The top cybersecurity threats Finance should watch for in 2020

You know that cybersecurity threats never stop. Criminals are always finding fresh ways to snag secure information or trick your staff into wiring payments.

What types of risks should your company be wary of this year? To answer that question, Trend Micro compiled a list of the top cybersecurity threat predictions for 2020.

As CFO, you keep a pulse on business and technology trends, so you may find yourself familiar with some of these top threats. The critical part for you will be to make sure your entire company – and your finance department, especially – is mindful of them, too. The more awareness you create, the less likely it is for employees to fall victim to cybersecurity threats. That way, your company’s money and data stay right where they belong.

Ready to prep your team for what lies ahead? Check out five of the most prominent cybersecurity dangers that could impact your company in 2020:

1. Remote attacks

Stay on guard if you have employees on the go, managers approving invoices at home or staffers working remotely. Since home and public spaces aren’t as secure as corporate networks, scammers will look to create attacks using home and public networks by impersonating employees.

With the coronavirus pandemic happening worldwide, this threat has become even more pertinent. Many companies have employees working from home, including those that don’t normally and may be less familiar with off-site connectivity. So, be sure your employees are properly prepped to work outside of the office, perhaps with a fact sheet or a companywide email spelling out remote cybersecurity considerations.

2. A complex twist on phishing

Your finance department has likely seen email phishing scams where impostors send a message pretending to be your CEO or an important vendor. But there’s a newer version of this classic phishing scam on the scene.

“Deepfakes,” where scammers use AI-generated images, videos or audio for social engineering, are becoming more common, Trend Micro says. For example, instead of sending a regular BEC email, scammers may use AI to impersonate the voice of your CEO over the phone.

3. 5G networks

Is your company using 5G? This technology is expected to present vulnerabilities, merely because it’s newer and people aren’t as prepared for threats. And you can bet scammers will take advantage of that.

Be sure to stay in close contact with IT about what cybersecurity measures are being implemented in relation to 5G networks. 

4. Cloud platforms

As cloud-based software becomes more widely implemented at companies, cloud-related breaches will continue to rise, Trend Micro predicts.

Nowadays, most accounting, payroll, HR and other common types of business software are deployed in the cloud. It’s easier and more accessible for companies. But once again, you’ll want to verify that any department using cloud-based software has been properly trained on using it securely. Also, check in with both IT and the software vendor about what security precautions they have in place to deter breaches and similar threats. 

5. Blockchain

If your company’s using this newer payment method, scammers may try to use it against you. They can “formalize cryptocurrency payments and record them on the blockchain.”

This is one you’ll want to put on your A/P department’s radar, so they can monitor any blockchain payments closely. Also, if your company’s debating whether to use blockchain in certain instances, you know cybersecurity should be one of the major topics to consider.