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CFOs Asked to Combat Cyberfraud | CFO Lounge

CFOs Asked to Combat Cyberfraud

Mon, Oct 20, 2008

Down to Business

Interesting article here about how CFOs are getting tasked to combat cyberfraud due to the financial impact.

This article from PC World asks CFOs to consider:

– Has the company analyzed our cyberliabilities?

– What’s the potential for us to be named in class-action lawsuits after a breach?

– Are there valid reasons we’re collecting personal information?

– What is our biggest cybervulnerability?

– Do we have a documented and proactive crisis communications plan?

Internet CFOs take note…your ass will soon be on the line if the shit hits the fan.

This post was written by:

Chad Cohen - who has written 51 posts on CFO Lounge.

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1 Comments For This Post

  1. Vic N Says:

    It’s irritating to see these directives, however well intentioned. These are the equivalent of compliance “big foot” sitings.

    Compliance managers everywhere are going to receive a cut and paste of that bullet list asking “do we have this? we need this right away”…

    The moment one has to explain an external vulnerability scan to a CFO, we’re off the beaten path, upside down in the ditch and on fire…

    CFOs are well-intentioned but clumsy IT “cooks”. It’s not enough that the CFO role alone own something like this. The CEO should drive the CTO to the CFOs & Chief Counsel’s satisifaction. If a CEO cannot participate in the technical aspects of his organization enough to accept the risk around her operations, but expects a CFO to do so… well… that sounds like a problem waiting to happen.

    I’d love to see the SEC incorporate mandatory guidance that requires IT organizations to consider these questions as control questions that have to be present in a SOX control set for a traded company.

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