As part of our Security Takes a Village theme, IntelliGO Networks Finance Manager Sofia Nalband covers the role of finance in securing the SME. She addresses the reasons financial stakeholders should be concerned about cybersecurity threats to their business, the practices such stakeholders can implement to reduce the risk of financial consequences, and how they can influence broader decisions and policies within the organization while staying true to their core mandates.
As a finance professional, I am concerned about cybersecurity because breaches can have a significant impact on my business. In a global economy, these attacks can cost millions of dollars and result in loss of control over financial reporting. Financial damage and compromised internal controls are within the domain of the finance department, and we have evidence that cybercrime is on the rise, increasing my concern. These threats represent significant and unpredictable risk for the business, not unlike a hurricane or earthquake. Finance executives should ensure that investments are made to protect the company’s assets, reputation, and long-term growth.
I want to talk about the importance of implementing cybersecurity practices in SMEs specifically, since larger corporations are now requesting similar cyber-defense standards from their vendors. We have seen that SMEs are particularly vulnerable and that breaches can seriously harm a company’s financial standing, destroy brand reputation and trustworthiness among customers, partners, and vendors.
Finance Risks Becoming an Access Point for Cybercriminals
The finance department plays a major role in daily business operations. Using AIS systems, it controls and works with some of the most sensitive and valuable information in the organization. It serves as a gatekeeper for such information and is closely interconnected with other departments to ensure smooth business operations. That’s why finance is particularly attractive for cybercriminals; when it becomes an access point for a hacker, access (Read more...)
*** This is a Security Bloggers Network syndicated blog from IntelliGO MDR Blog authored by IntelliGO Networks. Read the original post at: https://www.intelligonetworks.com/blog/finance-secures-smb