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Cyber Risk and CFOs: Over-Confidence is Costly

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The document highlights the critical impact of cyber incidents on a company’s value and financial health, emphasizing the need for CFOs and CISOs to collaborate closely to manage operational and financial risks effectively. It discusses the varying levels of confidence among respondents in North America, EMEA, and APAC regarding their organizations’ ability to respond to cyber incidents, with notable differences in incident frequency and confidence levels. Additionally, it addresses the increasing trend of allocating a significant portion of the IT budget to information security, with 45% of executives planning to boost their IT security budget by more than 10% in the upcoming fiscal year. The importance of regulatory compliance, particularly in light of proposed SEC rules that would enhance CFOs’ responsibilities in cybersecurity, is also emphasized as a crucial step towards effective cyber risk management.

The document underscores the prevalence of Business Email Compromise (BEC) attacks and the susceptibility of finance teams to such threats, urging organizations to prioritize employee training and awareness to mitigate risks effectively. It also stresses the need for CFOs to align with regulatory trends, such as the SEC’s proposed rules, to enhance cyber risk management practices and ensure compliance with industry standards. Furthermore, it advocates for a proactive approach to cybersecurity, including incorporating cyber risk assessments into overall security programs and exceeding minimum regulatory standards to bolster organizational resilience against cyber threats. Overall, the document serves as a comprehensive guide for CFOs and finance leaders to navigate the evolving landscape of cybersecurity, emphasizing the importance of strategic investments, regulatory alignment, and proactive risk mitigation strategies to safeguard organizational value and financial well-being.


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