There’s a recent article on the Canadian-based Financial Post entitled CFO role expands in the age of heightened digital security. It’s a good, quick read.
In it, author Rebecca Walberg summaries the results of an IBM-Financial Executives International Canada study of cyber security and business continuity. For example:
In the past two years, 54 per cent of companies reported an IT failure, 45 per cent suffered a data breach and 29 per cent lost data, the study with about 100 respondents from a range of sectors and industries shows. However, 86 per cent of respondents said cyber security breaches were “rare events.”
Is anyone surprised at those results?
The article also contains a well-reasoned argument for why CFOs should take up the challenge of becoming more involved in Cybersecurity. For example, I like the way Jerold Zimmerman (Professor of Accounting at the University of Rochester) differentiates the roles of CFO and CIO with respect to digital security:
While network and data security is traditionally the responsibility of chief information officers or IT departments, the ability to manage the advantages and risks related to a firm’s information is a crucial element of the CFO’s job.
Are CFOs taking up the challenge of becoming more involved in Cybersecurity? I’d enjoy learning more from any of them. What are the greatest challenges? Any strong wins? What do they need the most to succeed?