Certified Treasury Professionals now have added incentive to participate in next month’s Cyber Attack against Payment Processes (CAPP) Exercise
. In addition to testing their organizations’ cybersecurity preparedness, participants will have the opportunity to earn continuing education credits.
On March 12-13 and 19-20, the Financial Services Information Sharing and Analysis Center (FS-ISAC) and AFP will conduct simulated cyberattacks on companies’ payment processes. CTP/CCM certificate holders can earn 10 credits for participating in the exercise. Certificate holders who lead the exercise for their company can earn 15 credits. Documentation is required, confirming the individual’s participation and completion of the exercise, as well as the description, objectives, end result and duration of the project.
Fred Butterfield, CTP, treasury manager at Trust Company of America, emphasized the importance of participating in the CAPP exercise. When companies suffer a cyberattack, there are many different departments that are affected. Treasurers need to know who to contact, and have a plan in place. “At my company, if something happens in the treasury department, I’m going to notify the response team that this has happened,” said Butterfield. “But there are other peripheral pieces that are involved—the phone system, the email servers, etc.—and I don’t know who is responsible for that. So [the CAPP exercise] gives you an opportunity to test your plan.”
In addition to presenting corporates with realistic cyberattacks, the exercise also provides realistic examples of the possible repercussions, which can be as disruptive to business as the attacks themselves. “The bank is shutting off your portal, and can’t get in,” said Butterfield. “So how do you make the payments that you have make? And the bank is saying, ‘We’re not going to give you provisional credit for that money that you just lost. We can’t.’ So now, all of a sudden, the money you were going to use to pay your bills and make your payroll is not there and you may not get it back at all. The question is not only how do you pay your bills, but where do you find the money to get the job done if you find an alternative way?”
Added Butterfield: “The scope of the test is so much more realistic in asking you as a corporate to look at your plan. It’s got a much broader sweep in terms of what it’s going to impact. I know when I presented it to my folks here, they got this stunned look on their faces and said, ‘We test our plans, but we don’t test them like that.’ It is an unrivaled opportunity to see how well things stand up.”
Interested parties must register by March 6 for the March 12-13 exercise, or by March 12 for the March 19-20 exercise. Participation is free and no special software is required.