Top 5 things Chief Financial Officers should do immediately about cyber security
10 October 2018
- Determine what are the organisation’s most valuable information/digital assets: Cyber-attacks and security breaches will continue to occur and will negatively impact the business. Today, the average cost of the impact of a cyber breach is $7.5 million according to the US Security Exchange Commission (SEC).
- Determine how much cyber liability insurance coverage is necessary to financially protect the company’s assets and obtain an independent assessment of the adequacy of the company’s cyber liability insurance coverage. Cyber liability insurance premiums are significantly increasing in cost and often do not cover all of the damages caused by a cyber breach.
- Determine what their organisation’s risk of a cyber breach is: According to most cyber security surveys, over 60% of all data breaches originate from unauthorised access from one of the organisation’s current employees, former employees, or third-party suppliers.
- Consider a cyber security awareness program for the company’s employees. Technical security measures within organizations are increasing rapidly just as technology. This leads attackers to a new trend where they attack the weakest link within the organization, humans. Implementing a security awareness program that focusses on topics as social engineering (phishing), invoice and CEO fraud, data breaches and password management is of vital importance.
- Determine if the organisation has comprehensive incident response (IR), disaster recovery (DR) and business continuity plans (BCP).
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