Is Your Treasury Putting Your Data at Risk?

Updated on February 14, 2024

Assessing treasury operations provides an opportunity to analyze your overall IT vulnerabilities across the board.

Statistics show that, just like cyber risk, the greatest fraud threat to businesses often comes from within and originates from users, accounts and endpoints.

IT security is therefore an extremely important aspect that should not be overlooked when evaluating and modernizing your current treasury operations systems.

Here are the different points to examine and consider in your improvement plan.

Identify your vulnerabilities

Examine your system infrastructure, processes and delegation of responsibilities to determine potential threat sources.

Take your methods to the next level

Find simple ways your organization can move away from high-risk payment methods to reputable, electronically traceable payment methods.

Improve your cybersecurity posture

Boost your overall digital security posture with some essential cybersecurity basics.

Minimize your fraud exposure

Automate processes to reduce your exposure to fraud and human errors.

Protect your endpoints and access

Ensure that your endpoints, communication channels and platform access are properly protected.

Implement best practices

Apply best practices to your accounts. For example, use unique and complex passwords for the platform, ideally relying on a password manager, and enable the use of multi-factor authentication.

Protect your managed endpoints

At the same time, you should consider implementing a managed endpoint protection (XDR) solution, since a compromised endpoint could allow an attacker to exploit your own active sessions.

Install an email filtering solution

An advanced email filtering solution is also highly recommended. Emails remain a key attack vector for attackers, and you should be properly protected so that your colleagues are less exposed to social engineering, phishing, spam or other email threats.

Implement a managed treasury solution

Using managed solutions will give you a stronger security posture, with no additional burden on your teams, and help improve your organization’s efficiency and resilience.

Leverage internal training

Even if your organization updates its policies and governance during this modernization, you should support your security improvement efforts with a cybersecurity awareness training campaign to ensure everyone is up to speed on the latest best practices.

To ensure that you make the right choices among the proposed solutions, get an expert who understands your needs and will steer you in the right direction.