Connect with us

Business & Technology

Treasury report warns UK firms over resilience blind spot

Published

on


HM Treasury has warned that cyber resilience is becoming a more material commercial issue for UK businesses as disruption grows more severe, recovery costs rise and many organisations continue to treat resilience spending as a compliance cost rather than a driver of performance.

Its report, The Value of Resilience, examines cyber resilience in financial services and draws on research from organisations including FreedomPay, Accenture, KPMG, Retail Economics and the Association of British Insurers. The report argues that cyber resilience should be viewed as an organisational capability tied to growth, continuity and trust rather than a narrow technical safeguard.

The report says cyber attacks are becoming more severe and more financially damaging. It cites National Cyber Security Centre data showing that highly significant incidents rose 50% year on year in 2024-25, while the Bank of England’s 2026 H1 Systemic Risk Survey found that 82% of UK banks, insurers and asset managers ranked cyber attacks among the top five risks to the financial system, up 10 percentage points from 2024.

Rising costs

HM Treasury says the financial effects of cyber disruption now extend well beyond remediation and system repair. The report points to evidence that companies suffering major cyber incidents underperform the market by around 5% on average for a year or more, while major incidents are associated with an average 9% decline in shareholder value in the year after the event. It says the most significant costs often emerge when an attack disrupts an important business service rather than a contained technical system.

Ransomware is one of the clearest examples in the report. HM Treasury says the share of global financial institutions reporting ransomware attacks rose from 35% in 2021 to 65% in 2024. Mean global recovery costs for financial firms, excluding ransom payments, reached £2.04 million in 2024, up from £1.76 million a year earlier. Its modelling, drawing on KPMG Cyber Risk Insights data, suggests plausible worst-case annual ransomware losses of more than £230 million for mid-sized financial firms and close to £466 million for large firms.

The report also argues that average loss figures can obscure the real shape of risk. It says many firms may face no material ransomware loss in a given year, but a small number of severe events account for a disproportionate share of financial damage. In a broader sample of operational disruption events across sectors, it says most incidents represented between 0.2% and 4.6% of annual turnover, while the most severe cases reached around 16%.

Confidence gap

One of the report’s central findings is a gap between business leaders’ confidence in current resilience and their expectations of future disruption. Research cited from the Retail Economics and FreedomPay Business Resilience Survey 2026, covering 101 UK senior leaders in consumer-facing retail and hospitality businesses with turnover of £6 million or more, found that 81% believed their organisation’s investment in operational resilience was broadly sufficient. Yet 60% expected the frequency of operational disruptions to increase over the next three years.

The same survey found that 64% of senior decision-makers agreed that resilience investment reduces risk but delivers limited additional business benefits. Nearly half said executives do not fully appreciate the value of resilience spending, and 48% believed executives in their industry think too much is already being spent on resilience. HM Treasury says that mindset risks leaving firms underprepared for a more disruptive operating environment.

Chris Kronenthal, President, FreedomPay, said: “HM Treasury’s Value of Resilience report shines a much-needed spotlight on a critical vulnerability in the UK’s consumer economy. While 81% of senior leaders believe their current operational resilience is sufficient, our data reveals a worrying gap between confidence and risk.

60% of business leaders expect operational disruptions to intensify over the next three years with cyber-attacks and geopolitical instability cited among the leading concerns. Yet, 64% still view resilience spending purely as a defensive tax that offers limited commercial value.

There is no guarantee of certainty in today’s business operations, but operational resilience is a vital goal to intentionally move towards – particularly for consumer-facing businesses that carry more risk. At the heart of achieving this in payment systems and consumer technology is shifting from a cost-centre mindset to enable secure, resilient infrastructure that drives customer trust, brand protection, and competitive advantage.”

Growth case

HM Treasury’s report makes a broader case that resilience supports growth as well as protection. It says organisations with stronger resilience capabilities are better placed to recover from disruption, maintain customer trust and continue digital transformation programmes without service failures undermining delivery. Among firms in the highest resilience quartile, it cites Accenture analysis showing that 60% recorded profit gains following a severe shock, compared with 21% among the least resilient. It also says highly resilient companies grew revenues 6 percentage points faster than peers and achieved profit margins 8 percentage points above the median in their industry over a three-year period.

The report also links resilience to preparedness for AI-related threats. It cites Accenture research showing that only 10% of organisations are prepared to defend against AI-augmented cyber threats, while 77% lack essential data and AI security practices. HM Treasury says that weakness affects more than security posture because it can also limit an organisation’s ability to modernise, deploy AI and sustain digital growth with confidence.

