From: CFO World

CFOs in global businesses are ignoring cyber risks in business planning

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A study conducted by PwC at the end of last year revealed that only 12 percent of the CFOs or financial controllers surveyed at UK and global companies have a formal process for assessing technology-related risks to their company. This is in spite of the growing cyber security challenge faced by businesses today.

Just recently, eBay was hit by a severe data breach that affected up to 145 million eBay customers and last month the details of more than 1m customers of Orange were stolen. There are few CFOs that aren’t charged with responsibility for risk management, so I find it surprising that cyber threats haven’t moved up our agenda. With many large organisations targeted thousands of times a day, we’re past the point where the CFO can shrug their shoulders and say “it’s not my problem”.

We need to step up and take more accountability when it comes to understanding and planning for risks to our organisations. It’s not about the day-to-day operational management of IT security, but rather just having enough insight and perspective to feed cyber considerations into our business decision making. Few significant decisions are made today that don’t have an implication on the way information systems are rolled out or managed, and therefore on the cyber risk profile of the business.

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