governmental intervention
to protect economic targets, in the face of an almost doubling of hacking
incidents every three months, which have moved away from government departments
to focus on SMEs and large corporations.
Speaking at tomorrow's CIMA conference, DK
Matai will tell delegates: "With as much
as 25 per cent of organised criminal activity operating behind the safety
of a nominally legal business, and identity theft, denial of service, phishing
scams and credit card fraud all rising, organised and cyber crime is an issue
with the potential to affect businesses of every size in the UK. That means
criminal and extremist groups have the capacity to bring a small, medium or
large business down at their will and boards need to beware."
For interviews, photographs and further information please contact:
Lynda Hardy Maskell
Chief Press Officer, CIMA
+44 (0) 20 8849 2347
Notes to editors:
CIMA (the Chartered Institute of Management Accountants) is a leading professional
body that offers an internationally recognised qualification in management
accountancy, focussing on accounting in business. It is the fastest growing
UK based membership body, in terms of members, in both the UK and worldwide
and is the voice of over 150,000 members and students in 156 countries. CIMA
is responsible for the education and training of management accountants who
work in industry, commerce and not-for-profit and has more members in the
public sector than any other UK based body. CIMA prides itself on the commercial
relevance of its syllabus, which is in tune with the activities of high performance
organisations, and evolves continually reflecting the latest developments
in global business. It is committed to upholding the highest ethical and professional
standards of members and students, and to maintaining public confidence in
management accountancy. For more information about CIMA, please visit www.cimaglobal.com
mi2g is at the leading edge of building secure on-line banking, broking
and trading architectures. The principal applications of its technology are:
1. D2-Banking; 2. Digital
Risk Management; and 3. Bespoke Security
Architecture. For more information about mi2g, please visit: www.mi2g.net
Conference programme and CIMA Note follows:
CIMA 2005 Annual Conference
08.30 Arrival, registration and coffee
09.00 Welcome - CIMA's President with Chair Sarah Montague, Presenter
of Radio 4's Today Programme
09.10 Keynote speaker - Stephen King, Group Chief Economist and Global
Head of Economics and Strategy Research, HSBC Bank plc
Stephen King will talk about 'The Global Economic Outlook 2006', the opportunities,
challenges and dangers. In particular Stephen will present on the following
three topics: the peculiar effects of oil prices, the globalisation of inflation
and the impact of China.
09.40 Mergers and acquisitions - luck and leadership - David Jones,
Chairman of NEXT plc
David Jones will talk about the power of financial turnaround and how, under
his leadership, NEXT increased its stock market valuation from £25 million
to £4 billion. All delegates will receive a copy of his autobiography
NEXT TO ME: Luck, Leadership and Living with Parkinsons.
10.45 Business recovery - Mick McLoughlin, Global and UK Head of Corporate
Mick McLoughlin will offer advice to accountants in business about turning
corporations around and about gaining the vision and the financial and legal
knowledge to do so.
11.30 Operating and financial review - Janice Lingwood, Director in
the UK ValueReporting team, PricewaterhouseCoopers
Research suggests that investors want a broader set of information beyond
the current financial reporting model in order to assess the sustainability
of a company's performance. Attend this briefing to find out more about what
information investors want, how the new OFR has the potential to address some
of these needs and how the process of developing an OFR can have some very
real benefits for companies themselves.
12.15 International Accounting Standards - Allister Wilson, Financial
Reporting Group, Ernst and Young - sponsored by CCH
Allister Wilson will talk about the changing face of financial reporting under
International Financial Reporting Standards, and will ask whether financial
reporting today meets the needs of management, is relevant to the needs of
the user and is readily understandable to investors.
12.45 'The outsourcing of MyTravel's finance function: the journey so far'
Aidan Connolly - MyTravel - sponsored by Xansa
This presentation provides insight into the outsourcing of the finance function
at MyTravel starting with the context and concept, moving on to implementation
and concluding with the lessons learned and potential future steps.
13.45 Cybercrime - DK Matai, Executive Chairman of mi2g and Chairman
This session will shine the spotlight on organised crime and radical agendas
which are increasingly manifest via the internet in every corporate environment.
Phishing scams, spam, viruses and worms as well as illegal file sharing of
music, video and pornography have now become common place. These escalating
risks can cause the collapse of a large corporate business even though the
present financial auditing regime may confirm business as usual.
14.30 Pensions - Professor Steven Haberman, Professor of Actuarial
Science and Deputy Dean of CASS Business School
Professor Steven Haberman will talk on the very latest Pensions' study. As
an academic and an expert in this field, he will present his thoughts on how
business and accountants in business should be approaching the Pensions' debacle
and shed light on how companies might develop best practice in complex situations.
15.35 Corporate Governance expert panel - Panel comprising:
Paul Boyle - Chief Executive, Financial Reporting Council (FRC); David Devlin
- President, European Federation of Accountants (FEE);
Peter Montagnon - Director of Investment Affairs, Association of British Insurers
(ABI); David Turner - Group Marketing Director, CODA
The panel will present issues, ranging from current trends and future developments
to internal controls and the impact of Sarbanes-Oxley. There will also be
the opportunity to question the panel in the Q&A session.
16.20 Maximising shareholder value - David Tyler, Group Finance Director
of GUS plc
David Tyler will talk about the maximisation of shareholder value, the drivers
of value and the importance of growth. He will illustrate this with references
to his experience at GUS.
17.05 CIMA Professional Development - Robert Jelly, Director of Education,
17.20 Conference close - Chair and Ray Perry, Director of Brand, CIMA