28 October 2016

Deutsche Bank’s Global Transaction Banking has published a new whitepaper on the growing threat of cybersecurity. Entitled, Beyond IT Controls, the paper looks at the risks, the controls that banks can implement to defend against cybercrime, how corporates can mitigate risks and the future of cybersecurity.

The paper acknowledges that while the current business paradigm accelerates towards digitalisation, full realisation of its consequences is lagging in some areas. The worldwide economic and security impact is, for example, costing the US one third of its GDP.

The report adds that cybersecurity, once the territory of a company’s IT department, now transcends the entire organization. “Nowadays, every single person working within an organisation must understand their role and apprehend their responsibility for their organisation’s cybersecurity defences.”

The C-suite in particular must grasp its importance and educate themselves as to the dangers and necessary safeguards. Effective and up-to-date technical controls are essential, but increasingly employees – whether knowingly or unwittingly – are the most frequent cause of security breaches.

The paper concludes that corporates cannot afford to hold back on cybersecurity. Taking a more holistic approach influences the success of the cybersecurity programme. And banks can help: “Corporates may leverage the advice and support of their banking provider to maintain and consistently update their fraud detection and prevention set-ups and their cybersecurity tactics as a whole. That way, they have the best chance of eluding a shifting – and ever more slippery and dangerous – web of cyberthreats.”

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