There has been a lot of recent discussion about corporate financial cybersecurity. Assuming that you realize that fraud prevention is important (although that’s not always the case), the next question is “OK – so what measures do I need to take, to stop my company from becoming a victim of internal or external financial fraud?” Here are six ways that a treasury management system, combined with an educated treasury team, can lock down your organization’s cash and payments:
- Improved application security: strong password controls, such as dual-factor authentication, as well as measures such as IP filtering.
- Heightened data security: host your TMS in a secure, off-site data center and employ measures such as data encryption at rest and penetration testing.
- Deeper visibility into bank accounts: centrally manage all global bank accounts and maintain a central database of approvers and signatories.
- Digital signatures: digitally authenticate payment files to minimize payments being made without correct approvals.
- Payment workflows: reduce the risk of spear-phishing with multiple, standardized levels of approval and ensure approvals are electronic.
- Standard settlement instructions: avoid illicitly redirecting funds through electronic workflows and integration of trading and payments activities.
To get more information on these solutions, as well as overall tips for improving your organization’s resiliency to fraud attempts, download the free ebook, “Six ways to prevent financial fraud with Kyriba.”
Kyriba’s Extended Security Package