RCS - Eftsure - Eftsure Releases Guide on Mitigating Cyber Fraud
26/09/2023 08:15
For best results when printing this announcement, please click on link below: http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230926:nRSZ6076Na&default-theme=true RNS Number : 6076N Eftsure 26 September 2023 Eftsure Releases Comprehensive Guide on How Effective Financial Controls Can Mitigate Cyber Fraud Financial Losses are a Major Consequence of Cyber Scams, But Finance Leaders Now Have a New Resource to Help Them Upgrade Processes and Fortify Their Defences SYDNEY, AUSTRALIA / ACCESSWIRE / September 25, 2023 / The Latitude Financial, Optus and Medibank cyber attacks that impacted millions of Australians in the past 12 months have made it clear that bolstering cyber defenses is a business imperative in 2023. To see complete release, click link: https://www3.accesswire.com/viewarticle.aspx?id=787286&token=vk2noowitp98mte2ux2e. According to the Australian Competition and Consumer Commission, the business community saw a total loss of $23.2 million, a 73 per cent increase from last year. However, this only accounts for some reporting data, meaning that actual numbers are likely larger. "Lowering the risk of these scam losses requires a multi-faceted approach," says Mark Chazan, Chief Executive Officer of Eftsure (https://pr.report/Nq78PycV) , a B2B payment protection solution that safeguards over $180 billion annually. "One part of that approach should be strengthening internal controls and ensuring that digital fraud prevention is built into finance processes." To help businesses strengthen those controls, Eftsure has released a comprehensive guide for finance leaders. The Financial Controls Guide (https://pr.report/u6fItmeK) walks through a collaborative, multi-functional approach for assessing, upgrading and correcting an organisation's financial processes. As owners of these processes, Chazan says that Chief Financial Officers (CFOs) are in the best position to drive stronger anti-fraud controls. "To build a strong cyber defence, organisations need to evaluate their people, processes and technology." The guide will help CFOs zero in on the "processes" part of that equation, an important step in what Chazan refers to as "collaborative cybersecurity." A collaborative approach is critical, says Chazan, because organisations aren't fighting a fair fight. "Scammers only need to be successful once, whether that's getting an employee to click on a malicious link or impersonating a trusted contact. Conversely, organisations need to be successful at stopping these attempts every time - or else they could face serious financial, legal and reputational damage." This approach aligns with what is currently known about Australia's new national Cyber Security Strategy. Minister for Home Affairs and Minister for Cyber Security, Claire O'Neil, has emphasized a collaborative approach to both developing and implementing the 2023-2030 Australian Cyber Security Strategy, which will outline the Government's long-term vision for cybersecurity. "It's the step-change Australia needs to improve our national resilience to cyber threats and properly address the consequences of cyber incidents," Minister O'Neil has said. "We must work together to counter these threats, build partnerships and set ourselves up for success. Everyone has skin in the game when it comes to Australia's cybersecurity." From a business perspective, implementing an effective financial controls strategy is a step towards bolstering the organisation's overall cyber security posture that will enable it to effectively protect sensitive company and customer data - keeping cybercriminals at bay while it is business as usual. Contact Information Niek Dekker Head of Marketing niekd@eftsure.com.au (mailto:niekd@eftsure.com.au) +61 450 617 311 SOURCE: Eftsure This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com (mailto:rns@lseg.com) or visit www.rns.com (http://www.rns.com/) . RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy) . END NRABQLBLXKLZBBZ