Search
 
Best Practices

Arming Corporate Treasurers for Cybercrime Combat

3 steps for building the right policies and processes to defeat modern, evolving cybersecurity threats.

By Bart McDonough | July 11, 2019 at 04:11 PM

Cybersecurity ranks second among corporate treasuries’ top areas of concern for the next three years. That’s according to nearly 400 treasury professionals surveyed in the Association for Financial Professionals’ (AFP’s) 2019 Risk Survey, sponsored by Marsh & McLennan.

This is hardly surprising. Cyberattacks are becoming more and more common, with criminals expected to steal around 33 billion records in 2023, up from 12 billion records in 2018, according to “Cybercrime & the Internet of Threats 2018” from Juniper Research. Meanwhile, bad actors are using an assortment of malicious tactics—including phishing, wire transfer fraud, and vendor-payment fraud—and corporate vulnerabilities (such as software that hasn’t been properly updated, networks with security exposures, and unencrypted data) to access companies’ capital and sensitive data. When these exploits are successful, the organization’s reputation can be severely damaged, and it may lose the trust of customers or clients.

And yet, despite so much writing on the proverbial wall, the “Global Cybersecurity Status Report” from ISACA International found that only 38 percent of global organizations even claim to be prepared to handle a sophisticated cyberattack. Perhaps that is partly a result of the finding of Ponemon Institute research that 77 percent of IT professionals believe their organization does not have a formal cybersecurity incident response plan. There is a clear disconnect between enterprises’ outlook on the risk they face as a result of cybersecurity failings and their ability to adapt to that reality.

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

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • 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 PropertyCasualty360.com and Law.com.

Already have an account?

Dig Deeper

 

Recommended Stories

Inventory, Reimagined

Inventory, Reimagined

Amit Goel |

How companies should be determining their ideal inventory level in the current economic climate.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2023 ALM Global, LLC. All Rights Reserved.