NHS Cyber Security
Recent news highlighted the weaknesses many organizations share across the globe. As computer malware cripples the NHS, stops car production lines and strikes more than 100 countries, the risks to global IT systems and open communications were never more apparent.
Threats from cyber attackers not only effect large multinationals and government bodies. The threat exists equally to the small business owner operating in the era of modern technology. For businesses, the effect of a cyber security breach can be disastrous including shattered reputation, legal action, regulation penalties, and negative publicity.
Cyber Security and Claiming R&D Tax
The cost of development and installation of a suitable cyber security system can be significant. On many occasions, these costs can be lowered by up to 26% by claiming R&D Tax Credits.
Businesses do however often forget about the ongoing maintenance and continued security of their systems and especially the upgrades of interfaces between standardized systems, which often can also qualify for R&D tax relief.
Running Out of Date Legacy Systems can be Damaging
Many UK companies, including the NHS it would seem, run core services on legacy systems which are out of date to any modern IT security standard. When these systems can be susceptible to a computer virus or malware attack, the damage to the business is unthinkable!
The continued development of tools and continued testing of your online systems and software often requires significant funding and the development of specialist tools to enable the testing process. Where the test results show security flaws (say to prevent an attack), the system requires further re-engineering which adds to the costs. This is a ‘must have’ in order to safeguard confidential information and the reputation of the business.
Even if utilizing third party security software, we would urge you to ensure your antivirus is up to date. For those companies who have taken the step to develop customized security systems, whilst costly, it is imperative to the stability of your business that a continued review, upgrade, and future-proof reengineering is undertaken.
These costs are often absorbed in the continual IT innovation-improvement cycle. Yet, costs of developing and integrating cyber security technology can often qualify for R&D tax credits. These costs can often be reduced by up to 26%, subject to certain criteria being met.
For Help with your Businesses R&D Tax Claim
R&D Tax Solutions have both IT and tax experts on board and can evaluate if your IT projects qualify for R&D tax relief. Use the free R&D Tax Calculator to estimate the amount of R&D tax relief you can claim from the HMRC. You can also reach us on 0161 298 1010, or office@rndtax.co.uk.