Its conclusion is that cyber resilience should be treated less as a narrow cost line within IT budgets and more as part of how organisations manage risk, protect service continuity and support performance in a more volatile operating environment. The report says the organisations with the strongest outcomes tend to combine foundational controls such as patching and vulnerability management with better detection, response and recovery capabilities, reducing both the likelihood that incidents escalate and the scale of losses when they do.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business & Technology

New Banbury pottery cafe enjoys successful opening weekend

Published

on


Blossom Pottery Cafe opened on Friday, August 14 at 18 South Bar, bringing a new artistic opportunity to coffee, tea and cake lovers in the town.

Opening the cafe was a long-standing dream of owner Wendy, who began pottery as a personal hobby and gradually developed the idea of creating a space where people of all ages can enjoy the peaceful pass time.

Blossom Pottery Cafe BanburyPottery painting sessions of bisque fired pieces are hosted daily (Image: Blossom Pottery Cafe)

With every table full on opening weekend and dozens of beautiful pieces newly painted by guests, the owner said her ‘heart is so full’ to see the dream realised.

“So grateful to see so many of you coming to support us on our opening day,” she shared. “Thank you so much.”

Blossom Pottery Cafe BanburyOwner Wendy said her ‘heart is so full’ after the support shown during the opening weekend (Image: Blossom Pottery Cafe)

Wendy earlier said: “We’re incredibly excited to be opening Blossom Pottery Studio & Café and bringing something new to Banbury.

“We hope it becomes a place where people can take a break from their busy lives, enjoy being creative, and make lasting memories with family and friends.

Blossom Pottery Cafe BanburyCustomers who visited during the opening weekend got free cupcakes (Image: Blossom Pottery Cafe)

“The support we’ve received from the local community has been amazing, and we can’t wait to welcome everyone through our doors.”

As part of the grand opening, all customers who visited during the opening weekend or made a pottery painting booking within the next three months received a free cupcake from the cafe.

Blossom Pottery Cafe hosts family-friendly pottery painting sessions from 10am each day, with normal cafe opening hours 8am to 5pm.





Source link

Continue Reading

Business & Technology

Apprentices say AI is reshaping tech skills demand

Published

on


Atos highlighted the views of three apprentices entering the technology industry, focusing on apprenticeships as a route into tech as artificial intelligence reshapes workplace skills.

All three work as First Line Service Desk Apprentices and described a jobs market in which technical knowledge alone is not enough. Alongside coding and troubleshooting, they said communication, customer service, problem-solving and adaptability have become central to early careers in IT.

Kyle Brady said he moved into an apprenticeship after studying physics, maths and computer science at A level, then spending time in temporary work, including as a forklift driver, while building his technical skills independently. The apprenticeship, he said, offered a way to gain workplace experience while continuing to learn.

His account points to a common hurdle for new entrants: gaining practical experience before securing a first role. Brady said that challenge shaped his view of what employers value in technology jobs.

“After completing my A levels in physics, maths and computer science, I knew I wanted a career in technology. I’ve always enjoyed solving problems and understanding how things work, but I found it difficult to get my foot in the door. I spent some time in temporary jobs, including as a forklift driver, while building my technical skills in my own time. When the opportunity to start an apprenticeship came along, it felt like the perfect way to gain real workplace experience while continuing to learn.

“One of the biggest things my apprenticeship has taught me is that a career in tech is about much more than technical knowledge. Working on the helpdesk has shown me how important communication, customer service and problem-solving are. Being the first point of contact for users has completely changed how I see the industry and helped me develop skills I never realised I’d need. The experience has also shown me how quickly technology is evolving, especially with AI becoming part of more workplaces. That means the ability to keep learning and adapting is becoming just as important as technical skills. My apprenticeship has helped me build that mindset while giving me hands-on experience with the realities of working in IT.

“It’s also opened up opportunities I wouldn’t have had otherwise. Learning about career paths in cybersecurity and data engineering has shown me the range of opportunities available and given me confidence about where my career could go next. I’d encourage anyone thinking about a career in technology to keep an open mind and not feel like university is the only route. Apprenticeships give you the chance to earn while you learn, develop practical skills from day one and build the confidence to adapt as technology continues to change. In an industry being transformed by AI, that real-world experience is invaluable,” Brady said.

Ryan Cresswell said he studied IT at college and games design at university before working in sales to strengthen his people skills. He later returned to technology, but said employers often wanted practical IT experience as well as qualifications.

His experience reflects a wider issue for people seeking entry-level technology roles. Employers often ask for evidence of workplace readiness even for junior positions, making apprenticeships one way to bridge the gap between education and employment.

“After studying IT at college and games design at university, I began working in sales to hone my people skills before returning to technology. One of the biggest challenges I faced while applying for jobs in tech was that employers liked my qualifications but wanted candidates with hands-on IT experience. That made it difficult to get my foot in the door.

