The frequency and severity of cyber attacks are on the rise around the world, making it more important than ever for finance directors to be involved in the fight back.
No longer is it acceptable for CFOs to focus purely on numbers, they must help devise and enable strategies that keep the business profitable. This must include promoting cyber security; the consequence of an attack could be disastrous.
Within the financial director’s remit is a responsibility to alert the board on the financial impact of a potential breach, while also ensuring that a budget is allocated for preventing and containing incidents. As most financially focused attacks directly threaten the company balance sheet, it is vital that CFOs are aware of those strategies which make their organisations resilient to cyber-attack.
To give you some perspective on just how prominent cybercrime has become, a 2018 University of Surrey study conservatively estimated that cybercrime carried out on platforms such as Amazon, Facebook and Instagram generated $1.5 trillion for cyber criminals, equivalent to the GDP of Russia.
The scale of the problem means that cybercrime is fast becoming a top priority in the…
