12 Cybersecurity Risks CFOs and Boards Can’t Afford to Ignore
Cybersecurity is no longer just an IT issue—it’s a strategic business concern. For CFOs, risk officers, and boards of directors, understanding the financial and operational implications of cyber threats is essential.
In his address at the University of Houston, Clif Triplett, Executive Director for Cybersecurity and Risk Management at Kearney, outlined 12 cybersecurity priorities that finance leaders must monitor to protect their organizations.
Top Cybersecurity Risks for CFOs in 2024
1. Enforce Multi-Factor Authentication
Critical systems must require MFA to mitigate credential theft and unauthorized access.
2. Reduce Information Exposure
CFOs must evaluate how much sensitive information exists, where it resides, who has access, and whether it is properly controlled.
3. Limit Privileged Access
Production environments should operate with zero privileged accounts wherever possible. Review these accounts regularly with informed oversight.
4. Prepare for Incidents
Incident response readiness is vital. Establish clear communication protocols, forensic support contracts, and ensure leadership is ready to answer:
What did we do? Did we take reasonable precautions?
5. Control Data Exfiltration
Deploy and monitor Data Loss Prevention (DLP) tools to prevent sensitive data from leaving the organization.
6. Manage External Remote Access
Review who is connecting, what they’re accessing, and when. Encrypt all external web traffic.
7. Patch Management
Ensure patching standards are not only defined but also enforced and regularly audited.
8. Implement Mobile Device Management
Secure mobile endpoints with centralized management, especially as remote and hybrid work expands.
9. Define Acceptable Risk Tolerance
Establish enterprise-wide standards for what levels of risk are acceptable and how they are applied to cyber decision-making.
10. Address Single Points of Failure
Identify critical asset vulnerabilities and resolve or mitigate them proactively.
11. Understand Technical Debt
Outdated systems increase security risk and operational cost. Calculate the investment required to upgrade unsupportable assets.
12. Conduct Background Checks
Ensure individuals—internal or third-party—with system access have been properly vetted.
Success Metrics
Measuring success means tracking both internal and external performance indicators, such as:
Conclusion
CFOs and boards must adopt a more active role in cybersecurity. With financial, operational, and reputational risks on the line, aligning cybersecurity with enterprise risk management has never been more critical.
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