5 Tips on How to Implement an Effective Cyber-Security Strategy for Finance
Cybersecurity is something that should be on the minds of every company’s executives. The threats to security are becoming increasingly complex, and the ability to stay one step ahead of those threats is more challenging than ever before.
According to Deloitte, finance continues to remain one of the most vulnerable areas for malicious attacks. The reason: information about a company’s customers, staff and assets is the new weapon of war.
However, it is possible for Financial Controllers and Chief Financial Officers to implement an effective cyber security strategy.
Cybersecurity isn’t just something that concerns IT. It’s everyone’s business. Therefore, your CFO should see that every employee receives training on cybersecurity trends and threats. Understanding this risk is essential in fending off a potential breach.
Prioritise then protect
Some data is very valuable, other is less so. Don’t apply a ‘one size fits all approach’ to your data protection. It can be costly if you do. At the same time, it can result in you inadequately protecting the most valuable assets. Prioritise your data and then apply the protection that you need.
Know what you've got
Believe it or not, only 40 per centre of companies hold an accurate inventory of their data ecosystem. It might seem obvious, but if you don’t know what you’ve got how can you adequately protect it? CFOs need to understand what data is being held and how it is being accessed in order to understand the vulnerabilities.
Understand all the risks
CFOs are responsible for managing risk associated with the financial operations of the business. However, in order to understand the real risk exposure, it’s important to assess the broader impacts any breach may have on the business, strategic and operational aspects of the company.
Don’t sit back and wait for something to happen. Routinely run test scenarios that push your protective measures to their limits. Fix any weaknesses you uncover. Work with your IT team and your internal auditors. Being proactive in your approach can enhance your protection.
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About the Author
Geoff Stewart is a highly experienced and skilled Technology Director at Surety IT. His knowledge is based on years of industry experience having created customised, stable, well performing systems both for multi-national companies in the UK and Australia and Surety IT customers.
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