Finance professionals, including chief financial officers, are being urged to enhance their cybersecurity skills in response to the increasing threat of cybercrime. With cyber attacks on the rise, organizations are recognizing the importance of having finance leaders who are well-versed in cybersecurity to protect their operations and financial well-being.
According to the ASD Annual Cyber Threat Report for 2023-2024, there were over 87,000 cyber crime reports received during the financial year, translating to one report every six minutes. This alarming statistic underscores the need for finance professionals to be prepared to combat cyber threats effectively.
Simon Green, the president of Palo Alto Networks Asia Pacific and Japan, emphasized the crucial role that CFOs and other finance professionals play in safeguarding resources against cyber threats. While he acknowledged that finance teams are not necessarily at a greater risk than other parts of the business, he stressed the importance of being aware of the risks associated with cyber threats and implementing robust cyber defenses.
Cyber criminals are increasingly targeting organizations that handle financial information, using data obtained from vulnerable sources to infiltrate corporate financial networks. As a result, CFOs and finance leaders are now required to go beyond traditional financial oversight and adopt a more strategic approach to managing enterprise risk in the face of evolving cyber threats.
Regulatory bodies like ASIC are putting pressure on company boards to report on their cybersecurity readiness, placing the onus on finance leaders to assess and report on cyber risks. To address this challenge, CFOs and finance professionals are advised to enhance their understanding of cyber risks, identify vulnerabilities, protect critical data assets, and align cybersecurity strategies with business objectives.
Collaboration between finance leaders and cybersecurity experts is essential to effectively mitigate and prevent cyber risks. By prioritizing cybersecurity and working together to strengthen defenses against threat actors, finance teams can protect their organizations’ bottom lines and minimize the impact of cyber attacks on their operations.
In conclusion, the rapid evolution of cyber threats necessitates a proactive approach from CFOs and finance professionals to stay ahead of cyber risks. By upskilling in cybersecurity, collaborating with cybersecurity experts, and embracing a strategic role in managing enterprise risk, finance leaders can effectively protect their organizations from the growing threat of cybercrime.