In today’s high-stakes field of digital business, cybersecurity isn’t just for the IT team.
Cyber threats are a growing challenge for businesses of all sizes, and in this context, the role of chief financial officers (CFOs) and senior executives in cyber resilience is as critical as their oversight of finance or compliance.
After all, finance functions tend to hold the keys to the corporate kingdom: large volumes of sensitive data around payment information, financial forecasts, internal strategies, external partners and more.
A cross-functional approach that includes finance helps ensure that cybersecurity measures are aligned with business priorities and can adapt to evolving threats without sacrificing innovation.
And the evolution of the CFO from bean counter to business partner to cyber-savvy leader is especially important as finance teams play an ever-increasing role in digital initiatives – including automation, artificial intelligence (AI)-based financial analytics and eCommerce payments. . CFOs’ expertise in risk management, compliance and resource allocation positions them well to champion cybersecurity.
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We stand for interagency cyber defense
Rather than viewing cybersecurity as a cost center, finance leaders should position it as a strategic asset that mitigates risk, enhances business continuity, and maintains investor confidence.
Bank of America pointed out earlier this month that “If cybercrime damages were a state, it would be third largest in the world economy.” The Global Bank noted that the cost and prevalence of cyber-attacks are rising with the rise of digitization and artificial intelligence.
A financial approach to cyber resilience establishes security protocols that protect these digital assets while enabling growth and adding another layer of accountability and oversight.
“The role of treasurer and CFO has evolved and will continue develop,” Adrienne BloomCEO, Head of Asia-Pacific Financial Institutions, Corporate Banking, etc Bank of Americasaid PYMNTS. “It’s becoming a bigger and broader job.”
CFOs can put in place frameworks that assess the cybersecurity risks of new initiatives along with their projected return on investment (ROI). By calculating the risk-adjusted benefits of early implementation of security-enhancing measures, CFOs ensure that innovation can continue without exposing the company to increased cyber risks.
While many C-suite executives, including CFOs, may lack deep technical knowledge of cyber threats or may feel that cybersecurity is outside their domain of expertise, cyber resilience is no longer a responsibility that can rest solely with IT, especially because , that it has an impact not only on the organization’s cyber perimeter, but also its payment processes.
“It’s a scam growing just as fastor faster than the growth rate of the overall B2B market,” Erik Frankovichgeneral manager of trade payments at the company WEXsaid PYMNTS.
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Cyber resilience as a strategic imperative
In order for companies to build defenses that adapt to evolving threats without stifling progress, CFOs and the C-suite must take a proactive approach to cybersecurity. By fostering cross-departmental collaboration and embedding resilience in digital initiatives, finance leaders can secure the digital future of their organizations while ensuring growth.
Alicja Cadedirector of financial services in Office of the CISO on Google Cloudtold PYMNTS that cyber security must be “baked into the DNA“business. It cannot be siled within the IT department, but must be integrated into every part of the organization, from business processes to management decision-making, and this is especially true in financial services, he adds.
In separate interviews for “What will happen next in payments?” series, executives also told PYMNTS that the multi-layered security strategy, also known as defense in depthis essential for risk reduction at various levels. This approach means implementing multiple defenses across the enterprise network.
One of the key ones defense layers is becoming more and more digitized heritage and paper payment workflows. With digitalized workflows, businesses can turn to AI and machine learning (ML) technologies to detect anomalies in payment transactions in real time. These systems can analyze vast amounts of data to identify unusual patterns that may indicate fraud or cyber-attacks.
“You want to get it done before it becomes a crisis,” he said Rick Kenneallytechnical director in the company Increase payment solutions. According to partnership with companies providing early warning of threats and fraud when they independently see them, such as domain spoofing attempts, businesses can stay one step ahead of potential threats.