Cyberfraud is a cancer that just spreads. If your company is hacked:

• Research shows that a large number of consumers (some research says 75%) will stop using you
• Your share price plummets
• There is long term damage to your reputation and prospects.

Who is responsible

Everyone:

• inside your company has joint responsibility.:
  • All the admin departments - IT, internal audit
  • Finance and corporate treasury including payments payment departments
  • C-suite excutives, many of whom, do not understand what is required to stem cyberfraud 
  • Company wide procedures are needed to introduce and maintain procedures and systems that cut-out cyber-fraud.
• Every supply chain that you use has responsibility:
  • All admin and IT departments in each supplier and their procedures
  • Each department in every country they operate in.
• governments/authorities world-wide have a duty to create the regulations and environment to slow and eventually stop cyberfraud by:
  • Creating the laws and tax structures that stops cyberfraud 
  • Issuing guidelines and best practices.

But The Asset report that, according to Alex Taverner, commercial head of cyber services, Asia-Pacific and Japan at BAE Systems, believes “there is no such thing as “perfect security” and all companies should start preparing and calculating the cost of an attack to their businesses.”

Who is at fault?

EVERYONE due to lack of:

• Companies lack of understanding and not taking cyberfraud seriously enough
• lack of attention by employees in their role in cyberfraud 
• Fully co-ordinated programme by United Nations and governments globally
• Etc., etc. BUT IT WILL BE YOUR FAULT unless.........

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CTMfile take: Corporate treasury departments need to be constantly vigilant, they cannot rely on any: one individual, internal department and company. Corporate treasury departments need their own watertight cybersecurity systems and procedures because, if any cyberfraud occurs and it probably will, it will their fault no-one elses. How sure are you that can pass “It’s not my fault” test?