As instant payments and digital commerce gain traction in corporate treasury networks, cyber-criminal attention is increasingly drawn to personal and corporate data, and the treasurer’s ability to move large amounts of cash and make payments. How are treasurers fighting back? Eleanor Hill of TMI talks to corporates, bankers, and TMS providers to find out
In Third-party risks: the cyber dimension, a report written by the Economist Intelligence Unit (EUI) sponsored by Deutsche Bank in October 2017, the point was made that treasurers are not directly in control the IT security infrastructure they use, and that “given the nature of some successful attacks, hackers also seem to understand that most treasuries contain junior staff who can be pressured into infringing rules”.
Treasury professionals can no longer pass the buck and hide behind the IT department, says Eleanor Hill in a TMI cover story, Fighting Cybercrime and Fraud – A Treasury Imperative. Building on the themes of the EIU report, the article analyses the threats to treasury, such as business email attacks and phishing, the need to engage treasurers in driving cybersecurity controls and giving them the right tools to do this, and putting in place an action plan that translates the “prevent, detect, respond and recover” mantra into treasury operations.
Participants in this article are:
- Jean-Marc Servat, Chair of the European Association of Corporate Treasurers (EACT)
- Nadya S Hijazi, Global Head of GLCM Digital, HSBC;
- Giacomo Baldi, Treasurer, GE Grid Solutions & Power Conversion;
- David Watson, Head of Cash Management Americas and Global Head of Digital Cash Products, Deutsche Bank; and
- Bob Stark, Vice President of Strategy at Kyriba
You can download a PDF of the article – which also includes some handy top tips and closes with a ‘do’ and ‘don’t’ factsheet from this page or read the online version here.
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