# Corporate Treasury Is Top Target For Cybercriminals
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-10-12
Category: BANKING
Category URL: https://financedigest.com/category/banking
Meta Title: Corporate Treasury Cybersecurity Survey Findings
Meta Description: Discover how cyber criminals exploit vulnerabilities within corporate treasuries, exposing the risks associated with third-party suppliers in this eye-opening
URL: https://financedigest.com/corporate-treasury-is-top-target-for-cybercriminalshtml

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Deutsche Bank and Economist Intelligence Unit release findings of survey

Corporate treasury is a top target for cyber-criminals. Treasury’s trove of personal and corporate data, its authority to make payments and move large amounts of cash and its often complex structure make it an appealing choice for cyber criminals, a survey by the Economist Intelligence Unit and Deutsche Bank revealed.

“Sophisticated cyber-criminals often use [social engineering and inside information to execute high-value thefts via corporate](https://www.financedigest.com/corporate-social-responsibility-within-the-festival-industry.html "Corporate Social Responsibility Within The Festival Industry") treasuries”, said Michael Spiegel, Head of Cash Management at Deutsche Bank. “Our research has identified serious gaps in corporate defense, including vulnerabilities hidden with third parties and their subcontractors. This [gives](https://www.financedigest.com/german-bond-yields-give-up-rise-after-u-s-price-data.html "German bond yields give up rise after U.S. price data") cyber criminals the opportunity to steal data.”

Since an increasing number of treasuries have outsourced their [back office](https://www.financedigest.com/rouzbeh-pirouz-why-disabled-employees-should-not-be-forced-to-go-back-to-the-office.html "Rouzbeh Pirouz Why disabled employees should not be forced to go back to the office") and payment factory processes to shared services, treasury departments are particularly vulnerable. The [risk posed](https://www.financedigest.com/omicron-poses-very-high-risk-but-data-on-severity-limited.html "Omicron poses ‘very high’ risk but data on severity limited") by insecure third parties is particularly high.

[According to the research](https://www.financedigest.com/senior-leaders-more-at-risk-of-burnout-than-ceos-according-to-new-research.html "Senior leaders more at risk of burnout than CEOs, according to new research") almost every fifth company (19 percent) doesn’t check whether their suppliers use the same methods for identity authentication as they do. “This leaves an open door for fraud”, according to Spiegel. Often, companies and suppliers don’t coordinate regulatory and compliance rules. Nor do they always ensure that information security requirements which apply to third parties are also extended to their subcontractors. Even though almost all companies in the survey performed internal [penetration testing](https://www.financedigest.com/penetration-testing-market-to-register-an-impressive-cagr-of-13-9-during-2017-2027-ibm-corporation-rapid7-inc-microfocus-qualys-inc-synopsys-inc.html "Penetration Testing Market to Register an Impressive CAGR of 13.9% During 2017 – 2027 |IBM Corporation, Rapid7, Inc., Microfocus, Qualys, Inc., Synopsys Inc") (92 percent), one-third of companies (33 percent) do not conduct external testing. Only 38 percent of [companies require all of their third parties and suppliers to perform penetration testing](https://www.financedigest.com/lateral-flow-assay-test-market-2021-global-leading-companies-analysis-revenue-trends-and-forecasts-2027.html "Lateral Flow Assay Test Market 2021 Global Leading Companies Analysis, Revenue, Trends and Forecasts 2027").

Sectors with the lowest percentage of authentication testing are, according to the research, manufacturing (43 percent), Agriculture and agribusiness (38 percent), Energy and Natural Resources (32 percent), Construction and [Real Estate](https://www.financedigest.com/how-to-buy-income-producing-real-estate-without-your-own-money-or-credit.html "How to Buy Income-Producing Real Estate Without Your Own Money or Credit") (31 percent) and Professional Services (25 percent).

The research paper (Third Party Risks: The cyberdimension) by the Economist Intelligence Unit, can be downloaded via the download section of the [Deutsche Bank](https://www.financedigest.com/deutsche-banks-rollercoaster-ride-towards-more-stability.html "Deutsche Bank’s rollercoaster ride towards more stability") Newsroom (www.db.com/newsroom)

![Infographic](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/infographic-third-party-r-1736843380213-compressed.jpg)


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