What CFOs need to know about cybersecurity and the cloud
There is a common misconception that the IT team is solely responsible for cybersecurity. However, cybersecurity is everyone’s responsibility, especially since people can be weak links in securing the business. Whether it’s phishing, malware or data leaks, human error is often at the root of the problem. When it comes to cloud security, the issues […]

The importance of cybersecurity for CFOs
As more financial activities operate remotely through the cloud, CFOs will need to develop security measures tailored to the finance department. Many of your financial procedures already running remotely may contain some of your company’s most sensitive information, such as financial data from customers and suppliers. You are in charge of some of your company’s most precious data. Therefore, security should be a top priority in all you do. If your company is hacked and your data is stolen, you may be held accountable. With finance teams being particularly vulnerable to cyberattacks, CFOs need to be well-versed in emerging IT security challenges, dangers, and legal frameworks. They must coordinate with both IT and risk managers to ensure that new cybersecurity risks arising from the adoption of remote work do not outpace the policies established to protect susceptible data. Bottom line: You shouldn’t overlook emerging security vulnerabilities, but you also shouldn’t go it alone. When it comes to financial data, CFOs should be wary of the following threats:- Phishing attacks: Phishing attacks deceive employees into disclosing sensitive financial information, primarily via email, voice calls, and text messaging.
- Malware: Malware refers to malicious software, files, or programs that are meant to harm and disrupt systems.
- Data leaks: Valuable financial information can be leaked via business and home internet connections through laptops, PCs, mobile phones, and tablets.
How cloud computing can assist in overcoming cybersecurity challenges
When appropriately designed, cloud solutions can be more secure than on-premise alternatives. Cloud providers often guarantee the safety and security of their platforms and offer extra security features to their customers, such as password protection, encryption, and access limitations based on user profiles. Businesses can also take advantage of 24/7 monitoring and specialist cybersecurity teams trained to identify and respond to threats, and minimise damage. In our CFO 3.0 research report, 66% of respondents said cloud-based systems are secure. Fast-forward 18+ months and 88% of respondents in this study who already use the cloud say their systems are more secure than before, and 65% say they benefit from safer data processes and storage. However, you should be sure that the cloud providers can meet your unique needs. There are variances across cloud providers, large and small, so be prepared to ask probing questions about how they safeguard your data and equipment. Because remote working entails user-managed devices and remote access, don’t utilise cloud software until you know exactly how users will access it, what they will see, and how you will manage them. One of the significant security advantages of cloud apps over on-premise systems is the simplicity with which software may be patched and upgraded. With new threats continuously developing, cloud providers just need to send out a single remedy to many users whenever a vulnerability exists. Users will always have the most recent and secure software versions. But keep in mind that cloud technology is only as safe as your people. No technology will help if your staff leave credentials out in the open or click every link in their emails without thinking. Train, educate, and instil a security-first culture in your employees.How CFOs can begin implementing cloud technology
- Determine your objectives
- Examine your current infrastructure
- Maintain open lines of communication with your people
- Obtain the necessary assistance
Final thoughts
Yes, it is a primary concern when a company’s client data or essential business information is compromised. However, in most situations, the problem is a lack of management and implementation by the respective firm. Moving your financial systems to the cloud will increase security while also enabling a more flexible work environment to support workers – regardless of location – and assist them in avoiding mistakes that might jeopardise personal data and the organisation.White paper - The Digital CFO
Tracking financial leadership’s transition from corporate number-cruncher to strategic storyteller

Sage Intacct
Discover how Sage Intacct takes the stress away and can make financial management fun and empowering.
