Summary
In this chapter, we addressed that CFOs must recognize that the danger to cybersecurity is constant—attacks continually test the defenses of both big and small firms. CFOs must also consider the possibility they have been already compromised and are unaware of it. A perimeter of defense doesn’t exist anymore, with employees working remotely permanently or more often. This has a significant impact on business exposures and cyber risk.
CFOs and finance executives must consider cybersecurity risks and use it to reframe and reposition cybersecurity management as a strategic business risk. CFOs must assist in risk management by ensuring that an organization has appropriate resources allocated to all categories of risk management, including cyber risk.
Finance plays a critical role in risk assessment and governance throughout an organization. Cyber is one of these risks, but given the potential for monetary loss, it should be one that finance has a significant influence on.
In the next chapter, we will discuss the role of the Chief Risk Officer. This chapter will identify the biggest challenges and misconceptions currently faced when it comes to cyber risk and ERM.
