Cyber security and the roles of CFO and CISO

Cyber security is essential to protect businesses and everyone involved. This helps in protecting sensitive data, such as financial information, customer records, and intellectual property. It also helps ensure the safety of employees by providing secure access to sensitive areas, such as the company’s internal network.

Simplified importance of Cyber security:

• Protection of confidential data: Ensuring better cyber security is essential to protect the confidential data and information of both clients and employees.
• Minimizing the risk of data breaches: Cyber security measures help to minimize the risk of data breaches which can lead to serious consequences for the business.
• Maintaining customer trust: Customers trust businesses with their data and ensuring better cyber security is essential to maintain this trust and ensure customer loyalty.
• Protecting the company’s reputation: Failure to ensure cyber security can lead to a damaged reputation for the company and make customers and employees wary of dealing with the business.
• Cost savings: Cyber security measures can help businesses to save costs by preventing financial losses due to data breaches.
• Compliance with regulations: Cyber security measures are essential to ensure compliance with the regulations and laws that apply to the business.
• Improved staff productivity: When staff feel secure in their work environment, they are better motivated to work and can be more productive.
• Trust and Reliability: Clients appreciate working with reliable vendors who take Privacy and Security seriously.

Improving and ensuring security:

• Implement multi-factor authentication for all accounts and resources.
• Use strong passwords and regularly update them.
• Run regular vulnerability scans and patching across all systems.
• Utilize encryption on all sensitive data.
• Backup data regularly and store it in a secure location.
• Educate yourself and your employees on cyber security best practices.
• Install and routinely update reliable anti-virus software
• Ensure that your software is up-to-date
• Be aware of phishing scams and other malicious activity
• Monitor network activity for suspicious activity.
• Use a secure web gateway to protect from online threats.
• Use a cloud-based security solution to detect and respond to threats.
• Establish a security incident response plan.

Strict No’s to ensure Security (Don’ts):

• Don’t share your passwords with anyone. (The recent news about LastPass’s security breach for example is a reason your password is required to be absolutely Private.)
• Don’t click on links or download attachments from unknown or untrusted sources.
• Don’t access sensitive information on public networks.
• Don’t store sensitive information on unencrypted devices.
• Don’t use the same password for multiple accounts.
• Don’t forget to log out of accounts when you’re done using them. Set reminders to ensure you log out especially during the holidays and emergency leaves, so you are not leaving much to chance.

Who can all add value?

CFOs: CFOs are not only indispensable in areas of Strategic Planning, Financial Reporting Budgeting, Risk Management, and Investment Planning but also in Cyber Security. Apart from these core functions a CFO’s interests are aligned in assessing Cyber Security risks and goals with larger business objectives. This involves working with CTO/CISO in areas of Security in conjunction with strategic objectives.

CTO/IT Team: The IT team or the CTO and his team are responsible for providing technical support, managing the IT infrastructure, and ensuring that the organization’s networks and systems are secure and reliable. They can also help ensure that the organization’s data is protected from security threats.

CISO (Chief Information Security Officer): The CISO is responsible for developing, implementing, and managing the organization’s security strategy. An ideal CISO is up to date with the latest security techniques and technologies and oversees the security of the organization’s networks and systems. They are also responsible for responding to and mitigating security incidents.

How your Cyber Security taskforce can add value?

• Developing and implementing cyber security policies, procedures, and best practices in accordance with industry standards.
• Monitoring and reporting on cyber security risks and vulnerabilities.
• Leading in the investigation of security incidents and responding to security alerts.
• Establishing controls to protect the company’s digital assets and intellectual property.
• Working with senior management and IT professionals to ensure compliance with cyber security regulations and guidelines.
• Liaising with external vendors and partners to ensure cyber security requirements are met.
• Identifying, assessing, and prioritising cyber security risks across the organization.
• Developing budgets and securing funding for cyber security initiatives.
• Engaging with board members and stakeholders to ensure cyber security objectives are met.
• Monitoring and reporting on the effectiveness of cyber security controls.

Cyber Security is a necessity rather than a requirement since ‘Work from Home’ and ‘Work from Anywhere’ concepts (WFH/WFA) are becoming increasingly common. Due to the greater reliance on remote access points and digital systems for communication, online collaboration, and data storage, employees accessing corporate resources from home or external networks are at increased risk of cyber-attacks. Businesses must adopt stronger measures to protect their networks and data from unauthorized access, as well as from phishing, malware, and ransomware. So, businesses must implement policies to ensure that employees are properly trained on cybersecurity best practices and are aware of the risks associated with working remotely. And, it is important for businesses to invest in secure remote access solutions to ensure that all employees have access to the necessary resources without compromising the security of the organisation.

Accsource is committed to providing its clients with the highest level of data security by following a process-oriented approach and achieving all necessary certifications. Customers can rest assured that their data will be handled securely when they partner with us.