Finance Professionals Offer Powerful Defense Against Cybersecurity Threats

By Christina Quaine.

A recent PwC survey found that rising cybersecurity threats are the number one concern for CEOs around the world. It’s not surprising, as malware, ransomware, and phishing scams that provide criminals with access to sensitive customer and financial information can result in hefty financial loss and do irreparable damage to a firm’s reputation.

As firms look to better protect themselves, payments remain a key area of concern. The 2022 AFP Payments Fraud and Control Survey found that 71 percent of organizations were victims of payments fraud attacks or attempts last year. Checks, still a primary payment source for many businesses, were the payment method most impacted by fraudulent activity, accounting for 66 percent of attacks.

Firms have powerful allies at their disposal to help protect against the growing threats—the finance and payments team. These professionals can leverage advanced technologies, including artificial intelligence (AI), and security best practices to keep a watchful eye and ward off potential attacks.

Here’s a look at just how they can serve as an effective layer of defense, strengthening protection in their organizations from cybercrime that can have devastating effects:

Take a 360-degree view of the threat environment and understand the risks

Understanding cybersecurity risks and generating awareness of them is the first step in training the finance and payments teams to help protect against them.

PwC reports…