cyber-and-the-CFO COV 570x430px

The cyber threat is one of the most talked about issues that businesses face today. Yet the level of awareness of the risk and the types of threats that organisations face is low. So what is the extent of awareness of the cyber threat amongst the finance community? And what are the cyber threats we’re facing?

It matters to finance

A successful cyber-attack has many implications for organisations, the majority of which have financial impacts. It is not just a question of a virus infecting an application. Attacks are more sophisticated as illustrated by the eight stage cycle below.

cyber-and-the-CFO Fig6.1 570px

A successful cyber-attack can result in fines from regulators, reputational loss leading to loss of revenue and the costs associated with remediation and recovery from the attack.  Each of these can be quite significant. It is no longer just a technical IT issue.

How prepared are we?

It is important to have an appropriate and well tested recovery and resilience plan, yet for many organisations this might not be the case. Investment in being prepared is essential in the connected world.

pi-cyber-and-the-CFO Fig2.11 570x430px

Who do we trust?

Businesses are ever more connected in the way that they transact. This changes the way in which we see the cyber threat as it is not only the internal threat but the weakest point may be an organisation that we are connected to. Working with our supply chain to mitigate the risk is an essential part of business today. But are we aware of these vulnerabilities?

pi-cyber-and-the-CFO Fig3.3a 570x430px

Explore the world of cyber risk and the actions that the finance community should undertake through the report.

 

ACCA author, Clive Webb