For companies worldwide, data security and privacy continue
to be among the top challenges faced by organizations. Cyber
attacks can have a devastating impact on the company’s
finances and reputation which is the CFO’s core responsibility.
For this purpose, the CFO works closely with cybersecurity
professionals. It not only improves cyber risk management
but also helps him in various other aspects of his job.
Here is how cybersecurity plays an important role for CFO’s.
1- Aligning business and security
CFO works closely with the security team which helps him
to ensure that the cybersecurity strategy aligns with the
overall business strategy.
2- Technological understanding
Working with C-suite broadens the technical understanding
of the CFO. It helps them to improvise their risk management skills.
3- Regulation and breaches
In case of any breach, the CFO, with the help of cybersecurity,
understands the extent of the damage. It helps him to avoid
heavy penalties and fines in the future.
4- Extending cyber risk management
CFO’s cybersecurity contributions can extend beyond investment
and risk management. CFO’s are even needed to ensure data
security and quantify cyber risk for third-party risk management.
The role of the CFO is evolving with a rapidly changing external
environment. CFO’s risk management skills complete the
cybersecurity process. Hence, helping and sharpening their
skills and expertise.
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