In this “new normal” (or “new abnormal”) that we find ourselves in as a result of the pandemic, the number of cyber and fraud attacks have been on the rise, as have their level of sophistication, as “bad actors” seek to take advantage of the situation. As the owners of remittance and payments processes, treasury and finance are right in the center of this issue.
In this month’s blog, our theme is on mitigating cyber and fraud risk in treasury and finance. To that end, APQC recently spoke with Subject Matter Expert Jeff Diorio (Director, Treasury Strategies) to glean his insights about some of the most common forms of cyber-attacks on treasury and Accounts Payable (AP), techniques bad players are incorporating, examples of the tools and technologies that organizations are using to mitigate cyber-risks, and practices/recommendations organizations can utilize to help minimize risk in treasury and finance. Diorio has more than 30 years of experience working with financial technology, global treasury operations, disaster recovery and redundancy planning, and cyber-risk and fraud mitigation. Diorio co-heads the Treasury Advisory practice at Treasury Strategies, working with corporate treasury departments, treasury technology vendors, and financial institutions.