What CFOs need to know about cyberscams

Digital money is increasingly at risk from hackers who breach businesses’ security and pull off a cyberheist through trickery and deceit

Whether you call it social engineering or phishing, the perpetrators of cyberscams are becoming increasingly sophisticated. Targeted attacks against the financial sector produce lucrative cash payloads for the criminals, and huge costs by way of regulatory fines and reputational damage to the victims. So, what does the chief financial officer (CFO) really need to know to mitigate the risk?

Hold on a minute, what has this got to do with the CFO anyway? Isn’t security the remit of the chief information security officer (CISO) or chief technology officer (CTO) instead? Yes, but the role of the CFO is more complex than ever, with financial oversight stretching beyond the alpha accountant stereotype and demanding a tech-savvy and security-aware incumbent. The dangers of ignoring this are regularly writ large across the cybersecurity threatscape.

 

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