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Partners in Cybercrime Fighting

Many corporate treasuries are taking steps to fortify their cybercrime defenses, yet third parties and front-line employees continue to pose risks.

By David Watson | Updated on May 10, 2018

Cyberattacks are estimated to be draining more than US$400 billion a year from the global economy, and that figure is predicted to rise to US$2.1 trillion by 2019. The Bangladesh Bank heist of 2016, which saw US$81 million taken from the central bank’s account, stands as a telling example of the damage that can be wrought.

Corporate treasury teams are at significant risk of succumbing to a similarly disastrous incident. Access to large sums of money and a wealth of sensitive client data have placed the function at the top of many cybercriminals’ hit lists. Businesses are certainly not ignorant of this threat, nor have they stood idly by. Most treasuries have taken measures to address their technological vulnerabilities, many investing in solutions such as two-factor authentication and penetration testing.

Still, all signs suggest that more needs to be done. The Economist Intelligence Unit’s recent study “Third-Party Risks: The Cyber Dimension,” sponsored by Deutsche Bank, highlights third parties as a chink in the armor of many a treasury department. Oversight of internal employees is another ongoing concern. These two factors go some way toward explaining how cybercriminals have been succeeding in siphoning so much money from international businesses.

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