Digitalisation offers countless benefits, but it also presents challenges that must be addressed, particularly those related to cybersecurity, which today plays a critical role for businesses. Staying protected from increasingly frequent and sophisticated threats has become a crucial factor for companies.
Higher levels of risk necessitate ongoing, proactive management in determining the most effective security measures to implement, with the aim of minimising the likelihood of malicious actions within the organisation.
In this context, the CFO emerges as a key figure in safeguarding the company's assets, a responsibility that extends beyond purely financial processes. The CFO’s role must encompass all areas of the business.
Assuming this leadership position is a clear example of the high-impact transformation and rapid evolution of the CFO's role, which is increasingly focused on the strategic aspects of the company. In this new capacity, data—and more importantly, the conversion of data into actionable information—has become one of the most critical elements for the CFO to manage.
This represents a new challenge in the CFO's career, as they not only remain responsible for "safeguarding" the company’s finances but must also expand their duties to become the "guardian" of the company's data.
Moreover, we must not overlook the fact that any type of attack can have a substantial effect on the organisation, both from an economic standpoint and a reputational one. The extent of the impact will depend on the nature of the organisation.
The CFO's understanding of the business enables them to evaluate and quantify the likelihood of key risks occurring and the potential impact these may have. This expertise distinguishes the CFO from the company's other directors.
However, effective cybersecurity management is not a task that the CFO can handle individually. Therefore, interdisciplinary collaboration becomes essential, especially with the Chief Technology Officer (CTO) or more specifically the Chief Information Security Officer (CISO) in larger companies that are more advanced in these areas.
Thus, joint efforts become both "indispensable" and beneficial for the organisation, as combining the CFO's business expertise with the technical knowledge of others helps enhance the development of the best strategy suited to the company.
Once the "critical points" have been identified, the CFO has two main responsibilities. First, they must raise awareness within the organisation about the risks posed by potential cybercrime. Second, they should provide continuous and up-to-date training on new technological trends and their associated threats.
It is also necessary to continuously review the control points established to ensure that the company is adapted and prepared for "new realities." We must not forget that the implemented security measures become key elements in maintaining stakeholder trust at all times.
Therefore, the "strategic shift" in the CFO's responsibilities implies taking on new leadership duties, where cybersecurity management is no exception. It becomes necessary for the CFO to acquire new knowledge and strengthen their "cross-functional" management with other areas of the company, so they can become the best "guardian" of the company's data.
.png)
