Business News Round Up (25/11/2024)
Cyber-attacks cost UK businesses £44bn in last five years: Howden
Half (52%) of UK businesses, representing 1.3 million private sector companies, have endured at least one cyber-attack in the past five years, equating to £44 billion of lost revenue, according to Howden, the international insurance intermediary group. New research published by Howden reveals that businesses with an annual revenue of over £100 million were the most targeted group, with 74% of those surveyed having suffered a cyber-attack over the past five years. Threat levels are elevated however, across all businesses, with half (49%) of small and medium-sized enterprises (SMEs) with a revenue of £2 million to £50 million also experiencing a cyber-attack over the same period. According to Howden, the most common causes of cyber-attacks were compromised emails (20%) and data theft (18%), with the average cost of these attacks equating to £2.1 million and £2 million, respectively.
Investment Fund for Scotland surpasses £10 million in its first year
The British Business Bank’s Investment Fund for Scotland has committed more than £10m of funding to SMEs in Scotland during its first 12 months. A total of 26 businesses have received support through the fund to date, involving a mix of both debt and equity funding deals to enterprises across the country. The fund aims to improve access to finance and boost the Scottish economy, with loans from £25,000 to £2m and equity investment up to £5m available to help SMEs to start up, scale up or stay ahead. Dental biotechnology firm Calcivis, skincare treatments provider The Aesthetics Club, and dog-friendly Stockbridge café Sip & Bark are just some of the businesses that have been supported by the fund over the past year. Three fund managers – DSL Business Finance, the FSE Group and Maven Capital Partners – were appointed to manage separate parts of the £150m fund.
https://www.insider.co.uk/news/investment-fund-scotland-surpasses-10-34178918
Retailers call on MSPs to unite for pro-business Scottish budget
Scottish retailers have issued a call to Members of the Scottish Parliament (MSPs) to collaborate on passing a budget that supports businesses. The Scottish Retail Consortium (SRC) emphasised the importance of a pro-business budget in the current economic climate, characterised by uncertainty and challenges. The SRC’s appeal comes as the Scottish Government prepares to unveil its budget for the upcoming fiscal year. Retailers, who form a crucial part of Scotland’s economy, are keen to see measures that will bolster their sector and contribute to overall economic stability. This call for unity and pro-business policies reflects the ongoing concerns within the retail industry about economic pressures and the need for supportive governmental action. As MSPs consider the budget proposals, the retail sector’s voice adds to the broader discussion on Scotland’s economic future and the role of legislative action in supporting business growth.
Scotland leads UK in green job growth
Scotland continues to lead the way in the creation of green jobs, with new data showing the number of green roles advertised has tripled since 2021. The fourth iteration of PwC’s Green Jobs Barometer sees Scotland take the top spot again for the highest proportion of green job adverts at 5.6%, higher than the UK average of 3.3%, and putting Scotland ahead of Northern Ireland (3.9%) and London (3.7%). The Barometer, which tracks the movement in green jobs creation, job loss, carbon intensity of employment, and worker sentiment, also showed that Scotland recorded the highest increase in the volume of green job adverts as a share of total job adverts this year – up by 1.6%. The total number of green roles advertised in Scotland over the last year was around 28,700, approximately 2,200 (8.3%) more than 2023 and three times the number of roles first recorded by PwC in 2021.
https://www.digit.fyi/scotland-leads-uk-in-green-job-growth