CFOs in the banking industry often struggle with the decision of how much money to allocate to cyber security, and their choice often leaves key assets vulnerable.
Ernst & Young (EY) recommends some key questions that will help companies identify the most important assets to protect:
- Which assets, if lost, would impact the day-to-day operations of the business?
- Which assets, if compromised, would result in lost consumer confidence?
- Which assets, if breached, would cause serious damage to the company’s reputation and shareholder value?
EY’s Global Information Security Survey 2014 recommends that banks and financial institutions develop a mature cyber security plan that protects the organization’s key assets and can evolve over time as cyber crimes become even more complex than they are today.
It outlines seven questions that CFOs can ask to help create an effective cyber security roadmap:
- What is our overall risk tolerance?
- What is my organization’s current exposure to cyber risk?
- How does our level of preparedness compare to our competitors?
- Is our cyber risk exposure consistent with our risk tolerance?
- Are there adequate processes in place to prevent, detect, contain, and respond to a cyber attack?
- Do we have a plan in place for how we will respond to a cyber attack?
- Have we thoroughly tested the plan so there is no delayed response when the breach occurs?
CFOs in the financial industry need to consider cyber risk the same way they would any other risk, and take appropriate measures to reduce that risk.
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For more on financial security, see Are Banks Taking Chances With Cyber Security?
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