Search
 

The CFO’s Role in Data Security

Why finance executives and corporate treasurers need to be involved in keeping company and customer data safeand what they need to know to be effective in that role.

By Dean Hidalgo | Updated on December 16, 2014
We work in an age of collaboration and integration, connecting seamlessly with customers, partners, and colleagues. Through cloud services and mobile devices, we transmit infinite amounts of data, and we do so ceaselessly. While such connectivity makes possible information sharing—and, ultimately, innovation—on a scale the world has never seen before, it also demands that companies pay more attention to managing and securing the flow of data.

Information management may sound like a challenge that would normally be assigned to IT. However, because of the disastrous impact a data breach can have on profitability, governing the flow of data has to be a key concern for all C-level executives. According to the Ponemon Institute’s “2014 Cost of Data Breach Study,” the total average cost of a data breach rose 15 percent, to US$3.5 million, in 2013.

Organizations simply can’t ignore a risk of this magnitude, and it is not wise to burden the IT function with the full responsibility for mitigating this risk. IT does not have the same knowledge of business operations as do the people generating the company’s financial performance data, namely, the CFO, corporate controllers, and treasurer.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.