The 2023 CFO Survey conducted by American Express in the UK, France and Germany reveals that almost half of businesses experienced at least one cyber-attack last year, and the global cost of cybercrime is expected to reach $8 trillion in 2023 [1].
CFOs play a vital role in managing the financial costs of cyber threats, from lost revenue due to reputational damage to expenses for remediation and regulatory fines resulting from data breaches. They need to collaborate with other C-suite executives, such as CIOs and CISOs, to assess risks and develop appropriate actions. Engaging procurement departments in security policies for suppliers can also reduce risk points.
Emphasising cybersecurity training is essential, as knowledge gaps may inadvertently lead to cyber-attacks. CFOs should proactively engage their organisation's cybersecurity professionals to provide ongoing training for vulnerable departments, such as finance. Additionally, CFOs influence the overall organisational cybersecurity strategy and should collaborate with other C-suite executives to implement stringent and ongoing training policies company-wide.
Measuring the financial impact of cybersecurity investments is crucial. CFOs must carefully evaluate the effectiveness and cost of measures taken to safeguard against cyber threats, considering the potential catastrophic cost of a serious cyber-attack. The investment should align with the organisation's risk exposure to cyber threats while protecting its long-term reputation and value.
By promoting a holistic, business-wide approach to cybersecurity and collaborating with other functions, CFOs can mitigate cyber-attacks and detect potential threats effectively, safeguarding their businesses from serious consequences.
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[1] eSentire, 2022 Official Cybercrime Report, 2022