FSN’s Cybersecurity and the Role of the Finance Function Research 2024, provides unique insights into the resilience of the finance function in the face of cyber-threats
The modern finance function is responsible for the safe stewardship of a company’s assets, yet the rapidly evolving threat from cybersecurity, means that most finance functions neither have the means nor the technical knowledge to provide adequate safeguards for their company’s operations and data. Only forty-two percent of finance functions are fully engaged in the management of cybersecurity. Ninety-one percent lean heavily on their IT function to provide critical support they need. So the finance function faces an unenviable dilemma. It is held responsible for the internal control environment, i.e. ensuring that financial data is complete, accurate and authorised, yet its efforts can be easily undermined by weaknesses in data security and confidentiality. Just fifty-three percent of organisations are confident or very confident in their company’s ability to secure, sensitive regulated data.
