5 Ways CFOs Can Implement an Effective Cybersecurity Strategy
Evaluate Your Data
In response to the growing number of breaches, many companies have taken an overly cautious approach, deciding to strictly protect all of their data. However, not only does this come with a hefty price tag but, since resources are often limited, it could also mean overlooking some valuable assets. According to a 2014 study from Saugatuck Technology, many finance departments tend to be more cautious when it comes to moving data from the "money" function – such as treasury, core accounting and revenue management data – to the cloud, but tend to be less concerned with managerial data such as expense management, planning and forecasting. Not all information is critical or confidential – in order to prioritize data protection needs, CFOs should work with their finance teams to evaluate which data is critical and rank it appropriately.