Insights on Cyber Security: Treasuries manage the one asset all cyber criminals are after
During the Deutsche Bank Insights on Cyber Security event Eward Driehuis, Chief Research Officer SecureLink, kicked off with a clear message “Treasuries should be vigilant, since they’re the ones managing the one asset all criminals are after. As criminal activities evolve, expect to be targeted by social engineering and hacking. Criminals want to do that one high value fraud and never come back.”
Deutsche Bank hosted a dedicated event with forty participants from Dutch Corporate treasuries to give insights on Cyber Security. The event took place at Deutsche Bank office in Amsterdam with speakers who are very familiar with the Dutch Cyber Security landscape.
You too!
‘Evolved criminal business models impact your treasury too’, is the clear warning of Eward Driehuis from SecureLink. He painted a realistic landscape of current cyber security threats. SecureLink is a Dutch company with offices in sixteen countries that manages and realizes enterprise security architectures. With his in depth knowledge of cybercriminal organizations Eward explained how cybercrime is constantly evolving and how criminals penetrate financial infrastructures and treasuries on a very professional level. The cyber invasion trends at this moment are CEO fraude, Bookkeeper PC manipulation and hacking financial back-ends. Fortunately Eward also gave some key take a ways for strategies to defend yourself against attacks:
Cyber Security needs to be at the top of your company’s agenda
Processes and operational controls need to be put into place to reduce the risk of exploit
Client patterns and behaviour analysis can help block anomalous and suspicious activity
Infrastructure enhancements and optimization need to be revised regularly
Protecting your critical assets in the digital age
The second presentation from Mark Buningh, Aon Cyber Risk Practice Leader in the Netherlands, was all about risk assessment and the role of the corporate treasurer. Aon is the leading global provider of risk management, insurance and reinsurance brokerage. “Corporate Treasurers and Financial Leaders are in the unique position to inform management around risk retention and risk transfer strategies. Protect your critical assets by assessing the financial impact of your evolving risk exposures.” Mark explained that as we are the generation that went online, so did the risks associated for all critical data from companies. According to a research from Deloitte in 2016 Cybercrime costs the Dutch economy 10 milliard euro. Hence, ample reasons to be concerned about your cyber risk and the protection of your critical assets. His key take a ways for corporate treasurers were:
Understand the top risks to your company
Know and meet regularly with your Information Security/IT team
Understand your contracts with your customers
Review your risks with your risk committee, insurance broker and insurers continually
Regulatory aspects of Cyber Security in payment space
Deutsche Bank is very much involved in driving the regulatory digital banking agenda explained Polina Evstifeeva from the Market Advocacy team at Deutsche Bank. Digitalization will bring new challenges and opportunities. Opportunities like new market participants and banks offering advanced digital products in payments space (driven by the Capital Markets Union initiative* and PSD2**), and challenges like cyber risks and a need for enhanced data protection (addressed in the NIS Directive*** and GDPR****). Her key take away is to have a regular dialogue with your banking partner about the digital changes in the payment area.
Edwin Hartog, Head of Cash Management Corporates the Netherlands concluded that this is a dialogue which is crucial in this digital age. Cyber threat will remain a permanent matter of concern. “Continuous investments in risk treatment is required by banks and corporates. Deutsche Bank considers itself as a frontrunner in digitization. We look forward to continue this dialogue with our clients on this crucial topic.”
* Capital Markets Union – an initiative launched by European Commission in 2015 with a view to bring more investments into the European market.
** PSD2 (Payment Service Directive 2): a successor of PSD, established requirements for provision of payment services. Adopted in January 2016, the directive becomes mandatory for compliance after its transposition into national laws (Member States should do it by January 2018).
