Big Game Hunting

Cybercriminals Set their Sights on Treasury

Corporate systems and data are increasingly being held to ransom by cybercriminals. The modus operandi of these underworld gangs is also rapidly evolving to exploit vulnerabilities in remote-working set-ups on the back of Covid-19. As such, treasurers must be more aware of – and prepared for – cyber-attacks than ever before. Here, two senior leaders from Barclays highlight the latest cyber traps to avoid and outline how treasury departments can shore up their digital defences.

While it was ‘memorable’ for many reasons, 2020 was also a record-breaking year for cyber-attacks and data breaches ^[1]. With the onset of the Covid-19 pandemic, and widespread moves to remote working and learning, the world also witnessed an explosion of cybercrime. Indeed, annual global damages caused by cybercriminals are predicted to reach $10.5tr. by 2025 ^[2].

Against this backdrop, it is understandable that ‘data and cybersecurity policies’ are the top regulatory concern for 32% of treasurers over the year ahead, according to TMI and Barclays’ European Corporate Treasury Survey 2021.

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