Accounts Payable are an account on the company’s general ledger which is the list of all money it owes, while Accounts Receivable are unpaid invoices, owed to the company by its customers.
Any organization can be a target of malicious attacks, but in recent years financial executives have become the number one target for ransomware attacks or phishing scams. Professional accountants, then, are also vulnerable to such events as business email compromise or social engineering.
The finance department have all important data such as bank account information and personal details, which is why they should be mindful of the cyber risks and how to protect themselves from attack.
Once a malicious software has infected your computer network or work devices, information or files become unusable. Often times, attackers encryp or breach files which then demands a ransom from the victim in order to restore data that was lost. Account Payable teams are commonly affected from the attack due to their company information becoming compromised. As a result, organisations can either pay the ransom or be at risk for greater threats.
Once malware infects your network or devices, there’s a risk that you’ll lose access to important files and information. If a malicious hacker does manage to encode or breach any of your files, you’ll need to make a ransom payment in order to get your data back. AP teams are often targeted through their ERP systems or malicious email attachments.
Companies can experience invoicing fraud when making B2B electronic payments. Invoices can be intercepted by hackers and manipulated, making unauthorized edits. Once a business makes a payment to a undetected compromised invoice, the hackers can expect funds to be received in their accounts.