WC CFO TheStrategicCFO#44 Online NZ Final - Flipbook - Page 1
CFO’s need to see CYBER FRAUD not as an IT ISSUE
Battling cyber fraud,
requires investment
in training staff.
It’s the best form of
insurance alongside
effective protocols and
technology.
Photo: Gavin Jowitt
Mike Kontorovich, Co-founder & CEO, eftsure
An increasing concern Kontorovich says,
is the expectations CFO’s have of staff
to play detective. “They expect them to
identify fraudulent invoices they are illequipped to.”
Expecting staff with
no training to identify
illegitimate invoices or
changes to bank details
is asking for trouble.
Greater investment must
be made in training and
technological resources
to help them do what’s
expected. The attitude
of CFO’s is part of
the problem,
Kontorovich says.
”
Both Kontorovich and Connory say
hackers view Australia as easy pickings
and a perfect storm is now brewing for
a major attack. Australia is currently
the third most targeted country for
cyberattacks.
Kontorovich says an attack will
happen because of the:
(i) pervasive use, reliance and
misplaced trust in emails
(ii) ease with which identity theft is
now occurring in the digital world
(iii) Australian banks don’t match payee
names to BSB and bank account
numbers.
”
“Little can be done legally,” Sutton
says once money is stolen by overseas
hackers. “It’s better to be vigilant than
discover you’ve been duped thousands
of dollars. “This is really where a penny
of prevention is better than millions
of dollars of (loss and) cure.”
Fresh Supply Co, renowned for its
governance protocols, is one Australian
corporate leading the way in training
staff around cybersecurity.
David Inderias, Fresh Supply Co’s,
Founder and CEO knows the importance
of security and equipping staff with the
resources needed to protect data.
While digital business transformation
strategies and technologies evolve,
business, finance and accounting
payment controls remain manual.
Inderias, along with the company’s
Chairman Dr Ben Lyons, are working
to ensure Fresh Supply Co remains
ahead of the game around cybersecurity
and fraud.
With technology’s evolution and a
commitment to defraud, it’s like taking
a knife to a gun fight. “It’s an unfair
fight – professional fraudsters only need
to succeed once to devastate a company,
yet the company and their staff have
to be successful each time at picking
up a false invoice.”
“Even in our emerging field of tracking
food with blockchain technology, we have
partnered with players like MasterCard
to ensure we deliver our services at
the speed, security and scalability of
financial systems, that others cope
with and work.”
eftsure has a joint business relationship
with PwC Australia, through the firm’s
professional services Align program.
PwC boss Ross Thorpe said, “Align,
looks at technology from upcoming
companies and introduces them to our
larger clients. It is solving a big problem
(for) a number of clients.”
Leading Australian Criminal Lawyer and
National Practice Manager of Armstrong
Legal, John Sutton, understands fraud
better than most, “but the cyberworld
is a rapidly moving feast.” he says.
“Our business,” Inderias says, “is built
on trust. Our investment in training
must be equally significant. We have
to ensure privacy and protection which
means taking seriously all aspects
of cybercrime and fraud.”
As Connory says,
Training is the
foundation to cyber
resilience.
”
CFOMagazine.com.au
