Cyber risks are escalating as the price tag attached to cybercrime explodes. While many of the incidents recently in the headlines involved data breaches and ransomware, the risks that face corporate treasuries in particular have been brought home by the mounting costs of business email compromise scams and cyberthefts that involve the SWIFT financial messaging system.

Most notably, hackers stole $81 million from Bangladesh's central bank last year by penetrating the system the bank used to access SWIFT and sending fraudulent payment instructions.

In May, the FBI estimated that business email compromises—scams in which cybercriminals trigger unauthorized payments, often wire transfers, by sending emails that appear to come from a company executive—caused $5.3 billion of losses globally from 2013 to 2016, and U.S. losses of $1.6 billion over that same time frame. "There's definitely a raised awareness and concern," said Craig Jeffery, managing director at Atlanta-based consultancy Strategic Treasurer.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Susan Kelly

Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.