E-book: Navigating Your Way Through Cybersecurity
Take stock of your cyber defenses and play an active role in preventing and mitigating cybercrime in treasury
Understand What "More Secure" Means to You and Map Your Journey There
Cybercrime is everywhere, and it’s evolving. This guide helps treasurers like you take action to protect your organization’s “crown jewels” and create a secure technical environment as well as day-to-day processes. Learn more about what you can do now and how the right partner can help.
After reading this guide, you'll know:
- How to manage user access and why it’s important
- What goes into a secure technical environment
- How process optimization supports secure, compliant operations
FAQ
What’s the issue that most companies face when it comes to navigating security in treasury?
IT infrastructures in many industries – and treasury is no exception – are often a patchwork of legacy systems. They deliver results but can be cumbersome to use and maintain. If your organization doesn’t offer dedicated IT resources to treasury, you may feel overwhelmed when asked to engage with cybersecurity issues. It might even seem easier to stick with the status quo and hope for the best.
What are best practices for maximizing security of electronic payments?
Be sure to engage a partner who understands how people, technology and process optimization intersect to create a single, secure work environment. Look for support in establishing transparent payment processes, for example, and enacting group-wide policy and controls. Collaborate to review and restructure processes to shift your focus to high-value activities underpinned by compliant and efficient ways of working.
With regard to people:
* Follow a principle of dual approval that even applies to new users added to the system and individual employee signatures
* Establish advanced rights and roles concepts which furnish each user only with the clearance and the authority necessary to accomplish specific tasks at a specific group company
* Introduce rigorous access controls like single-sign-in coupled with IP restrictions to further curtail user access
* Launch two-factor authentication requiring two separate devices to access the system
With regard to technology:
* Establish a clear segregation of duties on every level
* Practice integrated vendor verification (including allow and blocklisting as well as real-time data validation) to eliminate risks such as procurement fraud, supplier fraud and vendor
fraud
* Leverage machine learning to help reduce erroneous transfers and other fraud attempts
With regard to processes:
* Streamline the banking landscape to reduce the risk of fraud
* Drive standardization across all entities using a single web-based solution
* Introduce process automation to meet compliance requirements and prevent manipulation
* Digitize processes and improve data quality to ease the burden of audits
* Implement sophisticated vetting and approval processes (from “four eyes” up to “twelve eyes”) for additional layers of security
With regard to people:
* Follow a principle of dual approval that even applies to new users added to the system and individual employee signatures
* Establish advanced rights and roles concepts which furnish each user only with the clearance and the authority necessary to accomplish specific tasks at a specific group company
* Introduce rigorous access controls like single-sign-in coupled with IP restrictions to further curtail user access
* Launch two-factor authentication requiring two separate devices to access the system
With regard to technology:
* Establish a clear segregation of duties on every level
* Practice integrated vendor verification (including allow and blocklisting as well as real-time data validation) to eliminate risks such as procurement fraud, supplier fraud and vendor
fraud
* Leverage machine learning to help reduce erroneous transfers and other fraud attempts
With regard to processes:
* Streamline the banking landscape to reduce the risk of fraud
* Drive standardization across all entities using a single web-based solution
* Introduce process automation to meet compliance requirements and prevent manipulation
* Digitize processes and improve data quality to ease the burden of audits
* Implement sophisticated vetting and approval processes (from “four eyes” up to “twelve eyes”) for additional layers of security
How can the right vendor help with cybersecurity for Treasury?
The right vendor can create a single, secure environment in the cloud. You focus on your core activities and continue to advocate for safe working practices while a separate team of technical experts host your web-based treasury management solution.
An expert in treasury management handles the migration and implementation as well as day-to-day running, support and updates so you can work quickly, easily and reliably with one secure system in one environment, develops and integrates protocols as the nature of cyber attacks evolves so you can actively prevent and mitigate cyber fraud through built-in procedures, and spends time analyzing how workflows can be made more efficient and secure so you can spend time analyzing accurate, real-time data and making recommendations to the board.
An expert in treasury management handles the migration and implementation as well as day-to-day running, support and updates so you can work quickly, easily and reliably with one secure system in one environment, develops and integrates protocols as the nature of cyber attacks evolves so you can actively prevent and mitigate cyber fraud through built-in procedures, and spends time analyzing how workflows can be made more efficient and secure so you can spend time analyzing accurate, real-time data and making recommendations to the board.
