As instant payments grow, digital commerce spreads, and artificial intelligence rises, staying a step ahead of the cybercriminals is increasingly tough. But with access to highly sensitive data, and as guardians of the company’s cash, treasurers can no longer hide behind the IT department when it comes to cybersecurity and fraud, writes Eleanor Hill, Editor.
Levels of corporate fraud are at an all-time high, largely because of the growing sophistication of cybercriminals. As such, fraud and cybercrime are no longer one-off instances of bad behaviour. They are front and centre risks for every business, 24/7/365.
In fact, according to the 2017/18 Kroll Annual Global Fraud & Risk Report, 84% of companies surveyed worldwide experienced a fraud incident in 2017, 86% reported at least one cyber incident, and 70% reported security incidents. The impacts of such attacks are well documented – from financial losses and reputational damage through to loss of competitive edge and low staff morale.