Security of Computerised Cash Management

Tony Caux and Anthony Walsh

Chapter 2 in Global Cash Management in Europe, 1998, pp 11-32 from Palgrave Macmillan

Abstract: Abstract Breaches of security in computer-based treasury systems (CTSs)1 which result in losses are believed to go largely unreported because companies fear the adverse publicity of such incidents. Price Waterhouse (1994) suggest that approximately 20 per cent of major companies have suffered some direct loss as a result of failure of computer control and security systems. Another 10 per cent have suffered consequential losses and a further 35 per cent have suffered both. If this trend is indicative of all computer users, then 65 per cent of UK computer installations have experienced some financial loss in recent years. The causes of these losses are often found to be natural hazards, systems failures or errors. Nevertheless, around 10 per cent relates to the theft of confidential information and a further 10 per cent to fraud. It should also be said that a pound lost is a pound lost, whether it arises from intentional fraud or unintentional error.

Keywords: Smart Card; Message Authentication Code; Internal Audit; Authentication Code; Electronic Data Interchange (search for similar items in EconPapers)
Date: 1998
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DOI: 10.1007/978-1-349-14662-8_2

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