Post-Event Recap: Corporate Cash Management Client Workshop

Overview

The Corporate Cash Management group held a client workshop recently in Toronto and virtually for all other clients. This workshop was led by Serge Solski, Director, Cybersecurity Awareness & Training, and Victoria Oliver, Senior Consultant, Fraud Management, to provide corporate clients with an updated view on the overall fraud landscape and to provide solutions for fraud detection and prevention.

The Bottom Line

Some of the key takeaways from the event included:

Fraud is Prevalent

AI is increasingly being leveraged in attacks, including but not limited to:

• Business email compromising
• Search engine optimization poisoning
• SIM jacking and number porting
• Cybersecurity incidents
• Cheque fraud
• Phishing

Cyber risk is now ranked as the #1 business risk for businesses of all sizes and across all industries 

• Ransomware  continues to dominate as a threat

In September 2024, Payments Canada reported that 1 in 5 businesses experienced payment fraud within the past six months

Fraud Prevention

Key Strategies to mitigate the risk:

1. Identify your key assets, both digital and non-digital
2. Know your risk exposures and identify internal vulnerabilities
3. Cyber risk strategy must equally address people and technology
4. Educate your employees on cyber risk and ensure ongoing updates

CIBC has robust capabilities to reduce fraud by actively protecting accounts and providing assistance to affected clients

CIBC is available to deliver tailored security training for clients and their employees, focusing on best practices to enhance workplace security