Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Vulnerabilities / Threats

07:00 AM
Connect Directly

Cybersecurity Gains Higher Profile Among Chief Financial Officers

Deloitte study shows CFOs view security risks as a top threat to financial health.

A new report by Deloitte shows how important cybersecurity risks really are at the board room level, as the nation's top financial executives expressed their concerns about how security risks could impact their companies' bottom lines. In its CFO Signals 2015 Q2 survey report, Deloitte found that CFOs consider cyberattacks one of the most threatening crises to potentially impact their enterprise financial health.

Deloitte surveyed 100 CFOs at large North American firms for this poll and found that 97 percent of them considered cyberattacks to be a major threat to their companies. Among those executives, only 10 percent believed their firms to be well-prepared for the threat. And one in four reported they were insufficiently prepared for cyberattacks.

The findings reinvigorate the thought that the CFO has the imperative to lead multidisciplinary partnerships to move the needle for IT security at large organizations today.

"CFOs should establish a formal task force to help implement the strategic objectives of the organization’s cybersecurity mission by reaching out and identifying the vulnerabilities in the data supply chain within their organization," says Kevin Morgan, principal in Grant Thornton's Business Advisory Services practice, in a recent report by the firm on CFO involvement in security. "Who is involved depends on the size and vulnerability of the organization."

Grant Thornton reported that for 38 percent of organizations, the security buck ultimately stops with the CFO. That's proportionally more CFOs ultimately in charge of security than even CIOs, 38 percent of whom reported they were the main person tasked with security. Meanwhile, just 7 percent of CISOs reported ultimate responsibility.

According to Steve Durbin, director of the Information Security Forum, while the CFO hasn't been seen as a key player in the security team in the past, but their role as the shepherd of critical investment and long-term business growth makes them obvious cybersecurity caretakers.

"Given the risks that cybersecurity threats pose in a technology-driven, global economy, today's CFO must focus on cybersecurity and ensure that adequate steps are taken to preserve and protect the company's reputation, stock price and most valuable information," he wrote earlier this year.

One of the biggest ways that will happen is by working to come to a greater understanding of the organization's entire cyber "risk universe," according to Grant Thornton. The firm's report showed that 46 percent of executives believe that a lack of understanding of risks and impacts is the biggest impediment to developing an enterprise-wide cybersecurity strategy.

Ericka Chickowski specializes in coverage of information technology and business innovation. She has focused on information security for the better part of a decade and regularly writes about the security industry as a contributor to Dark Reading.  View Full Bio

Comment  | 
Print  | 
More Insights
Newest First  |  Oldest First  |  Threaded View
User Rank: Apprentice
7/22/2015 | 4:02:30 AM
Cybersecurity Gains Higher Profile Among Chief Financial Officers
Thanks for the article. I generally agree with it but I have a few comments...
DevSecOps: The Answer to the Cloud Security Skills Gap
Lamont Orange, Chief Information Security Officer at Netskope,  11/15/2019
Attackers' Costs Increasing as Businesses Focus on Security
Robert Lemos, Contributing Writer,  11/15/2019
Human Nature vs. AI: A False Dichotomy?
John McClurg, Sr. VP & CISO, BlackBerry,  11/18/2019
Register for Dark Reading Newsletters
White Papers
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: -when I told you that our cyber-defense was from another age
Current Issue
Navigating the Deluge of Security Data
In this Tech Digest, Dark Reading shares the experiences of some top security practitioners as they navigate volumes of security data. We examine some examples of how enterprises can cull this data to find the clues they need.
Flash Poll
Rethinking Enterprise Data Defense
Rethinking Enterprise Data Defense
Frustrated with recurring intrusions and breaches, cybersecurity professionals are questioning some of the industrys conventional wisdom. Heres a look at what theyre thinking about.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
PUBLISHED: 2019-11-20
GNU Serveez through 0.2.2 has an Information Leak. An attacker may send an HTTP POST request to the /cgi-bin/reader URI. The attacker must include a Content-length header with a large positive value that, when represented in 32 bit binary, evaluates to a negative number. The problem exists in the ht...
PUBLISHED: 2019-11-20
An Open Redirect vulnerability for all browsers in MAIL2000 through version 6.0 and 7.0, which will redirect to a malicious site without authentication. This vulnerability affects many mail system of governments, organizations, companies and universities.
PUBLISHED: 2019-11-20
The login feature in "/cgi-bin/portal" in MAIL2000 through version 6.0 and 7.0 has a cross-site scripting (XSS) vulnerability, allowing execution of arbitrary code via any parameter. This vulnerability affects many mail system of governments, organizations, companies and universities.
PUBLISHED: 2019-11-20
The "/cgi-bin/go" page in MAIL2000 through version 6.0 and 7.0 has a cross-site scripting (XSS) vulnerability, allowing execution of arbitrary code via ACTION parameter without authentication. The code can executed for any user accessing the page. This vulnerability affects many mail syste...
PUBLISHED: 2019-11-20
A potential vulnerability reported in ThinkPad USB-C Dock Firmware version 3.7.2 may allow a denial of service.