Mitigating Cybersecurity Risks for Finance and Treasury Teams

With the overwhelming amount of customer, product, and financial information held by enterprises, it is no secret that cybercriminals focus their attention and attacks on these organizations. Although cybercrime is a threat to all enterprises across all industries, business-to-business (B2B) companies are increasingly vulnerable. And within these types of organizations, finance and treasury teams are increasingly in the crosshairs of criminals due to the teams’ access to sensitive financial data and systems and the potential to directly access funds via cyberattack. 

As a result, IT leaders and operations professionals within these teams must take a multipronged approach to cybersecurity. The use of robust cybersecurity tools and systems, frequent employee training, and finance and treasury-specific tools and approaches to cyber breach are essential to safeguard sensitive data.

Common B2B Cyberattack Techniques

Cyberattacks can take a wide variety of forms, and although some techniques have been around since the dawn of the internet, the level of sophistication continues to increase. Cyberattacks generally involve either a brute-force, technology-led approach to infiltrating or attacking a network or a social engineering approach to trick humans into inadvertently providing access to the network.

Perhaps most worrisome is the growing use of sophisticated, AI-powered attacks that are specifically targeted at finance and treasury teams. Using AI, bad actors can create variations of phishing or vishing attacks at scale, with each iteration designed to create accounts, invoices, or other pieces of information that look indistinguishable from legitimate sources. 

Mitigation Strategies for Finance and Treasury Teams

Finance and treasury teams should employ a multifaceted approach to managing cybersecurity risks, consisting of perimeter-based approaches, anomaly detection strategies, and frequent and random cybersecurity tests to ensure employees are not vulnerable to phishing or vishing attacks. But even if an organization implements cybersecurity best practices, there is still a risk of human error or technology failure.

In our latest Research Brief, Mitigating Cybersecurity Risks for Finance and Treasury Teams, completed in partnership with Trustpair, we cover the key threats facing finance and treasury teams, highlight specific examples of successful cyberattacks, and discuss the specific approaches organizations should take to provide an additional layer of defense that mitigates financial loss.

In this brief, you will learn:

• Common methods for cyberattacks that target financial and treasury teams
• Key examples of successful attacks that have been carried out in the past
• The best practices for hardening an organization against business email compromise (BEC), phishing, and vishing scams
• Discussion on the steps taken and technology deployed within Trustpair’s payment fraud prevention platform to enable it to serve as a backstop against financial loss, even if other defenses fail

If you are interested in learning more, be sure to download your copy of Mitigating Cybersecurity Risks for Finance and Treasury Teams today.