An easier method for choosing a secure password, a potential cut in interest rates, and initiatives to enhance fish stock sustainability
Here at MLS Accountancy we understand that choosing yet another password can be frustrating, especially as we’re constantly encouraged to choose a password which contains a combination of upper and lower case, numbers, symbols…the list goes on. Today we use the advice of the NCSC to help you choose a simpler password to remember, but one which will be tricky for fraudsters to crack. We also discuss a potential cut to interest rates following suit from the Bank of Canada, and how new initiatives are set to enhance the sustainability of our fish stocks.
Choosing passwords: the three random words method
With our personal and work lives now requiring us to have so many passwords, it is difficult to keep coming up with new passwords.
The National Cyber Security Centre (NCSC) have been championing the three random words method as a strategy to help with this problem. This method involves choosing three words at random and combining them to make a password, for example: paperhumbleconnect.
Weak passwords can be easily cracked, but the longer and more unusual your password is, the more difficult it is for a cybercriminal to crack it.
In recent years much advice has been given about using long, complex passwords that contain random letters, numbers and symbols. However, generating, remembering, and entering this kind of password is impractical for most of us.
So, faced with yet another password to choose we may be tempted to opt for a variation of a familiar word, name or date, or perhaps reuse a password we use elsewhere. Common tactics include substituting numbers for letters.
Of course, the problem then is that tactics are familiar to cyber criminals who adjust their approach to match.
While a random password created by a password manager may be the strongest option, NCSC note that take-up of password managers remains very low. And security that is not usable for people doesn’t work.
The three random words method is considered to be long enough and strong enough for most purposes and is easy enough for most people to understand and use.
NCSC also say that if you want to write your password down, that’s ok, as long as you keep your written note somewhere safe.
See: https://www.ncsc.gov.uk/collection/top-tips-for-staying-secure-online/three-random-words
More indicators of a cut in interest rates to come
The Bank of Canada announced a cut of a quarter of a percentage point to its key interest rate last week, bringing the rate down to 4.75%.
Canada is the first country in the G-7 to cut rates following the moves in recent years to increase rates throughout the worldwide economy. Canada has been increasing rates since March 2022 to deal with inflation.
The Canada central bank felt confident that inflation is moving towards its target of 2% and so were willing to make the cut.
Economists are predicting that this will start a move across the G-7 economies to cut interest rates. This would be good news for UK businesses. The International Monetary Fund (IMF) have also recommended that UK interest rates could be cut to 3.5% by the end of the year.
See: https://www.bbc.co.uk/news/articles/cldd6x6gglxo
Cutting edge technology coming to fishing industry
The UK government has announced a new initiative to enhance the sustainability of fish stocks through the implementation of Remote Electronic Monitoring (REM) technology in English waters. This technology includes cameras, gear sensors, and GPS units to ensure accurate recording of catches and prevent unlawful discarding of fish. The data collected will help manage fish stocks sustainably and increase confidence in the sustainability of UK fish among retailers and consumers.
Starting this summer, volunteers from five priority fisheries will begin using REM systems. Their feedback will refine the UK’s monitoring objectives and ensure the technology is effective for fishers. Once these objectives are met and the technology is proven effective, REM systems will become mandatory for all vessels in those fisheries, including non-UK vessels.
The use of REM is expected to support the long-term profitability of the fishing industry and enhance the UK’s food resilience and security. Fisheries Minister Mark Spencer highlighted that leaving the EU has provided an opportunity to adopt a new fisheries management approach that benefits the UK fishing industry, future generations, and the marine environment.
Additionally, a new approach to managing discards will be implemented in England. From 2025, both landings and discards will be counted against quota allocations, with the quota used to cover discards varying based on vessel and gear types. Discard reduction schemes will be established to minimize unwanted catch, working collaboratively with regulators and the industry to overcome barriers to using improved gear.
For clients in the fishing industry, this initiative offers several benefits. It promotes sustainable fishing practices, ensuring long-term profitability and market confidence in sustainably sourced fish. The new monitoring and discard management approaches can lead to more efficient quota usage and reduced waste, further supporting the industry’s economic viability and environmental responsibility.