As global cyberattacks persist, cybersecurity is becoming a main focus for top management. Gone are the days where it’s just a concern for IT teams. These rapid, sophisticated attacks across industries have demonstrated that cybersecurity is the responsibility of the entire organization as they seek to avoid the crippling effects associated with data breaches.
This is especially true of finance teams and financial executives. Financial executives are tasked with the job of ensuring consistent fiscal well-being and driving economic growth within their organisations, while determining and avoiding risk factors. To this end, corporate finance teams have to be concerned with and take ownership of cybersecurity initiatives within their organisations.
These breaches can result in non-compliance fines and reputational damage that can have lasting effects on the bottom line, with 85 percent of managers at financial institutions stating damage to reputation as the most prominent consequence of a data breach. With GDPR taking effect in May 2018, the consequences of not following regulations and compliance standards will take on a new level of financial and reputational…
