Introduction

In today's interconnected business landscape, where digital transactions underpin nearly every operation, cybersecurity is no longer solely an IT concern. For procurement and financial professionals, the integrity of data and adherence to stringent regulations are paramount, making cybersecurity an indispensable component of their daily functions. Procurement handles sensitive vendor information, contractual agreements, and supply chain data, while financial operations manage highly confidential personal and corporate financial records. Both domains are prime targets for cyberattacks, with potential consequences ranging from massive financial losses and reputational damage to severe regulatory penalties and legal liabilities. Understanding and mitigating these risks is not just about protection, but about maintaining trust, ensuring business continuity, and upholding the integrity of the entire organization. This intensive training course focuses on equipping professionals to address this critical need.

This comprehensive training course is meticulously designed to empower procurement and accounting professionals with the knowledge and practical skills required to secure their respective data and ensure robust compliance with evolving cybersecurity regulations. Participants will gain a deep understanding of the unique cyber threats impacting procurement and financial operations, learn to implement best practices for data protection, and navigate the complex landscape of regulatory requirements. The course will delve into topics such as vendor cybersecurity risk assessment, secure contract clauses, financial fraud prevention, data privacy compliance (e.g., GDPR, PCI DSS), incident response in financial contexts, and the role of internal controls. By mastering the principles and methodologies of Cybersecurity for Procurement and Financial Compliance, participants will be prepared to proactively safeguard sensitive information, minimize risks, and strengthen their organization's overall cyber resilience and regulatory standing.

Duration: 10 Days

Target Audience

• Procurement Managers and Specialists
• Purchasing and Supply Chain Professionals
• Accountants, Auditors, and Financial Controllers
• Finance Directors and Managers
• Compliance Officers
• Risk Management Professionals
• Internal Auditors
• Business Analysts
• Legal Professionals advising on procurement and finance
• Anyone involved in managing sensitive data in procurement or financial operations

Course Objectives

• Understand the specific cybersecurity risks prevalent in procurement and financial sectors.
• Learn to identify and assess cyber vulnerabilities within procurement processes and financial systems.
• Acquire practical skills for securing sensitive procurement data throughout its lifecycle.
• Comprehend major cybersecurity regulations and compliance frameworks relevant to finance.
• Develop the ability to implement robust internal controls for financial data security.
• Explore methodologies for conducting vendor cybersecurity due diligence.
• Understand how to incorporate cybersecurity clauses into procurement contracts.
• Learn strategies for preventing and detecting cyber-enabled financial fraud.
• Gain knowledge of incident response protocols specific to financial data breaches.
• Identify best practices for data privacy and protection in financial operations.
• Understand the role of auditing in ensuring cybersecurity compliance.
• Explore technological solutions and tools for enhancing data security.
• Develop a risk-based approach to cybersecurity in their respective functions.
• Enhance awareness of emerging cyber threats and trends.
• Prepare for regulatory audits and reporting requirements.

Course Content

Module 1: Foundations of Cybersecurity for Business Professionals

• Introduction to fundamental cybersecurity concepts and terminology.
• Understanding common cyber threats: phishing, malware, ransomware, social engineering.
• The critical importance of cybersecurity beyond IT: business impact and legal ramifications.
• Data classification and identification of sensitive information in procurement and finance.
• Overview of the cybersecurity landscape and evolving threat actors.

Module 2: Cybersecurity Risks in Procurement Operations

• Unique cyber vulnerabilities in the procurement lifecycle: sourcing, contracting, payment.
• Risks associated with third-party vendors and supply chain attacks.
• Protecting sensitive data in RFPs, bids, and contract negotiations.
• Insider threats in procurement: fraud, data theft, and collusion.
• Case studies of high-profile procurement-related cyber incidents.

Module 3: Cybersecurity Risks in Financial Operations

• Common cyber threats targeting financial data: Business Email Compromise (BEC), account takeover.
• Risks associated with payment processing, payroll, and financial reporting systems.
• Protecting personally identifiable information (PII) and financial records.
• The human element in financial cybersecurity: errors and social engineering.
• Case studies of significant financial cyber fraud and data breaches.

