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The CFO’s Role in Cyber Risk: Readiness and Resilience

According to our 2018 CFO Sentiment Study, only 38% of CFO respondents say that their management teams have designed a comprehensive cyber response plan. Successful cyber attacks can result in hefty costs and a public relations nightmare for an organization. These attacks are becoming more and more prevalent in today’s ever-changing society. Building a culture of cyber resiliency starts at the top – and the CFO plays an important role in driving this culture.

Finance leaders need to be educated to have an accurate and complete understanding of enterprise risks and security stance. CFOs must work with colleagues across the enterprise to ensure that investments in cybersecurity align to business objectives, protect the company’s most vital assets, and mitigate the risks that carry the highest damage potential in both the short and long term.

With support from The CFO Alliance and its Partners, finance leaders from around the world have gathered together to form The CFO Alliance Special Task Forces (STF). The CFO Alliance Operating team selected up to twenty (20) finance executives to serve on each STF, based upon their interest, experience and knowledge of the subject matter and their expertise. STF members represent a diverse set of industries, enterprise structures, sizes, and markets throughout North America. This collective serves as a catalyst for best practice sharing and aims to empower growth and performance through the development of this comprehensive proprietary report by CFO Alliance Members.

This STF Report, Risk Monitoring: Cyber Resiliency Special Task Force Report, emphasizes the human element and best practices for discussing cyber resiliency and preparation in your enterprises. The human element of risk is presently important as 2018 Sentiment Study data states that over 40% of CFOs say that internal threats/employee mistakes are most likely to happen in their enterprises in 2018. The reports also focuses on financial readiness and evaluating your risk management investments to ensure your enterprise covers all of the essential bases to ensure you are in the best position to mitigate potential cyber risks.

Special Task Force Reports are Members-only content, join The CFO Alliance today! Contact Steve Lezynski at steve.lezynski@thecfoalliance.com or (215) 433-1800 with any questions and for CFO Alliance Membership information.


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