Cyber Security and Resilience Bill
Expected to be introduced in 2025, this bill aims to enhance the UK's cyber defences by updating existing regulations and expanding their scope across various sectors. The goal is to bolster the nation's resilience against cyberattacks and safeguard essential services.
Failure to Prevent Fraud Offence
Effective from 1 September 2025, organisations could face criminal liability if they fail to prevent fraud committed by associated persons for their benefit. To avoid penalties, companies must implement "reasonable" fraud prevention procedures. The UK government has published guidance to assist organisations in preparing for this change.
The regulations cover five sectors (transport, energy, drinking water, health and digital infrastructure) and some digital services (including online marketplaces, online search engines, and cloud computing services).
Key Actions for Businesses:
· Assess and Enhance Security Measures: Review and strengthen your cybersecurity infrastructure to comply with upcoming regulations.
· Implement Fraud Prevention Procedures: Establish and document reasonable measures to prevent fraud within your organisation.
· Stay Informed: Keep abreast of legislative developments to ensure compliance and protect your business from potential liabilities.
Proactive adaptation to these changes is essential for maintaining robust cybersecurity and fraud prevention frameworks.
The Home Office has published guidance that will provide organisations with important advice on the new corporate criminal offence of ‘failure to prevent fraud’, helping make sure they are taking action to prevent fraud.
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