Executive Briefings

Chief Financial Officer Should Be Part of Defense Against Cyberattacks

Senior executives at businesses of all sizes understand all too well that today's global economy is still not adequately protected against cyberattacks, despite years of effort and spending in the multibillion-dollar range each year. But until recently, many CFOs may not have been considered an integral part of an organization's security team or understood how to respond to security risks and the implications for their organizations. But times have changed and many CFOs are being called upon to help promote cyber security and identify threats.

Chief Financial Officer Should Be Part of Defense Against Cyberattacks

CFOs have a major role to play in the daily running of an organization. For starters, they work directly with financial analysts and have concerns over loss of control over their financial reporting. Of course they are also concerned with the potential loss of funds either through good, old-fashioned theft or as a direct result of another third party's misfortune.

If you think about it, finance chiefs have good reason to be concerned. The information that the CFO controls and works with on a daily basis is some of the most sensitive and important that can be found in an organization. The CFO must understand where the information is at all times, how it’s secured, who might want to steal it, and how hackers might gain access to it. Perhaps most importantly, the CFO has a duty to provide plain, true and complete disclosure to the board on a wide range of issues. Today, many would argue that they should include the potential impact of cyberattack on the financial standing of the organization.

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CFOs have a major role to play in the daily running of an organization. For starters, they work directly with financial analysts and have concerns over loss of control over their financial reporting. Of course they are also concerned with the potential loss of funds either through good, old-fashioned theft or as a direct result of another third party's misfortune.

If you think about it, finance chiefs have good reason to be concerned. The information that the CFO controls and works with on a daily basis is some of the most sensitive and important that can be found in an organization. The CFO must understand where the information is at all times, how it’s secured, who might want to steal it, and how hackers might gain access to it. Perhaps most importantly, the CFO has a duty to provide plain, true and complete disclosure to the board on a wide range of issues. Today, many would argue that they should include the potential impact of cyberattack on the financial standing of the organization.

Read Full Article

Chief Financial Officer Should Be Part of Defense Against Cyberattacks