Page 62 - Cyber Defense eMagazine October 2023

Forging A New Era of Invoicing Security

How blockchain-powered software is preventing cyber attacks

By Ramon AB, CEO and Co-Founder of Nova Technology

Invoicing may not be the first thing that pops up in a conversation around cyber attacks, but undesirable
incidents in the business world serve as glaring reminders as to why we shouldn’t think of invoicing fraud
as an afterthought. Across geographies and industries, fraudulent invoicing practices such as invoice
manipulation, impersonation or diversion of funds have cost businesses heaps of money, reputation and
more. Lying at the heart of financial transactions and business operations, invoicing holds substantial
value for organizations and cybercriminals alike, making it a prime target for cyber attacks.

How does it affect business operations?

Take the case of fraudulent invoices, which may appear almost imperceptibly legitimate, being sent to
businesses. A lot can go wrong if these invoices are paid without proper verification- the business can
suffer financial losses affecting their cash flow, profitability, and even overall financial stability. It doesn't

Cyber Defense eMagazine – October 2023 Edition 62
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