Business and Other Briefings

ESRC: Britain’s economic progress is at risk because the enterprises on which it depends are not doing enough to stop cyber crime and human error from damaging or even hi-jacking the vital business information, according to research funded by the Economic and Social Research Council.  Organisations confusing Information Technology (IT) investment with Information Security (IS) investment need to rethink their strategy.

Help is at hand in the form of a new report – Security Economics and the Internal Market - which outlines police options regarding the economic problems in providing IS.  The report’s first recommendation is for the EU to issue a comprehensive breach notification law to notify consumers when their details have been compromised so they can protect themselves.
Press release ~ Security Economics and the Internal Market ~ 'Economics of Information Security' ~ Office of the Information Commissioner ~ Final report on Data Handling Procedures across government ~ Information Assurance Advisory Council ~ Director’s and Corporate Advisor’s Guide to Digital Investigations and Evidence ~ Scottish NHTCU ~ Cyber Security Knowledge Transfer Network (KTN) ~ European Network and Information Security Agency (ENISA) ~ ESRC Society Today
 
BERR: Business Secretary John Hutton has welcomed new guidance on the use of auditor liability limitation agreements,published by the Financial Reporting Council. Auditors have been able to agree limitation of their liability to the companies they audit since 6th April 2008, when the third phase of the Companies Act 2006 came into force.
 
Under Sections 532 to 538 of the Companies Act 2006, implemented on 6th April 2008, auditors can negotiate with companies to limit their liability to an amount that is fair and reasonable.  A separate agreement is required for each year's audit, and in most cases each agreement must be approved by the company's shareholders.
 
The guidance explains the processes companies should follow in making a liability limitation agreement with their auditors, as well as the factors to assess in deciding whether it is appropriate for them.
Press release ~ Guidance on Auditor Liability Limitation Agreements ~ Financial Reporting Council ~ BERR – Companies Act 2006 ~ Institutional Shareholders’ Committee statement setting out what institutional investors are likely to expect from companies proposing to enter into an auditor liability limitation agreement
 
FSA: The Financial Services Authority (FSA) has published an update on disclosure for contracts for difference (CfDs).
 
The FSA will publish a Policy Statement in September 2008 with a Feedback Statement on its consultation responses, along with draft rules to implement its current position.  Although the position has now been finalised, the FSA will accept technical comments on the rules to ensure the new rules are workable.  Final rules will be issued in February 2009.
Press release ~ Contracts for Difference Policy Update
 
BERR: New ‘doorstep selling’ regulations to protect people when they buy products and services from traders at home have been approved by Parliament. The new rules, which come into force on 1 October 2008, give people a legal right of seven days in which they can change their mind - Previously, people only had these cancellation rights if a trader's visit was not pre-arranged – See ‘Legislation / Legal’ for more information.
 
HM Treasury: The Home Office has announced plans to speed up travel between the UK and the US for trusted people who move regularly between the two countries. The new scheme would benefit trusted travellers who travel frequently between the two countries, underlining the importance of speedy travel between the UK and the US – See ‘General News’ for further information.
Spotlight on women at Serco – Anita’s story