Jacopo Santaiti, Cybersecurity Manager at fintech company Soldo
Not a day goes past without news of a business impacted by cybercrime. In fact, the issue is so heightened, the global cost of it has now surpassed around $10trillion.
While many businesses are well-versed in ways to protect themselves from cyberattacks – implementing strong firewalls to secure networks and databases and creating strong policies and practices, to name but a few – one often overlooked area is spend management.
Whether its real-time visibility, control, and security over financial transactions, robust spend management tools and processes can help detect and prevent fraudulent activities, unauthorised access, and potential data breaches that could compromise a business’ financial assets and sensitive information.
Below are the ways in which businesses can protect themselves against cybercrime with spend management tools and tips on what to keep in mind when adopting technology.
- Humans 🤝 spend management technology
Digital technology is everywhere, creating many ways for cybercriminals to attack. Unfortunately, people often don’t understand these risks, and this lack of awareness is rife amongst employees who may feel more detached from company finances than their own.
While more businesses are getting cyber insurance, it’s still crucial for employees to stay alert. Lack of awareness can lead to delays in detecting and addressing suspicious activities within the company’s financial systems, leaving a gap that criminals can exploit.
While businesses must strive to build awareness in the workforce of the types of cybercrime that can happen where spending and managing company finances is concerned, thankfully technology can help fill some of the knowledge gaps.
For example, spend management tools can detect any fraudulent activity, in real-time, stopping fraud before it becomes a major problem. In addition to this, the financial data gathered can spot patterns in the type of fraudulent activity; helping shape employee training programmes to teach employees how to spot scams and use company funds safely.
By combining real-time monitoring with education and strategic planning, spend management tools create a more robust defence against cyber threats, fostering a culture of security awareness throughout the organisation.
- Monitoring fraudulent transactions with technology
Knowledge is power. And spend management tools provide the data and insights to support businesses in protecting themselves against cybercrime in a number of ways. Some specifics include:
- Transaction monitoring – helping detect unusual spending patterns or transactions that may indicate fraud or unauthorised access to company funds
- Real-time alerts – providing immediate notifications about suspicious activities allowing for quick responses to potential threats
- Access controls – limiting who can approve expenses or make purchases, reducing the risk of internal fraud or external hackers gaining access
- Vendor verification – helping verify the legitimacy of vendors, reducing the risk of payments to fraudulent accounts
- Audit trails – logging all financial activities can help detect and investigate potential security breaches
- Compliance management – helping ensure compliance with financial regulations, which often include cybersecurity requirements
All these features work together to create a strong shield against cyber bad guys, giving businesses the knowledge they need to stay safe.
- Employee-friendly security
A good spend management platform needs to balance strong security with ease of use. It’s important that the security features don’t make the platform hard to use or frustrating for employees.
The best platforms have security measures that work behind the scenes, letting employees focus on their tasks without interruption. When security is smoothly integrated, employees are more likely to use the platform correctly and follow safe practices without even thinking about it.
This approach not only protects the company from cyber threats but also makes employees feel more confident about using the system. By making security invisible but effective, spend management platforms can help businesses keep their finances safe while still being user-friendly – creating a win-win situation where the company’s money is protected, and employees can work efficiently without constant security hurdles.