Cybercrime and fraud are on the rise and new attack vectors are emerging with alarming frequency. Nicolas Trimbour, Head of Fraud Prevention and Chief Data Officer for Cash Management, BNP Paribas, and Laurent Sarrat, CEO at payments security fintech Sis ID, explore the latest tools and best practices for treasurers as the fightback against cybercriminals gains ground.
Cyber-attacks are a rising threat to organisations of all sizes, in all industries, and in all geographies. In readiness for the onslaught, every part of every business needs to be tuned to the shifting landscape.
For Trimbour there are four clear trends that must be observed. The first is that the push for digitalisation and the pandemic-driven emergence of homeworking is making unwary companies more vulnerable than ever. Uncoordinated implementation of new systems, and now means of access, can introduce uncharted systemic complexity. This state of confusion poses a wonderful opportunity for cybercriminals. And they are opportunists par excellence.
Indeed, Trimbour’s second trend is the increasing scale of impact of financial cyber-attacks, exemplified during the pandemic as homeworking became the norm for many. During this period, cybercrime has risen by 600%, with costs increasing 15% year-on-year. This figure could reach $10tr. by 2025.