5 Ways CFOs Can Implement an Effective Cybersecurity Strategy

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Map Your Data Assets

Once data is evaluated and ranked, it is also important to know where the data lives and how it can be accessed. This might seem like a ”no-brainer,” but a recent EY study found that only 40 percent of companies hold an accurate inventory of their data ecosystem. In order to truly protect information, CFOs and finance teams need to understand how it is being accessed in order to get a holistic picture of potential vulnerabilities.

In today's digital world, cybersecurity is an issue that is top of mind for every company. Whether it's worrying about the malware threat from employees chasing Pokemon around the office, to large-scale breaches such as that seen with Wendy's earlier this year, executives face a greater challenge than ever in ensuring that data is protected in the enterprise.

While cybersecurity concerns are widespread, finance remains one of the most vulnerable areas for malicious attacks. In fact, a recent report from Deloitte noted that U.S. financial services companies lost on average $23.6 million from cybersecurity breaches in 2013 – the highest average loss across all industries. Information is the new sinew of war – beyond customer information, a company's internal assets are also at risk, from financial and strategic plans to employees' personal data and so on. An attack on this data (either for leakage, manipulation, ransom or other malicious intent) could seriously endanger CFO relationships and trust with a number of important parties. It could also lead to business disruptions and loss of market share, not to mention potentially hefty fines.

In this slideshow, Thack Brown, global head for SAP's Line of Business Finance, has identified five ways organizations -- in particular CFOs – can stay ahead when it comes to cybersecurity.

 

Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

 
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