Category

Cyber risk

Cyber riskInsuranceRisk Management
February 9, 2023

Ray of Hope: Cyber Catastrophe Bonds May Boost Insurer Capacity

The first cyber cat bond could spell some relief for corporates navigating a hard market for cyber insurance. Corporate treasurers and risk managers whose companies face ever-increasing cyber risk may soon have a new tool to discuss with brokers and insurers as they build insurance towers and navigate the hard, capacity-strained market for cyber coverage: catastrophe bonds. Last month, U.K. insurer Beazley sold $45 million in cyber cat bonds, the first deal of its kind—following more than a decade of discussion about…
Justin Jones
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Cyber riskRisk ManagementTechnology
February 24, 2022

Spending to Save: Making a Case for Payments Fraud Prevention Tools

Turning to banks, internal auditors and ERM teams may help treasury teams overcome a dearth of fraud data.  Payments fraud schemes hit 74% of companies in 2020, and two-thirds of treasury and finance professionals blame the pandemic for some of the increase in fraud at their companies, according to an AFP survey. Whatever the causes, the problem has made tools that can prevent scams more important than ever. But some treasury teams in need of those solutions are hitting a…
Justin Jones
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Cyber riskRisk Management
December 1, 2021

Cyber Insurance Reality Check: Stress Testing to Set Coverage Goals

One company got help doing stress tests to report to senior management what cyber coverage it needed and why. Corporations scrambling to cope with the rising threat of data breaches and ransomware attacks face the additional, unpleasant reality of soaring premiums (see chart) and shrinking capacity in the cyber insurance market. That’s putting more pressure on finance teams to weigh the potential risks of forgoing or reducing coverage against the high price of having protection. At a recent meeting of NeuGroup…
Justin Jones
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CryptoCyber risk
September 30, 2021

The Treasury Cryptocurrency Handbook, Chapter 1: Ransomware

Finance teams prepare for questions on crypto as corporates plan for ransomware attacks.Cryptocurrency and ransomware proved popular topics at a recent meeting of NeuGroup for Global Cash and Banking, during both the Projects and Priorities session and in a smaller breakout group. Some members are being asked how treasury plans to respond if cryptocurrency is needed in the event of a ransomware attack.Most members said their companies have no current interest in investing in or holding cryptocurrency.  A few members…
Justin Jones
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Cyber riskRisk ManagementTechnology
February 4, 2021

Questions About Answers: Moody’s Cybersurvey Raises a Few Concerns

NeuGroup members want to know how the credit rating agency will use survey responses about cyber risk.High-profile corporate cyberattacks have many companies reevaluating how they mitigate cyber risk. And over the past few months, some NeuGroup members have received a lengthy survey from Moody’s asking questions about their companies’ approaches to cybersecurity. The survey, which Moody’s says has about 60 questions, has raised questions—and a few concerns—about what Moody’s will do with the answers.Below is some of what members said…
Justin Jones
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Cyber riskTalking Shop
January 28, 2021

Talking Shop: Which Area of Your Company Owns Fraud Risk and Training?

Member question 1: “Which area of your company ‘owns’ fraud risk? “I am interested in benchmarking ownership of fraud risk management, from policy setting to training and compliance monitoring. The scope of the fraud risk management is broad and includes data security, wire transfers, general theft, IP protection, etc.“Do you have one owner or is it co-owned by multiple departments (treasury, legal, auditing, etc.)?” Peer answer: “For us, it is owned by different groups based on the source of the fraud.…
Justin Jones
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COVID-19Cyber riskTechnology
January 12, 2021

Locking Up: Preventing Cyberfraud Attacks by Identifying Weaknesses

NeuGroup members share successes and failures keeping their companies secure amid the shift to an all-digital workforce.The all-digital work from home environment has left treasury teams more connected to their devices than ever, but also left them—and their companies—more vulnerable to fraud. But by identifying weaknesses early, teams can resolve issues before fraudsters even have a chance to strike. Members at a recent meeting of NeuGroup’s Treasurers’ Group of Thirty discussed their approaches to prevent the threat, one that continues…
Justin Jones
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Cyber riskTechnology
October 15, 2020

Taking A Second Look: Corporates Reconsider Cryptocurrencies

Members share their curiosity about embracing cryptocurrency amid more regulation.Efforts by central banks and finance ministers to block the widespread use of digital currencies until strong regulation is in place—along with the emergence of new types of currencies—are leading some corporates to reconsider earlier decisions to avoid accepting cryptocurrencies as payment. That is among the takeaways from a discussion at a recent meeting of NeuGroup for Retail Treasury, sponsored by U.S. Bank, during which one member said her company, encouraged…
Justin Jones
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COVID-19Cyber riskTechnology
August 11, 2020

Cost-Cutting Corporates Need to Factor in ROI of Cybersecurity

Quantifying the value of cyber defenses as some companies look to cut costs amid COVID. Cybersecurity is a major concern for NeuGroup member companies, and the pandemic has forced them to pay more attention to the risks of having so many people in finance roles working from home as the push for accelerated automation and digitalization grows. At the same time, COVID-19 has also pushed companies to tighten their belts. But cutting spending on cyber defenses looks like a potentially costly…
Antony Michels
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Capital MarketsCyber riskInsurance
June 9, 2020

Life Sciences Treasurers Speak to Capital Market Strategies, Insurance and Payment Fraud Mitigation

By Joseph Neu The NeuGroup Life Sciences Treasurers’ Peer Group completed its H1 meeting series last week, sponsored by Societe Generale. Here are a few takeaways I wanted to share: Three types of companies with three capital markets crisis strategies. Life sciences businesses, like those in most sectors, fall into three general capital market strategy buckets: Those needing rescue capital in order to survive through this crisis.Those looking to fortify their balance sheets.Those looking to be opportunistic to monetize high…
Joseph Neu
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