Fighting Back: Combatting Cybercrime and Treasury Fraud
“The cyberthreats that many companies previously considered to be unthinkable are now daily news. To avoid becoming another headline, organizations must prepare for the worst — including the unthinkable” – Marsh & McLennan Cyber Handbook 2016
Many treasurers are tasked with understanding and mitigating cyber-risks. That is due in part to the fact that corporate treasurers’ responsibilities have expanded significantly in recent years to include management of the company’s complex risks, regulatory oversight, and treasury technology. Treasurers also have ultimate responsibility for many of the areas most commonly targeted by cybercriminals, including cash balances, global bank connectivity, high-value payments processing, and maintenance of repetitive payment instructions.
Not surprisingly, treasury and finance professionals increasingly cite cybersecurity as their number one concern. However, even though the number of attack vendors is rapidly growing, many organizations still do not devote sufficient resources to cyber-risk management.