4. Cybersecurity threat awareness
Earlier this year, it was estimated that the global cost of cybercrime will be in excess of $6 trillion annually by 2021 — up from $3 trillion in 2015.vi
Treasuries are often the target of highly sophisticated phishing scams, including business email compromise (BEC) fraud. And we’re not talking about obviously fraudulent, misspelled emails from “long lost relatives” asking for money. Attackers invest significant time in researching their targets and the senior executive they’re trying to impersonate. They might send an email pretending to be the CFO or a partner or supplier, often from a legitimate looking email address. Some attackers have even used deep-fake technology to create audio recordings and impersonate the voices of senior employees on the phone.vii
That’s why it’s increasingly important that treasury employees have a robust understanding of cybersecurity best practices. That requires more than completing a one-off training module — they need to be kept informed of the latest threats, which are constantly evolving. Treasury staff also need to be hyper-vigilant and ready to raise the alarm if they see anything suspicious — and, in some cases, they’ll need the courage to push back on requests from peers or seniors.