Finance professionals are often charged with planning, budgeting, accounting and purchasing. Over the course of their work, they use and create budgets, financial performance reports, tax filings, compensation and benefits information, accounts payable data, accounts receivable data and contracts.
Financial professionals have many responsibilities in the cybersecurity of your business, including keeping financial data confidential, keeping important data secure and making sure they are compliant (if applicable).
What financial professionals need to do to:
- Understand cyber risks to your business and how they will impact your operations, credibility and finances.
- Provide funding if they are responsible for allocating budgets. Financial professionals need to ensure there is enough funding to implement your organization’s cyber security policy.
- Develop a budget and strategy for emergency cyber security spending to ensure business continues with minimum disruption. This plan should include the purchase of new equipment, vetting vendors, and planning for the loss of financial systems.
- Work with an attorney to make sure all contracts have clauses that ensure effective oversight of supplier’s cyber security, as well as clauses regarding notification of incidents, and adherence to relevant industry requirements.
- Ensure compliance with industry regulations and financial regulations.
- Protect sensitive financial information. Share only what is necessary and destroy information in accordance with organization’s policies. Use encryption, passwords and other methods to secure files.
- Protect access to online file sharing or online platforms with strong and unique passwords and multifactor authentication.
The responsibilities of finance professionals potentially pose a risk to any business’s cyber security. By ensuring these professions know how to efficiently navigate these risks, they can protect your business, not threaten it.