The Importance of Empowering CFOs Against Cyber Threats

Cybersecurity has spurred many changes in the past five years, from the technology and tools needed to protect an organization from cyberattackers to the skill sets required by IT professionals. The consistent and ongoing ripple effect has also influenced organizational roles and responsibilities. Arguably, one of the most dramatic shifts has been the role of the chief financial officer (CFO).

Today's CFOs must be collaborative leaders, willing to embrace an expanding role that includes protecting critical assets and securing the bottom line. To do this, CFOs must work closely with chief information security officers (CISOs), due to the sophistication and financial impact of cyberattacks. Financial professionals understand data flows and financial processes, while security professionals know the latest cyber threats and best practices to combat those threats. Combining this expertise results in more informed technical investments, faster detection of anomalies, and stronger overall cybersecurity measures.

This enhanced approach is critical as we see payments and unsuspecting financial professionals increasingly become the targets of cyberattacks. Both are prime targets because of the volume of money and transactions they process, often manually leaving organizations even more vulnerable to phishing schemes that can go undetected for months. Collaboration between finance and security departments is crucial to threat detection, maintaining compliance, addressing third-party risks, and providing companywide cybersecurity education and training.

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