Cybercrime is any criminal activity that involves using computers, mobile devices or other electronic devices for purposes such as fraud and theft. Cybercriminals use digital devices to attain access to a user’s personal information.

Cybercrime is a serious issue that individuals and businesses are still struggling to combat. There are many different types of cyber crimes and they all continue evolving, such as business email compromise, business identity theft, ransomware, malware, phishing, social engineering, phone scams & more.

According to the Australian Cyber Security Centre (ACSC), Australian organisations have reported a total loss of more than $33 billion from cybercrime from the 2020-21 financial year.

CFOs have a fiduciary duty to safeguard their organisation’s finances. With cyber-crime representing an increasingly significant risk to those finances, it’s important to implement digital controls. Not only are finances affected but also increase insurance premiums, impact credit rating & valuation, cost of business disruption, reputational costs and impact cash flow.

A sub-committee of the board should be established with all relevant executives to ensure comprehensive staff training programs, appropriate policies and internal controls, and technologies are adopted organisation-wide to help prevent losses from cyber-crime.

In most cases, cyber criminals’ objective is to attain financial gain from either individuals or businesses. This is achieved either by gaining access to types of data such as financial information (credit cards, invoices, bank details) company information (emails, usernames, passwords) and more.

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