Treasury departments are now a prime target for cybercriminals
The costs of cybersecurity incidents are expected to reach USD$6tr. per year by 2021. Corporations are increasingly being attacked by cybercriminals and treasury departments are now prime targets.
As outlined in our Journeys to Treasury Report 2018-19, treasurers have a growing, frontline role to play in protecting the organisation, given the large financial value of transactions that the department processes and the sensitivity of the data it holds.
Here’s how treasurers can get involved:
1. Embrace co-ordinated defence. Cybercrime has become structured and organised, so the defence needs to be similarly structured. As such, IT, Finance and the technology partners that support treasury need to work together closely and proactively to identify threats and weaknesses, and resolve them collaboratively.
2. Look beyond payments. While treasurers have traditionally tended to focus their efforts on protecting payments, equal attention needs to be given to protecting data and information. Bank account details, financial and commercial counterparty settlement instructions, employee details and financial data about the company are all valuable assets to hackers. These need to be protected with the same degree of care as payments.
3. Instil the right controls and culture. People and processes are just as important, if not more so, than specialist technology in the fight against cybercrime. Good training is crucial in order to ensure treasury staff are equipped to fend off evolving cyber threats, including increasingly sophisticated phishing emails and CEO fraud, which involves the impersonation of senior executives.
Banks also have an important role to play in helping treasurers to safeguard their operations and assets. BNP Paribas invests heavily in its channels to ensure they remain robust and offers cybersecurity awareness training for corporate clients. We are also happy to work hand in hand with treasurers to increase the cyber resilience of their function.
 1 - Top cybersecurity facts, figures and statistics for 2017, Cybersecurity Observatory https://www.cybersecobservatory.com/2017/06/15/top-5-cybersecurity-facts....