Mitigating cyber risks and incorporating them into the organization’s long-term financial strategy is a mission shared by many in the C-suite, such as the CFO, chief information security officer (CISO) and chief technology officer (CTO), as well as the board of directors.
In recent conversations with these leaders, they have stated that they are considering the trade-offs of cyber insurance; the responsibility to include cyber risks in financial reporting; and how to implement strong internal controls to protect their organization’s assets. At the board level, financial discussions include reconciling the value at risk against the board’s risk tolerance and evaluating the effectiveness of cyber insurance coverage.
Cyber risk management not only is necessary for maintaining investor confidence and meeting regulations, but for protecting assets, too. Here are four considerations that CFOs and financial leadership are weighing as they respond to the evolving threat landscape.
1. The increasing cost of cyber risk prevention and exposure
Although organizations spend nearly half of their IT budget on cybersecurity, only 11% of the cybersecurity leaders surveyed by…
