CFO Summit 2023 Highlights

At the recent CFO Summit 2023 in Auckland there were several presentations and remarks from speakers that mentioned the ever-increasing cyber-criminal attacks aimed at stealing the hard-earned cash of New Zealand organisations.

One presenter outlined the attack methods used by the bad actors and illustrated this with examples of losses confirming the problem is real and should not be overlooked.

A panel of CFO's when commenting on what kept them awake at night, most mentioned they were worried about cyber criminals. In fact, one panellist said, "It's not if, but when," they will strike and he recommended all CFO's treat this matter seriously. He went on to say, "All the great work building one's brand and reputation over many years can disappear overnight through one attack".

Another speaker added, "The cost to an organisation is much more than the amount stolen as associated costs can be as high or higher than the amount stolen and include fees for forensics, recovery, pr, and legal, plus employee productivity could suffer."

With these thoughts top of mind, our solution, VigilantPay, is the answer for anyone looking to avoid the risk of such financial losses and ensure all payroll and supplier payment runs are accurate. VigilantPay will more than pay for itself through the efficiencies it delivers and provide you and your governance team with increased confidence by flagging transaction errors, and attempts by internal or external fraudsters to divert payroll and supplier payments to their nominated bank account.

VigilantPay also future-proofs you against any change in methods of operation by criminals that lie ahead. Our use of AI techniques means that, unlike other detection solutions, VigilantPay never plays 'catch up' with the criminal methods of attack. It processes significant payment transactions at the click of a button and there is no delay in processing any last-minute payment runs.

In summary, Our VigilantPay solution, utilised as a frontline tool for detection and prevention is easily justified based on its real-time processing, high level of protection of your proposed payment transactions, new visibility for CFOs of current and historical disbursements and requires no integration with existing IT systems. So you can be up and running in less than a day.