Do you know who to call if your ERP is hacked? How will you make payments if treasury systems are disabled? Is cyber insurance the best form of risk mitigation? These questions and more were answered during a recent roundtable discussion hosted by Abu Dhabi Commercial Bank (ADCB) – which saw corporates, industry experts and ADCB executives share best practices on keeping treasury secure in the digital age.
Cybercrime activity in the UAE is on the rise, with malware and phishing attacks being the most prominent vectors. In fact, the UAE now ranks eighth in the most cyber-attacked countries in the Middle East and Africa region. Electronic fraud cases are also increasing in the UAE, and although the government is imposing heftier fines for cybercrime, the perpetrators remain extremely difficult to track – and can be working from anywhere in the world.
In an increasingly digital world, treasury needs to be on the front foot when it comes to cybersecurity. This is precisely why ADCB hosted roundtables in Abu Dhabi and Dubai on this topic in April 2019, led by Isaac Thomas, Head of Transaction Banking, ADCB and Sherie Morais, Head of Business Development, Transaction Banking, ADCB.