New technologies are changing the cyberfraud prevention, but they don’t remove the need for internal discipline to minimise fraud.
Quantum computing power
Quantum computing is bringing extraordinary new levels of computing power, but it also brings new levels of cyberfraud risk because fraudsters can use the new power to decrypt all kinds of cryptography tools.
ASC X9 Public Relations are organising a webinar:
"Securing the Future With Quantum-Safe Cryptography"
Two speakers from ISARA will be examining:
- What new risks are companies facing and what resources and tools are being used to mitigate cyber threats?
- Why it is important that business units understand that cyber risk is a business risk and not just an IT risk.
- What role does treasury need to play?
To register for the webinar click here.
Internal discipline still needed
A recent session at NeuGroup’s Global Cash & Banking Group meeting showed how important internal practices in cyberfraud control are. The session revealed a couple of important and innovative practices:
- eliminate email requests from treasury payments, instead upload between the wire request tool and the ERP which also eliminates the need for re-keying information;
- create a ‘red team’ to go undercover to expose weaknesses in security by, for example, having an outsider put in a flash drive at someone else’s computer to see if downloading data is allowed without a password.
CTMfile take: These two examples show that in preventing cyberfraud corporate treasurers have to consider everything however large or small.
Cyberfraud is out of control, “New York Federal Reserve almost lost $1billion” allegedly
Do we need hackers to protect us? But when countries are involved why bother?
Cyberfraud - it will be your fault. Protect yourself
Who is responsible: IT? Internal audit? Corporate treasury? Accounts payable? Government? Global regulators?
Cyber fraud prevention - the vital questions for your board
UK’s NCA Strategic Cyber Industry Group concluded: “Perfect security is almost impossible”, so your board better have appropriate answers to these questions or are you already in big trouble?