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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.

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