Source: National Cyber Security News
As CFOs assume greater responsibilities for operational risk management, it’s critical to understand security, privacy, and compliance controls. Here’s the practical guidance needed to minimize cybersecurity risk with cloud vendors.
Cybersecurity is top of mind for CFOs. Nearly two-thirds of CFOs in a recent study said they are now taking on responsibility for operational risk management and mitigation—and elements of cybersecurity are a big part of that.
The 2015 Cost of Data Breach Study by IBM and the Ponemon Institute found that the typical total cost of a breach was around $3.8 million, an increase from $3.5 million the year before. Putting aside damage to brand and reputations—which can be substantial—the impact on customer trust, and in turn acquisition and retention as well as market value, all add up.
Cybersecurity is much more than securing access to applications and data, and proactively adapting to the ever-changing threat landscape. It’s also about enforcing strong controls for data integrity, protecting data from loss, and ensuring availability when the business needs it.
Finance leaders in the enterprise need to ask these questions not only about the applications they run internally, but also of their current and prospective cloud providers: