In today’s changing landscape of cyber threats, CFOs are no longer confined to their traditional financial responsibilities. As cyberattacks continue to make headlines, the role of the CFO has evolved into a broader function that includes comprehensive risk assessment and management.
Although a vast majority of CFOs worldwide (87%) express confidence in their organisations capabilities to defend against cybersecurity incidents, only 40% of CFOs and finance teams regularly receive briefings or updates from their security counterparts. What’s even more disconcerting is that nearly 37% have never received these critical updates. One of the CFO’s foremost duties is ensuring the efficient allocation of capital. While some may perceive this as exclusively related to investments in the company’s growth strategies, it is equally vital to allocate resources, both financial and temporal, towards effective risk mitigation initiatives. Both aspects hold significant importance, with particular emphasis on addressing the pressing issue of cyber risk, which ranks among the most critical challenges confronting organisations today.