Module 4: Global Cybersecurity Regulatory Landscape for Finance

• Overview of key financial cybersecurity regulations (e.g., PCI DSS, SOX relevant controls, DORA, GLBA).
• Understanding the scope and applicability of these regulations to financial operations.
• Penalties and consequences of non-compliance for financial institutions.
• Introduction to international data privacy regulations (e.g., GDPR, CCPA) affecting financial data.
• Future trends in financial cybersecurity legislation.

Module 5: Data Protection Best Practices for Procurement Data

• Implementing strong access controls and role-based permissions for procurement systems.
• Data encryption for procurement data at rest and in transit.
• Secure storage and disposal of sensitive procurement documents.
• Best practices for securing procurement software and platforms.
• Employee training on secure handling of procurement information.

Module 6: Data Protection Best Practices for Financial Data

• Implementing robust access management and multi-factor authentication (MFA) for financial systems.
• Encryption of financial data, both in databases and during transmission.
• Secure configuration of financial applications and networks.
• Regular data backups and disaster recovery planning for financial continuity.
• Strong password policies and user awareness for financial professionals.

Module 7: Vendor Cybersecurity Risk Assessment and Due Diligence

• Developing a systematic approach to assessing vendor cybersecurity posture.
• Key questions and criteria for evaluating third-party security controls.
• Utilizing cybersecurity questionnaires and external security ratings for vendors.
• On-site audits and penetration testing for high-risk suppliers.
• Continuous monitoring of vendor security performance.

Module 8: Cybersecurity Clauses in Procurement Contracts

• Essential cybersecurity provisions to include in vendor contracts.
• Data privacy and protection clauses: responsibilities, breach notification.
• Incident response requirements for third parties.
• Right to audit and security testing clauses.
• Service Level Agreements (SLAs) with cybersecurity metrics.

Module 9: Preventing Cyber-Enabled Financial Fraud

• Recognizing common financial fraud schemes facilitated by cyberattacks.
• Implementing robust payment verification processes to prevent BEC scams.
• Segregation of duties and dual control for financial transactions.
• Awareness training on phishing, spoofing, and identity theft targeting finance.
• Utilizing anti-fraud technologies and anomaly detection in financial systems.

Module 10: Cybersecurity Controls and Auditing for Financial Compliance

• Understanding common cybersecurity control frameworks (e.g., NIST, ISO 27001) for financial compliance.
• Designing and implementing internal controls to meet regulatory requirements.
• The role of internal and external audits in verifying cybersecurity compliance.
• Preparing for regulatory examinations and demonstrating control effectiveness.
• Continuous improvement of the control environment.

Module 11: Incident Response for Procurement and Financial Data Breaches

• Developing a cyber incident response plan tailored for procurement and finance.
• Roles and responsibilities during a data breach involving sensitive data.
• Notification requirements for data breaches (e.g., to regulators, affected parties).
• Forensic investigation basics for financial and procurement incidents.
• Post-incident review and lessons learned for prevention.

Module 12: Cloud Security in Procurement and Financial Operations

• Understanding the shared responsibility model in cloud computing.
• Securing data in cloud-based procurement and accounting software.
• Cloud vendor security assessment and contract considerations.
• Data residency and sovereignty issues in cloud environments.
• Best practices for managing access to cloud financial applications.

Module 13: Emerging Threats and Technologies

• Artificial Intelligence (AI) and Machine Learning (ML) in cybersecurity for finance and procurement.
• Risks and opportunities of blockchain technology in supply chain and finance.
• The impact of the Internet of Things (IoT) on supply chain security.
• Understanding advanced persistent threats (APTs) and zero-day exploits.
• Staying updated on the latest cyber threat intelligence.

Module 14: Building a Culture of Cybersecurity and Compliance

• Fostering cybersecurity awareness among all employees in procurement and finance.
• Creating a security-conscious mindset and promoting reporting of suspicious activities.
• Collaboration between procurement, finance, IT, and legal departments on cybersecurity.
• Leadership's role in championing cybersecurity and compliance.
• Integrating cybersecurity into job descriptions and performance reviews.

Module 15: Strategic Cyber Risk Management for Professionals

• Quantifying cyber risk in financial and procurement terms (e.g., cost of breach, regulatory fines).
• Integrating cyber risk into enterprise-wide risk management (ERM) frameworks.
• Cybersecurity insurance: understanding coverage and limitations.
• Developing a long-term strategy for cyber resilience in procurement and finance.
• Practical exercise: Developing a mini cyber risk mitigation plan for a specific scenario.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 7 working days before commencement of the training