Opinion Poll

Headline : Corporate treasury is a top target for cyber-criminals: Economist Intelligence Unit
News Date : Oct 05, 2017
Source : AIP News Bureau
Most important measure that treasurers can take is to maintain a healthy collaboration with their IT and cyber-security teams

New Delhi:

A new report released today by The Economist Intelligence Unit (EIU) finds that corporate treasury is a top target for cyber-criminals. Treasury’s trove of personal and corporate data, its authority to make payments and move large amounts of cash quickly, and its often complicated structure make it an appealing choice for discerning fraudsters. Cyber-criminals can use inside information to execute high-value thefts. 

They know that treasurers are neither fully responsible for ensuring that their departments cannot be compromised nor completely in control of the systems, people and processes. It is a gateway into other core corporate management information systems.

Third-Party Risks: The cyber dimension, sponsored Deutsche Bank, is based on a survey of senior corporate treasurers across 19 different sectors including aerospace/defence, agriculture and agribusiness, automotive, chemicals, construction and real estate, financial services, pharmaceuticals and biotechnology, IT and technology, manufacturing, and professional services. It shows that corporate treasurers are generally well aware of cyber risk but remain vulnerable to hacking via third-party relationships. 

Going forward, companies must invest in regular and relevant education, but companies must also be mindful of the threat posed by malicious insiders.  The most important measure that treasurers can take is to maintain a healthy collaboration with their IT and cyber-security teams. 

Renée Friedman, editor of the report, says: “The variation by sector in terms of their awareness, preparedness and defence against cyber-crime through third parties leaves all sectors vulnerable. Corporate treasurers need work closely with IT to ensure that their specific requirements are met, particularly in light of ongoing technological and regulatory developments that mean even more information will be available to third-parties.”




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