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5 Ways CFOs Can Implement an Effective Cybersecurity Strategy

  • 5 Ways CFOs Can Implement an Effective Cybersecurity Strategy-

    Evaluate Your Data

    In response to the growing number of breaches, many companies have taken an overly cautious approach, deciding to strictly protect all of their data. However, not only does this come with a hefty price tag but, since resources are often limited, it could also mean overlooking some valuable assets. According to a 2014 study from Saugatuck Technology, many finance departments tend to be more cautious when it comes to moving data from the "money" function – such as treasury, core accounting and revenue management data – to the cloud, but tend to be less concerned with managerial data such as expense management, planning and forecasting. Not all information is critical or confidential – in order to prioritize data protection needs, CFOs should work with their finance teams to evaluate which data is critical and rank it appropriately.

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5 Ways CFOs Can Implement an Effective Cybersecurity Strategy

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  • 5 Ways CFOs Can Implement an Effective Cybersecurity Strategy-3

    Evaluate Your Data

    In response to the growing number of breaches, many companies have taken an overly cautious approach, deciding to strictly protect all of their data. However, not only does this come with a hefty price tag but, since resources are often limited, it could also mean overlooking some valuable assets. According to a 2014 study from Saugatuck Technology, many finance departments tend to be more cautious when it comes to moving data from the "money" function – such as treasury, core accounting and revenue management data – to the cloud, but tend to be less concerned with managerial data such as expense management, planning and forecasting. Not all information is critical or confidential – in order to prioritize data protection needs, CFOs should work with their finance teams to evaluate which data is critical and rank it appropriately.

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.