18th Nov 2020

The security implications of Covid19 and remote work on the finance function

In our latest blog post we examine why prevention is better than a cure when it comes to fraud.

There’s no denying Covid has impacted every element of our lives. When it comes to the world of work it is hard to imagine things going back to how they were at all, particularly in terms of office-based working.

So where does that leave shared services or global business services (GBS) teams, where it was traditionally believed that physical proximity was critical to getting many processes, particularly more complex ones, done effectively?

Surely one of the most critical areas in a shared services environment must be on ensuring the Finance contingent of the department is as safe and secure as possible to minimise fraudulent activity?

Well, according to a recent report from Gartner only 13% of shared services leaders report that fraud has increased with the transition to remote work. Maybe it is not as pressing as we have been led to believe…

But when we consider just how much fraud has correlated with the rise of home working this year (Action Fraud reported that it received 3,916 reports of cybercrime during the first month of lockdown alone) security has to be a bigger concern.

Well, when we take another look at the Gartner report it reveals that an additional 37% of leaders are unsure if fraud has increased or not, giving rise to the worrying possibility that fraud has increased, undetected.

For peace of mind across shared services teams and the wider organisation in which they sit, it is imperative that the right tools are in place to ensure there is a safe environment to keep the payments and collections processes moving securely.

These teams need to be able to transfer files securely around their network as securely as they could in the office.

With the rise of bad actors lurking and the dangers posed by team members using their own devices to access sensitive payments and collections data, extra precautions must be made, such as proactive and pre-emptive flags that highlight potentially fraudulent activity and erroneous transactions.

This can ensure finance teams receive real-time automated alerts, allowing an action to be taken immediately, or prevention of an event completely.

To find out more about how to ensure your firm has bank-grade security and secure encryption of payments files ensure third party breaches are eliminated, schedule a demo with one of our finance and treasury specialists now.