Page 19 - Beeks Financial Cloud Group Annual Report 2021

Beeks Financial Cloud Group PLC
Strategic Report - Principal Risks and Uncertainties For the year ended 30 June 2021

Principal Risks

and Uncertainties

BOARD party anti-DDOS option / Software failures or viruses
Risk identification and / External testing and reporting / Acts of war or terrorism
management continues to be a key of cyber and IT infrastructure and STRATEGIC REPORT
role for the Board. The Board has controls, including DDoS Operational stability and
overall responsibility for The Group’s / External security audit on cyber performance is the highest priority for
risk management, processes security management and our technical staff and management
and reporting. Risk management controls with full review identifying who take steps to make continuous
processes and internal control no major issues systems improvements on a regular
procedures are the ultimate / Obtained ISO 27001 (Information basis. Examples that assist in
responsibility of the Board. Security Management) mitigation of the risks are:
certification on 21st August 2021. / Upgrade and enhancement of
AUDIT COMMITTEE This certification proves Beeks network infrastructure to improve
The Audit Committee has Financial Cloud has structured its stability and resilience
responsibility for assessing and IT and cyber security to effectively / Introduction of improved
challenging the robustness of manage risks and demonstrates monitoring tailored to our systems,
the internal control environment. to customers our robust policies services and client base
It directs and reviews local protect against todays big cyber / Program of work to standardise
management and Group finance threats to protect information and operating systems on network
reports on internal control and risk infrastructure and server infrastructure
management throughout the year, / IT and cyber risk framework / Consultation for a deep dive
and reports the principal risks to implemented and approved review of IT Infrastructure and
the Board. Security
b) Key systems failure, / Board Level focus on these risks
RISKS RELATING TO BEEKS disruption and interruption and mitigations
AND ITS BUSINESS Beeks’ position as a Cloud hosting
a) Cyber Risk service provider exposes The c) Actions of third parties
An information security breach or Group to risk in the event that its and suppliers
cyber-attack resulting in loss or technology or systems experience The Company is reliant to an
theft of data, content or intellectual any form of damage, interruption or extent on third parties and
property could affect service to failure. This could result in a lack of suppliers, including Data centres,
our clients and cause reputational confidence in The Group’s products, internet service providers and
damage. The risk is perceived to with a consequential material trading venues. A breach or
have increased due to the higher adverse effect on The Group’s disruption in these relationships
number of cyber-attacks globally. business, financial condition, could be detrimental to the future
Distributed Denial of Service (DDOS) prospects and operations. Many of business, operating results and/or
attacks are a particular concern the vulnerabilities are not in Beeks profitability of the Company.
due to the nature of our systems control, such as:
and client base. Mitigations include: / Natural disasters
/ Improved internal anti-DDOS / Power loss
infrastructure / Third party telecommunication
/ Continuation of break-glass third failures
17