*** NIS Directive (Network and Information Security Directive) - The Directive provides legal measures to boost the overall level of cybersecurity in the EU. Adopted in July 2016 it will become mandatory for compliance after its transposition into national laws (Member States have 21 month for it)
**** GDPR (General Data Protection Regulation) - Regulation on the protection of natural persons with regard to the processing of personal data and on the free movement of such data. Adopted in May 2016, the regulation becomes mandatory for compliance from 25 May 2018.
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During the Deutsche Bank Insights on Cyber Security event Eward Driehuis, Chief Research Officer SecureLink, kicked off with a clear message “Treasuries should be vigilant, since they’re the ones managing the one asset all criminals are after. As criminal activities evolve, expect to be targeted by social engineering and hacking. Criminals want to do that one high value fraud and never come back.”
Deutsche Bank hosted a dedicated event with forty participants from Dutch Corporate treasuries to give insights on Cyber Security. The event took place at Deutsche Bank office in Amsterdam with speakers who are very familiar with the Dutch Cyber Security landscape.
You too!
‘Evolved criminal business models impact your treasury too’, is the clear warning of Eward Driehuis from SecureLink. He painted a realistic landscape of current cyber security threats. SecureLink is a Dutch company with offices in sixteen countries that manages and realizes enterprise security architectures. With his in depth knowledge of cybercriminal organizations Eward explained how cybercrime is constantly evolving and how criminals penetrate financial infrastructures and treasuries on a very professional level. The cyber invasion trends at this moment are CEO fraude, Bookkeeper PC manipulation and hacking financial back-ends. Fortunately Eward also gave some key take a ways for strategies to defend yourself against attacks:
Protecting your critical assets in the digital age
The second presentation from Mark Buningh, Aon Cyber Risk Practice Leader in the Netherlands, was all about risk assessment and the role of the corporate treasurer. Aon is the leading global provider of risk management, insurance and reinsurance brokerage. “Corporate Treasurers and Financial Leaders are in the unique position to inform management around risk retention and risk transfer strategies. Protect your critical assets by assessing the financial impact of your evolving risk exposures.” Mark explained that as we are the generation that went online, so did the risks associated for all critical data from companies. According to a research from Deloitte in 2016 Cybercrime costs the Dutch economy 10 milliard euro. Hence, ample reasons to be concerned about your cyber risk and the protection of your critical assets. His key take a ways for corporate treasurers were:
Regulatory aspects of Cyber Security in payment space
Deutsche Bank is very much involved in driving the regulatory digital banking agenda explained Polina Evstifeeva from the Market Advocacy team at Deutsche Bank. Digitalization will bring new challenges and opportunities. Opportunities like new market participants and banks offering advanced digital products in payments space (driven by the Capital Markets Union initiative* and PSD2**), and challenges like cyber risks and a need for enhanced data protection (addressed in the NIS Directive*** and GDPR****). Her key take away is to have a regular dialogue with your banking partner about the digital changes in the payment area.
Edwin Hartog, Head of Cash Management Corporates the Netherlands concluded that this is a dialogue which is crucial in this digital age. Cyber threat will remain a permanent matter of concern. “Continuous investments in risk treatment is required by banks and corporates. Deutsche Bank considers itself as a frontrunner in digitization. We look forward to continue this dialogue with our clients on this crucial topic.”
* Capital Markets Union – an initiative launched by European Commission in 2015 with a view to bring more investments into the European market.
** PSD2 (Payment Service Directive 2): a successor of PSD, established requirements for provision of payment services. Adopted in January 2016, the directive becomes mandatory for compliance after its transposition into national laws (Member States should do it by January 2018).
*** NIS Directive (Network and Information Security Directive) - The Directive provides legal measures to boost the overall level of cybersecurity in the EU. Adopted in July 2016 it will become mandatory for compliance after its transposition into national laws (Member States have 21 month for it)
**** GDPR (General Data Protection Regulation) - Regulation on the protection of natural persons with regard to the processing of personal data and on the free movement of such data. Adopted in May 2016, the regulation becomes mandatory for compliance from 25 May 2018.