On this episode of the 2020 Outlook podcast series, Host Craig Jeffery sits down with Tracey Ferguson Knight, Director of Solution Engineering at HighRadius to discuss forecasting the future of treasury. They unveil the top focus area for treasurers in 2020 and discuss how to profitably overcome its biggest pain point.
We’ve seen plenty of bad news about fraud. Scams are coming faster, more of them are succeeding, and companies’ losses are mounting. Many organizations are under-protected and insufficiently prepared. The data and analysis showing these facts are well-documented. Fearmongering, however, isn’t our goal.
In the final quarter of 2018, the average payoff amount for retrieving files encrypted in ransomware attacks was holding steady around $10,000. Early in 2019, the number began to rise, and only six months later it had quadrupled at $40,000. In 2019’s final quarter, the average amount was $84,116, and as if to warn that this number wasn’t going to drop anytime soon, the month of December saw the average rise to an unprecedented and shocking $190,000.
Host Craig Jeffery joins Chris Gerda, Risk and Fraud Prevention Officer of Bottomline Technologies to discuss the results and strategies from the 2020 Treasury Fraud & Controls Survey. Topics of discussion center corporate fraud concerns, security spend, hacking tactics, criminal innovation and more key findings.
Much as we all wish they would, cyber criminals are not sitting on their hands. While these groups and individuals are anything but admirable, we could stand to learn a few things from them in terms of creative innovation, adaptability, persistence, and patient commitment to goals. Our posture, while defensive, must be no less active and intentional than theirs, or we will inevitably fall behind and leave our organizations open to attack.