Cybersecurity ranks second among corporate treasuries' top areasof concern for the next three years. That's according tonearly 400 treasury professionals surveyed in the Association forFinancial Professionals' (AFP's) 2019 Risk Survey, sponsored by Marsh &McLennan.

This is hardly surprising. Cyberattacks are becoming more andmore common, with criminals expected to steal around 33 billionrecords 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 anassortment of malicious tactics—including phishing, wire transfer fraud, and vendor-payment fraud—and corporatevulnerabilities (such as software that hasn't been properlyupdated, networks with security exposures, and unencrypted data) toaccess companies' capital and sensitive data. When these exploitsare successful, the organization's reputation can be severely damaged, and it maylose the trust of customers or clients.

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 PropertyCasualty360.com and Law.com.
NOT FOR REPRINT

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