Not All CFOs Rank Data Security as Top Priority – Do You?

An increase in identity thefts from some of the nation’s largest retailers has pundits predicting that CFOs will be reaching out with renewed fervor to their IT security departments.

If that proves true, it will signal a shift in thinking because for some execs and treasurers data security has not been a top priority. 

On, writer David M. Katz shares a risk management survey where CFOs and treasurers ranked data privacy and cyber security as the 12th highest priority risk their companies face in 2014. While that might seem low following recent high-profile cyber crimes, it ranked 26th in 2013.

Only 52 percent of all survey respondents said they regarded cyber security as a current concern. In another survey, 57 percent of board members and senior execs who were queried said they were not analyzing whether they had enough cyber insurance coverage and weren’t exploring best practices related to cyber risk management.

So what ARE CFOs most worried about? The annual Robert Half Benchmarking report that examines finance department trends and concerns finds compliance, financial systems and staffing are top of mind.

For more research on internal auditing and security, check out Protiviti’s recently released Internal Audit Capabilities and Needs Survey, which revealed that social media, mobile applications, cloud computing and cyber security are critical areas of concern.  For another perspective, read the company’s Perspectives on Top Risks Survey, in which cyber security is ranked highly.

  • Speaking of cyber security, Reuters held its International Cybersecurity Summit this week. One headline from the event:  Lockheed Martin Corp., the nation’s top provider of information technology to the U.S. government and the top Pentagon supplier, said the number of sophisticated cyber campaigns aimed at its computer networks had more than quadrupled since 2007.

How do you feel about the safety of your company's customer or client data? Tell us your thoughts in the comments below.

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