Tue, Sep 13, 2022
New York – Kroll, the leading independent provider of global risk and financial advisory solutions, today announced its report Cyber Risk and CFOs: Over-Confidence is Costly which found chief financial officers (CFOs) to be woefully in the dark regarding cyber security, despite confidence in their company’s ability to respond to an incident.
The report, commissioned by Kroll and conducted by StudioID of Industry Dive, exposed three key themes among the 180 senior finance executives surveyed worldwide:
Greg Michaels, Global Head of Cyber Governance and Risk in the Cyber Risk practice at Kroll, said: “We often see that CFOs are not aware enough of the financial risk presented by cyber threats until they face an incident. At that point, it’s clear that they need to be involved not only in the recovery—including permitting access to emergency funds and procuring third-party suppliers—but also in the strategy and investment around cyber both pre- and post-incident. Ultimately, cyberattacks represent a financial risk to the business, and incidents can have a significant impact on value. It is, therefore, critical that this is included in wider business risk considerations. A CFO and CISO should work side-by-side, helping the business navigate the operational and financial risk of cyber.”
David Ball, Managing Director in the Valuation Advisory Services practice at Kroll, said: “Cyber incidents have the potential to cause material damage or impairment to the assets of a company, particularly intangible assets, including intellectual property, customer relationships and brand. It is important for CFOs to understand the impact of cyber incidents on these assets and be in a position to assess and quantify the financial impact and potential risks to the company.”
You can download the full report here.
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