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Michael Kontorovich

 


Digitalisation’s impact on economic activity is all-encompassing.

But, whilst we often focus on the many benefits of digital transformation, we must also remember that it opens up new opportunities for cyber-criminals.

Organisations are enthusiastically embracing new applications, expanding their computer networks and migrating to the cloud. Unprecedented levels of data are being collected, processed, analysed and stored.

However, along with greatly expanded financial opportunities come greatly expanded attack surfaces.

Sophisticated criminal syndicates are actively hunting for vulnerabilities in organisations’ defences as a prelude to carrying out financial crimes. That’s why cyber-security needs to be on every CFO’s radar. Every CFO needs to understand that weak cyber-security can fatally undermine their organisation’s financial viability.

Among the greatest cyber risks confronting many organisations are Payment Redirection Scams, including Business Email Compromise (BEC) attacks.

In the last financial year, over 4,600 BEC incidents were reported to the Australian Cyber Security Centre (ACSC) according to the Annual Cyber Threat Report 2020-2021. Average losses from a successful BEC incident jumped a staggering 54% in one year, to $50,600.

This is clearly an exponentially expanding threat that organisations cannot afford to ignore.

Protecting an organisation requires both stronger perimeter defences to mitigate the risk of cyber intrusions, as well as stronger mechanisms to thwart any fraudulent activity in the event of a breach.

CFO Live invited eftsure CEO, Michael Kontorovich, to address 150 of Australia’s leading CFOs, helping them gain a deeper awareness of cyber-crime, its impact, and how organisations can strengthen their resilience.

With over 35 years’ experience in IT, Kontorovich has extensive experience as a software architect and technologist. Over the course of his career, he has co-founded four start-ups with a strong focus on the rapidly emerging fintech sector. In his capacity as CEO and CTO at eftsure, Kontorovich has spearheaded the development and enhancement of the functionality of the eftsure platform. His unique perspectives are enabling organisations to solve the growing problem of EFT payments fraud.

Joining Kontorovich at CFO Live will be:

  • Simon Birmingham, Minister of Finance
  • Gillian Larkins, CFO ASX
  • Vicki Brady, CFO Telstra
  • David Lamont, CFO BHP
  • David Marr, CFO Virgin Australia
  • Alan Oster, Chief Economist National Australia Bank

and over 150 other leading CFOs from around Australia.

Armed with an understanding of the rapidly evolving cyber-threat landscape, as well as associated financial risks, Australian CFOs will be well-placed to ensure they fulfil their fiduciary duties by safeguarding their organisation’s finances.

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