Business News Round Up (07/07/2020
Cyber crime has cost UK businesses £87 billion since 2015
Cyber crime has doubled since 2015 in the UK, with the total cost of cybersecurity breaches estimated to be more than £87 billion, according to a new study. The study by specialist business internet service provider Beaming found that 25% of UK businesses were victims of cybercriminals in 2019. In every year of Beaming’s study, large companies (250+ employees) were most at risk, culminating last year with nine out of 10 (87%) falling victim. Small businesses experienced the steepest rise in victim rates: 28% of 11-50 person firms were hit in 2015, rising steeply to 62% last year.
Grade A shortage will stem office property slump in Scotland, says JLL
A shortage of Grade A office spaces will help Scotland’s office property market to hold up in the face of coronavirus, according to estate agency JLL. JLL cited a stable vacancy rate in both Edinburgh and Glasgow which are amongst the lowest of the UK’s key regional cities, currently standing at 3.0% and 4.4% respectively. Both cities are also experiencing a ‘keen lack of Grade A stock’ and ongoing speculative construction is particularly low, ensuring that they will be somewhat insulated against economic shocks compared to previous downturns when oversupply was more prevalent. JLL has also insisted there will be no shortage of investors ready to invest cash into commercial property in Edinburgh and Glasgow as a result of relatively high yields compared with many cities in Europe.
https://www.insider.co.uk/news/grade-shortage-stem-office-property-22312677
Regional news publisher to cut 550 jobs
Newspaper giant Reach, publisher of the Daily Mirror, Manchester Evening News, and other titles in the North West, has announced plans to cut 550 jobs as it struggles with the impact of the coronavirus pandemic. Reach made the announcement as it revealed second quarter revenue sank 27.5% during the pandemic, while June advertising spend dropped 23.9%. Reach’s editorial department will move to a more centralised structure bringing together national and regional teams across print and digital. The firm said it will also operate from fewer locations and a simpler management structure.
https://www.thebusinessdesk.com/northwest/news/2062751-regional-news-publisher-to-cut-550-jobs
Trustpilot to create 30 digital jobs in Edinburgh at new R&D hub
Trustpilot has announced the creation of a new global Research and Development and Innovation Hub in Edinburgh, which will create an initial 30 digital jobs. The hub is being supported through a £1.8 million R&D grant from Scottish Enterprise, bringing new investment into Scotland’s leading digital and technology sector and aims to initially create 30 new advanced data science jobs and new local partnerships in Edinburgh over the next three years. The online consumer reviews platform aims to develop new world leading technology that proactively tackles behaviour that threatens trust online, such a fake or paid-for reviews designed to mislead online shoppers.
https://www.insider.co.uk/news/trustpilot-create-30-digital-jobs-22313395