Cyber security is now an issue that every board is treating as a priority. It's importance has been heightened even further with Corporate Finance due to the large volumes of data and the complexity of the transactions involved. It's now the case that cyber security has to be present at each step of the course so that the data created along the process is protected. The information that's passed between parities in corporate finance transactions is often very sensitive and therefore very attractive to cyber criminals.
Imagine if financial data, intellectual property or contract details were in some way leaked - it could cause multimillion dollar deals to fall through, costing hundreds of people their jobs and the loss of original ideas to a competitor that doesn't have the wherewithal to take the product in the direction you wanted.
Notwithstanding the financial implications, cyber attacks can also damage a company's reputation and see them lose valuable contacts.
Cyber Security threats come from a whole host of different sources, ranging from sophisticated organised crime networks, state sponsored attacks to individual hackers who identify opportunities to sell data to the highest bidder.
In terms of stopping cyber attacks, there's no sure fire way, but there are a number of methods that can used to help the situation. First and foremost, it's important to keep the number involved down to an absolute minimum - the less people there are involved, the easier it is to monitor and pinpoint where the errors could have been made.
It's imperative that everything is monitored so that any suspicious activity is identified and quelled as soon as possible. When monitoring is carried out intermittently, small and on the face of it, insignificant diversions often get missed or written off as anomalies that aren't going to affect an organisation's security. Continual monitoring gives organisations the capacity to analyse these small differences so that the chance of a security threat is decreased to almost nothing.
Decreasing the amount of cyber attacks within corporate finance is often down to asking yourself questions about your security efforts and making sure that you're doing your upmost to guard against hackers that are now seemingly everywhere. As mentioned above, one of the most important things is that every transaction is monitored extensively so that hacks can be spotted quickly.