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5 Ways CFOs Can Implement an Effective Cybersecurity Strategy

  • 5 Ways CFOs Can Implement an Effective Cybersecurity Strategy-

    Consider Existing Risk and Address Vulnerabilities

    Cybersecurity is no different than any other risk assessment that a CFO needs to perform in order to keep the finance department running smoothly. The CFO is responsible for managing the risk created by or affecting finance operations. Applying a root cause approach is very relevant in this case as it will help find the weakest link, but it is important to not stop at IT impacts. To understand the real exposure of each vulnerability, roll up the risk chain and assess the business, strategic and also operational effects resulting from a data breach.

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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-5

    Consider Existing Risk and Address Vulnerabilities

    Cybersecurity is no different than any other risk assessment that a CFO needs to perform in order to keep the finance department running smoothly. The CFO is responsible for managing the risk created by or affecting finance operations. Applying a root cause approach is very relevant in this case as it will help find the weakest link, but it is important to not stop at IT impacts. To understand the real exposure of each vulnerability, roll up the risk chain and assess the business, strategic and also operational effects resulting from a data breach.

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.