Today, cybersecurity is no longer considered solely a technology risk. In recent years, CFOs have become more involved in the discussions because boosting cybersecurity has become an important finance department battle, too.
A CFO’s job is to ensure that their company can protect the data-centric drivers of business value. This includes intellectual property as well as financial statements and reporting.
CFOs must find the proper resources to support cybersecurity and ensure that the security investments made by the company deliver measurable risk reduction and safety value.
To do this, a CFO should treat their cybersecurity research the same as they do their company’s financial performance reporting. Using their expertise in making risk-based decisions regarding cybersecurity spending.
Risk management and security control
When a cybersecurity incident happens, the company, their employees, vendors and customers are all at risk.
Technology advances mean that there will need to be further advances in cybersecurity. This means that the budget for proper security and remediation will need to be increased. A CFO should identify the restrictions and procedures necessary to control the new financial spending.
Hiring cybersecurity talent on a budget
Currently, there is a deficit in cybersecurity talent. With a workplace gap of almost 1.5 million job openings, and growing, it’s hard to find and afford good talent. Meanwhile, CFOs are well aware that they need to hire talent with their limited financial constraints on the security budget.
Many CFOs are employing managed security services as a way of easing through the talent squeeze. It also allows them to have access to highly trained cybersecurity talent at a reduced cost.
Why you should purchase cybersecurity insurance
The costs associated with a data breach can be astronomical. Having cybersecurity insurance will help to lessen the financial costs to the data, physical property, individuals, as well as the company’s branding.
For more tips about boosting cybersecurity, check out Combating Data Breaches.