CFOs, are you cybersecurity savvy? 👀

In 2023, the global cost of a data breach was over $4 million. That same year, the average loss after a data breach was nearly $1.4 million. 60% of impacted SMBs went under.

While finance leaders love data and statistics, these aren’t numbers anyone wants to be part of.

In a world where cyberattacks are becoming increasingly common and more sophisticated, there’s never been a more essential need for CFOs to be prepared to respond to those threats. The key is teaming up with your CIO and CEO to build processes that leverage technology to safeguard essential data while creating a company culture of security and privacy.

Process, Not Solely Technology 

For most CIOs and CISOs, technology is the top priority when considering cybersecurity and addressing vulnerabilities. But for CFOs, the priority shouldn’t be technology—it should be building processes.

CFOs have a unique front-row seat to the procedural nature of everything from vendor risk management to process implementation. Make the most of it and –– alongside your CIO and CEO – watch as a monumental difference is made in the security of your organization.

It's All About Teamwork

CEOs, CFOs and CIOs all have an equal role to play in protecting their organization’s most vital resources from cyber threats. The first step? Being aware of the most prevalent threats.

Ransomware: Attackers have graduated from infiltrating networks to holding whole systems for ransom. In addition to the effects of the breach, companies who don’t pay –– and whose data is released –– also experience repercussions with the SEC.

Business email attacks: Many organizations use their emails as a data repository –– so when hackers get in, they get access to every piece of information in their targets’ inboxes.

Phishing: It’s a tale as old as time; phishing still remains the leading force behind cyberattacks. All it takes is a single click on a bad link, and the entire organization could be compromised.

CFOs, now is the time to ensure every employee receives the right training and make sure you have the appropriate processes, protections and procedures in place. Protecting sensitive data is about more than just technology –– and in your role, you’re the first line of defense.

Whether you’ve built a framework from scratch or you’d like to start rethinking your organization’s approach to cyber security, this week’s episode of The CFO Show –– with guest Joe Oleksak, a 20+ year veteran of the information systems security industry –– is for you.

Joe breaks down the importance of partnering with CEOs and CIOs for the optimal security infrastructure and unpacks the role every employee has to play in safeguarding their company. Tune in wherever you get your podcasts.

In case you missed it…

During a keynote at Excelerate Finance 2024, host Melissa Howatson and Vena’s Director of FP&A, Thomas Krolak explore the CFO’s evolving role and what strategic finance leaders can do to unlock the potential in their people and data as they contend with disruptive forces, dynamic conditions and unprecedented challenges.

What’s next…

Discover how, as a CFO, you can drive growth in your organization, demonstrate exceptional leadership and effectively communicate with investors through this conversation with Vinny Prajka. In his role at JMI Equity, he helps portfolio companies find the best CFOs to accelerate their growth while performing at the top of their game.