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Businesses failing the digital trust test
Businesses are failing the digital trust test as their ability to protect customers lags expectations, according to a survey by McKinsey.
It found that while 70 per cent of consumers trust the companies they do business with to protect data, 57 per cent of executives in those companies said they had suffered a material data breach during the past three years.
Financial firms struggling to quantify climate-related risk
Financial firms are struggling to quantify climate-related risk, according to the sector watchdog the Prudential Regulatory Authority (PRA).
After analysing audit reports for 2021-2022, it wrote to firms in October highlighting key areas of note. Firms have taken action to enhance governance, data and risk assessments relating to climate change. However, auditors failed to identify specific risks of material misstatements in financial reporting.
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