CFOs need to work closely with CIOs to stay Cyber Secure

Cfos Working Together With Cios

2017 was an eventful year with high profile data breaches and notable cyber criminal activities. 2018 doesn’t look any comforting with the trends of volume of attacks and their sophistication will keep CIOs on toes. 2017 had about $90 billion spending on information security products and it is likely to reach $113 billion by 2020. Spending on detection and response capability is likely to be key focus area.

The focal shift from protection to prevention

The detection and response were the top priorities for CIOs in 2017 and it is likely to remain so because a dedicated, well-funded actor like nation-state who is after something in your enterprise is going to get it. They might even resort to the most vulnerable links- people to social engineer the attack when the time comes. This corresponding to the most logical sequence of events- detection, response and solution.This shift will span people, process and technology elements which will be driving the entire market.

The truth of the matter is organizations cannot stop all the threats which are coming there way. The attackers needto succeed only once and they will, when they keep on trying!

Cloud security will also be center of information security landscape in 2018 as the technology is reaching maturity. Soon the threat will start to build up and companies will have to decide on access guidelines on private networks or public networks to reduce the risk

When CFOs and CIOs communicate frequently on these issues, the CFOs have a better understanding of the situation, the current scenarios and struggles associated. IT security is clearly not cheap and needs to find a substantial space in the budget planning. There needs to be clear guidance on spending. Only with a better understanding of how a CISO does to keep the company safe, the CFOs can realize and quickly decide on the purchase of system which keep the company running.

Financing is a crucial part in keep the safety of the company, any black swan event can break the backbone of an organization with massive damages and only by close knight departments esp. Finance and Security in a company this will happen.

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