MAY DAY, MAY DAY…That’s Your CFO Calling…!

MAY DAY, MAY DAY…That’s Your CFO Calling…!

Yes. Your CFO. When a cyber crisis hits, ‘where’ is the pain felt most? Well, near-term & long-term, it’s a company’s bottom line. Ouch. The direct costs of recovery are immense, of course. The real costs? It could be the entirety of the company – beyond reputation management, and damage control, some companies never fully recover from cyber attacks. If too directly and severely impacted, customers may never come back.

According to the 2017 study conducted by Ponemon Institute, including turnover of customers, increased customer acquisition activities, reputation losses and diminished goodwill the cost of lost business globally was highest for U.S. companies at $4.13 million per company.

And as a recent FORBES piece indicates, “…the average cost of a data breach to an organization is $2.4 million. In 2018 alone there were roughly 945 data beaches, with 4.5 billion records breached. That adds up to a total loss of more than $2 trillion a year.” FORBES contributor, Jeff Thomson goes on to note, “It is a price tag and a risk that could keep a CFO up at night.”

In this same piece, Mr. Thomson sharing his views of how today’s CFO has adapted: “rather than waiting to react, they have taken a proactive approach and incorporated cybersecurity into their risk portfolio.”

This reality of cybersecurity and its potential damage to the bottom line has CFOs communicating more directly with IT, CIOs and CISOs – or at least, we hope they are; we hope the first call a CISO receives from the CFO is not, “May Day, May Day!”

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