British businesses 'must make online crime a priority'
October 19, 2022, 10:30 am

British businesses 'must make online crime a priority'

Nadhim Zahawi, the Chancellor of the Duchy of Lancaster – Photo. Official Facebook page

UK businesses must start making cyber crime a priority and do more – including working closely with the government – to protect themselves and the economy, Nadhim Zahawi has said.

The Chancellor of the Duchy of Lancaster, who is also the leading minister for cyber security, said companies must stop thinking of it as “an issue just for company IT departments” and take it more seriously.

Figures show that 1.6 million people were victims of cyber crime in the UK last year, with tens of thousands of businesses also hit.

Government research shows that only 23 per cent of firms have a cyber security plan.

The National Cyber Security Centre’s suspicious email reporting service has received more than 13.7 million reports since it was launched in April 2020, leading to the removal of more than 95,000 scams.

Last week, the Director of Britain's security and intelligence organisation GCHQ, Sir Jeremy Fleming, also warned of China’s growing use of technology to increase its influence overseas.

Flag of United Kingdom (File photo: Pixabay)

Mr Zahawi told businesses that tightening up cyber security would also protect the wider UK economy.

He said it was not possible to “achieve economic growth without economic security in a digital world”.

“We need organisations to do more to boost their cyber defences,” Mr Zahawi said.

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“It is clear from the number of businesses that have suffered cyber attacks that this is an area of vulnerability.

“Businesses need to understand that the cyber threat we face is no longer an issue just for company IT departments – it is a board-level problem that must be met with board-level interventions.

“So my message to businesses is clear: work more closely with us on building skills, training and online defences, which will have a positive impact on the successes of your companies and will in turn help us deliver our ambitious plan to increase economic prosperity and put more money in people’s pockets.”

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A Business Board Toolkit has also been published to give companies more guidance to improve their cyber security, and a 10 Steps to Cyber Security guide to help them identify any measures they can introduce.

The government has developed a National Cyber Strategy to boost the UK’s credentials and security in the digital world, underpinned by £2.6 billion in funding until 2030.

Mr Zahawi will chair a new National Cyber Advisory Board alongside Sharon Barber, the chief security officer for Lloyds Banking Group, meeting other industry leaders regularly to discuss threats and how to counter them.

Source: thenational

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.