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5 Ways CFOs Can Implement an Effective Cybersecurity Strategy

  • 5 Ways CFOs Can Implement an Effective Cybersecurity Strategy-

    Be Proactive and Have a Good Offense

    The best defense is a good offense, so it's critical that CFOs routinely run test scenarios to make sure that protective measures are functioning and weaknesses in the structure are addressed. It may not be the best idea to encourage finance teams to attempt to hack their own data, but SAP does recommend partnering with your IT department and letting the experts run some tests. Internal auditors assure management and the board that they are receiving accurate information and ensure structural risks are addressed. By being proactive, CFOs can deter future breaches before they unfold, as well as protect their own personal liability in the event of a breach.

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5 Ways CFOs Can Implement an Effective Cybersecurity Strategy

  • 1 | 2 | 3 | 4 | 5 | 6 | 7
  • 5 Ways CFOs Can Implement an Effective Cybersecurity Strategy-6

    Be Proactive and Have a Good Offense

    The best defense is a good offense, so it's critical that CFOs routinely run test scenarios to make sure that protective measures are functioning and weaknesses in the structure are addressed. It may not be the best idea to encourage finance teams to attempt to hack their own data, but SAP does recommend partnering with your IT department and letting the experts run some tests. Internal auditors assure management and the board that they are receiving accurate information and ensure structural risks are addressed. By being proactive, CFOs can deter future breaches before they unfold, as well as protect their own personal liability in the event of a 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.