What are the steps of the information security program lifecycle?

Financial executives regularly decide which risk mitigation controls to implement based on risk trade-offs and regulatory pressures using a risk management framework. This framework includes: Identifying the risk Measuring and assessing it Mitigation Reporting and monitoring Governance When you tailor your current risk management framework to information security, it will also include more detailed and nuanced steps such as: Performing audits and assessments Establishing policies and procedures — testing recovery procedures, for example Conducting penetration testing

Why is it important for finance and technology teams to collaborate?

Senior management’s commitment to robust internal controls is the top factor to a strong control environment. However, developing a cohesive, inclusive approach to cybersecurity can’t happen if finance executives aren’t working closely with their technology team. As you’re aligning your cybersecurity and corporate strategies, consider implementing a top-down approach. Finance executives should become familiar with the language of the technology team, so they can spot potential financial risks faster. It’s important the technology team understands information security isn’t just a technology function; it’s a risk management function as well. They should receive help interpreting finance priorities, risks, and business drivers from finance executives. Sharing expectations and concerns can help open up lines of communication between teams and lead to a more robust information security program.

What steps can you take to encourage collaboration between finance and technology teams?

Below are some steps finance executives and technology teams can take to strengthen the effects of your organization’s information security program: Establish policies and procedures Perform risk assessments Conduct audits and penetration testing

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How to engage CFOs in information security programs

Aug. 17, 2021 · Authored by Bryan Schader, Findley Gillespie

Business information security is a major financial risk. It’s crucial for finance executives to factor information security considerations into risk-mitigation controls to obtain a complete picture of all the potential risks your organization faces.

Below, explore the benefits of an information security program, what a strong program looks like, and ways you can assess and validate existing controls to develop and improve your organization’s security framework. First, to stress the importance of improving security, there’s a quick reminder of how costly a data breach could be for your organization.

What are the financial consequences of a data breach?

Data breaches happen more frequently in today’s business landscape — and they’re expensive. 30% of major security incidents result in damages between $100,000 to $500,000 according to the 2020 Insider Threat Report from Cybersecurity Insiders. Business email compromise scams alone have results in over 166,000 incidents around the world and $26 billion in loss since 2013, according to the 2020 Trustwave Global Security Report.

Recovery costs can exceed estimates very quickly. Information security should be considered a high-level risk because of its financial implications; it can directly affect an organization’s bottom line.

Beyond direct financial loss, other potential financial consequences include:

Reputation damage
Intellectual property theft
Regulatory fines

Cybersecurity insurance may be able to help you recoup direct financial loss, but it won’t protect against intellectual property losses or a hit to your organization’s reputation.