CFO Insights – Cyber security: Five essential truths
Cyber risks, it seems, are everywhere. Retailers breached. Intellectual property stolen. Data hacked almost on a daily basis. It’s enough to rattle even the most steadfast of CFOs – and often it does.
Given the costs and the increasingly malicious nature of cyber attacks, CFOs are understandably focused on identifying potential cyber risks and planning their corporate responses.
Given that hackers have likely already infiltrated. Organisations should focus more on the detection side to increase their vigilance against attacks and on recovery after the fact.
A typical cyber-risk budget should break down into about 30 percent on firewalls, 50 percent on detection, and 20 percent on resilience preparation.
To have any chance of winning the cyber wars, however, there are several realities that CFOs should understand.