“My apprenticeship has given me the opportunity to earn, learn and gain practical experience at the same time. It’s allowed me to develop my technical troubleshooting skills, but I’ve also learned a lot about communication, problem-solving and handling different types of people. My advice to anyone considering a career in tech is to explore the different paths available. In the past it felt like university was the only choice, but that’s no longer the case. Also, speak to people already working in the industry and stay curious. Apprenticeships are a great way to build skills, confidence and hands-on experience, whether working individually or in a team, while discovering what’s right for you. The most important thing is to keep learning and not be afraid to take a different path if the first one doesn’t work out,” Cresswell said.

Skills shift

Zainab Hussain said she chose an apprenticeship because it offered immediate workplace experience and a path into more senior roles without student debt. She said the role had helped her develop both technical and interpersonal skills, including troubleshooting problems and explaining complex concepts clearly.

Her comments underscore how apprenticeships are being framed by employers and trainees as an alternative to university for some digital roles. In this case, the appeal lies in earning while learning, building professional networks and gaining direct exposure to the daily demands of IT support.

“I’m naturally drawn to tech and have always been IT literate, so I knew it was the right path for me. It’s an industry that’s constantly evolving, and I wanted to be part of that. I chose an apprenticeship because it felt like the best way to gain real experience from day one, and it sets you up to move into higher roles faster than if you go to university. I also wanted to build a career in the industry without taking on student debt.

“My time at Atos so far has helped me develop both my soft and technical skills, such as how to troubleshoot problems and communicate complex concepts clearly. I’ve also had the chance to earn, learn and build my experience, all of which are helping prepare me for the next stage of my career. The apprenticeship path has given me valuable opportunities to network with co-workers from different career backgrounds and skill sets, which you wouldn’t get at uni. The workplace experience has been incredibly valuable, so if you’re interested in tech, I’d encourage you to go for an apprenticeship, explore every opportunity available and keep an open mind,” Hussain said.

Taken together, the three accounts point to a shift in the skills mix associated with junior technology roles. As AI tools become more common in workplaces, the apprentices said the ability to keep learning, work with users and adapt to changing systems is becoming as important as formal technical training.

All three also described apprenticeships as a practical answer to the experience barrier that can prevent candidates entering the sector. They framed the route as a way to gain income, training and exposure to real workplace problems at the same time, while opening paths into areas such as cybersecurity, data engineering and wider IT support.



Source link

Continue Reading

Business & Technology

UK flight school collapsed into liquidation

Published

on


Liquidators have been instructed to wind down Go Fly Oxford, which provided lessons for commercial and private pilots licences.

Colin Wilson and Emma Mifsud, of Opus Restructuring & Insolvency, have been appointed as joint liquidators for Go Fly Oxford Ltd back in May 2025.

But new records filed by the liquidators have revealed an HMRC secondary preferential claim of £118,132.

Ten unsecured claims have been received by the liquidators totalling £60,314.

Further unsecured creditor claims estimated in the statement of affairs total £88,955, the published documents say.

(Image: Ed Nix)

Over the past year, liquidators say they investigated whether any recoveries could be made from directors or other parties, but concluded there were no further viable assets or claims.

Aircraft shown in the 2024 accounts at a book value of £238,181 had been sold before liquidation. The liquidators found the sales appeared to be at fair value and saw no basis for a claim over the transactions.

The aircraft sales happened about seven months before liquidation, outside the relevant period for a preference claim.

The aircraft were reportedly transferred to creditors and leased back so the company could continue trading.

A purchaser of a PA34-200 aircraft was said to owe £6,000. The liquidators received £4,980; the remaining £1,020 was treated as settled because the purchaser had paid a company liability instead.

Two employees were made redundant on 31 March 2025 and were given information to submit claims to the Redundancy Payments Service.

READ MORE: MOT centre and car shop collapses into administration

The flying school was based at Oxford Airport when it collapsed.

Its website, which has since been shut down, described the business: “At Go Fly Oxford we pride ourselves on offering a personal and tailored approach to pilot training.

“We know that people learn at different paces and in different ways, this makes catering for individual needs our main target.”

Oxford Airport’s main trade is pilot training. Flight schools at Oxford train pilots who go on to fly for more than 100 airlines in the UK and globally, including for British Airways.

Historically, the airport has been Europe’s foremost centre for professional pilot training with well over 40,000 students having started their careers there.

At one point, the airport’s runway was the busiest in the world with more than 235,000 movements a year (a take-off or landing) and up to 1,100 flights in a single day, its website says.

The business’ report says: “Over the course of 2025, the company will be complementing its Diamond DA40 fleet with a new fleet of Elixir aircraft, a safer and more efficient type of aircraft, which will provide a much reduced cost per flight hour.

“This, along with growth in enrolments and full utilisation of the European base will ensure the profitability of the business in the coming years.”





Source link

Continue Reading

Trending