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Managing Risk in the Cloud: A Guide for Corporate Treasurers

What treasury managers need to know about cybersecurity, and how they can help guard their treasury management systems against threats.

By Andrew Bateman | Updated on July 20, 2017
Cyberattacks are incredibly widespread. According to the Kaspersky Security Bulletin, malware attacks were blocked on more than half (58 percent) of all corporate computers in 2015. Nearly one in every three business-owned computers (29 percent) was subjected to one or more Web-based attacks, and file antivirus detection was triggered on 41 percent of corporate computers. Headlines related to the latest high-profile hacks, security breaches, and data thefts are seemingly inescapable for anyone paying attention to the news.

Even corporate risk managers struggle to keep up with all the phishing, vishing, pharming, whaling, spoofing, baiting, spyware, malware, and ransomware terminology. Yet many treasurers are tasked with understanding and mitigating cyber risks. That’s due in part to the fact that corporate treasurers’ responsibilities have expanded significantly in recent years to include management of the company’s complex risks, regulatory oversight, and treasury technology. Treasury teams are now far more strategic than operational, and are expected to add more value to the organization than ever before.

Treasurers also have ultimate responsibility for many of the areas most commonly targeted by cyber criminals, including cash balances, global bank connectivity, high-value payments processing, and maintenance of repetitive payment instructions. Corporate treasury and payments functions are frequently the targets of cyberattacks. And the recent SWIFT hacks, which hit home for many SWIFT for Corporates users, have contributed to a feeling within the treasury community that everyone is impacted by cybersecurity concerns.

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