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Why Cybersecurity is for CFOs too

By Todd Weller, VP, Corporate Development, Hexis Cyber Solutions

In the past, business leaders often looked at cybersecurity as something the tech guys were
supposed handle. After all, it's only the health of the IT infrastructure that's at stake in the event
of a cyberattack, right? Not anymore.

Today, things have changed dramatically. Senior executives at enterprises in all verticals know
that a breach isn't just a tech issue.

Losing company or customer data today could lead to major financial and reputational
damage due to legal penalties and loss of public trust.

That makes cybersecurity a business-wide challenge, not just an IT one.

CFOs should have something to say about cybersecurity
It sounds odd to say that the head of finance should be part of the security team, but according
to an op-ed by Steve Durbin, managing director at the Information Security Forum, in CFO,
that's exactly where he or she belongs.

Durbin argued that the theft of a company's financial data - for which a CFO is directly
responsible - can be absolutely devastating.

Insider threats that lead to the loss of funds or banking information are always a possibility and
will have a direct impact on the business.

These, and others, are the kind of threats that the CFO should be aware of and help mitigate.
The CFO must understand what information is within the network, how it's secured and how
hackers could possibly gain access.

This cyber defense plan is a big part of what CFOs today will be required to disclose to the
board in regard to the business's digital assets.

CFOs are taking up the charge
Fortunately, many CFOs already know that cybersecurity is of the utmost importance.

A Deloitte study from the third quarter of 2014 found that 74 percent of the 103 CFOs surveyed
said cybersecurity is a top priority.
Specifically, they believed that protecting the network was critical for preventing their
businesses' intellectual property, data and facilities from being compromised.

Cybersecurity is part and parcel of the senior executive's job today, and these executives can't
just opt out of using the digital tools that underpin their entire operations.
28 Cyber Warnings E-Magazine – May 2015 Edition
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