Cybersecurity Threats Your Finance Team Can’t Ignore

What would you do if a cyberattack shut down your operations tomorrow? Cybersecurity risks aren’t just an IT problem—they’re a business problem, and finance teams are increasingly in the crosshairs. As businesses embrace digital transformation, threats increase due to our growing reliance on digital technology. 

Here are five key cybersecurity threats that organizations must address—and how you can protect your operations. 

Supply Chain Attacks: A Weak Link Can Break the Chain 

Imagine your trusted supplier gets hacked. Suddenly, sensitive information about your inventory orders and payment details is compromised. Supply chain attacks leverage weak security protocols in third-party vendors to infiltrate your business. These threats ripple across industries, creating massive disruptions. 
 
The global supply chain security market is projected to hit $4.9 billion by 2032, reflecting the rising threat. These attacks target less secure elements of your partners’ systems, potentially giving hackers a backdoor into your operations. 

Fortify Your Partnerships: 

• Know your partners. Before signing contracts, ask vendors about their cybersecurity practices. Are they encrypting data? Do they conduct regular security audits? 
• Segment access. Only grant vendors access to the specific systems or data they need for their role. 
• Monitor vendor activity using automated tools that can quickly flag unusual behavior or unauthorized changes. 

Your supply chain is only as strong as its weakest link. Strengthening vendor relationships with cybersecurity at the forefront protects your organization and builds resilience across operations. 

Business Email Compromise (BEC): When an Inbox Turns Dangerous 

Your accounts payable team receives an urgent email from what appears to be a trusted vendor, requesting a payment update. Everything seems normal—until you realize the payment went straight to a scammer. BEC scams are one of the most financially damaging types of cyberattacks, preying on the fast-paced nature of finance departments. AI has made these phishing attempts more convincing than ever. 
 
In 2021 alone, BEC scams resulted in over $2.4 billion in reported losses, making them one of the most lucrative cybercrimes, according to the FBI. 

Stay One Step Ahead: 

• Train your team. Schedule regular phishing simulations to teach employees how to spot red flags in email communication. 
• Use multi-factor authentication (MFA). Even if scammers compromise login credentials, MFA can block them from accessing sensitive systems. 
• Standardize your financial processes. For example, implement call-back verification before approving high-value transactions. 

Remember, empowering your team with knowledge and tools ensures they can recognize and resist BEC attempts before it’s too late. 

Ransomware Attacks: When Your Data Becomes a Hostage 

Having an integrated document management system helps you create audit trails, enforce user permissions, and provide a secure storage environment for critical files. These tools can strengthen your defenses against ransomware attacks. 
 
Think of ransomware as digital extortion. Hackers lock your files, rendering critical operations—like payroll, service scheduling, and sales tracking—completely unusable. They then demand payment for the decryption key. The stakes couldn’t be higher: downtime, lost customer trust, and sometimes even permanent data loss. 

Prepare for the Worst: 

• Automate backups. Regular, automated backups stored in secure, offsite locations can help restore operations without paying the ransom. 
• Invest in advanced threat detection. Modern tools use machine learning to identify ransomware before it executes. 
• Test your response. Run “tabletop exercises” with your team to simulate a ransomware attack and fine-tune your recovery plan. 

Ransomware attacks are inevitable, but their impact on your business—whether it's a major disruption or a minor inconvenience—depends on how well you prepare. 

Insider Threats: Danger from Within 

Sometimes, the biggest cybersecurity risks come from within. Insider threats aren’t always malicious—an employee clicking on a phishing link or failing to log out of a shared computer can unintentionally expose your organization to attacks. However, disgruntled former employees or vendors with lingering access can cause catastrophic damage if left unchecked. 

Human error accounts for 95% of all cybersecurity breaches. Insider threats—whether malicious or accidental—are among the hardest to detect, often stemming from simple mistakes like mishandling credentials or failing to recognize phishing attempts. 

Build an Inside Defense: 

• Control access with precision. Role-based permissions ensure employees only see what they need to do their job. 
• Act immediately on terminations. Revoke access for employees and vendors the moment their contracts end. 
• Use real-time monitoring. Automated alerts can flag unusual login patterns, like an employee accessing data they don’t typically use.

Insider threats are often overlooked, but with clear policies and modern tools, you can significantly reduce your exposure. 

Deepfakes: When Reality Isn’t What It Seems 

Imagine getting a video call from your CFO, urgently requesting approval for a $25,000 payment. The voice and face match perfectly—but it’s not them. Deepfake technology uses AI to create shockingly realistic but fake video and audio, allowing hackers to impersonate trusted executives. 

Verify, Verify, Verify: 

• Always double-check requests. Confirm sensitive payment or data access requests using a secondary communication channel, like a direct phone call. 
• Adopt deepfake detection tools. AI tools designed to identify digital manipulation can help flag fake content. 
• Create layers of approval. A robust approval process for financial transactions reduces the chances of fraud slipping through.

As this technology becomes more accessible to criminals, vigilance is your best defense. 

The Bottom Line: Be Proactive, Not Reactive 

Cyber threats are evolving rapidly, making it harder than ever to separate reality from deepfakes. These risks can disrupt operations, damage reputations, and affect your bottom line. But with the right preparation, you can protect your business and build trust with stakeholders.  

That’s where DocuPhase comes in. By automating critical processes and safeguarding sensitive information, DocuPhase helps mitigate risks while streamlining operations. With tools like advanced monitoring, role-based access, and secure document management, you can confidently manage financial documents, process invoices, and ensure secure payments—all while staying compliant with privacy and security standards.  

Want to learn more about protecting your financial data? Check out our on-demand video, "Financial Data Privacy", featuring Paul Gagne, VP of Security & Compliance at DocuPhase. In this quick session, Paul shares insights on financial data security and answers common questions about privacy and automation.