Finance teams are finally embracing digital, but they must not be complacent about the risks associated with transformation. According to PWC, 53% of chief finance executives are looking to accelerate digital transformation in the next 12 months using data analytics, AI, automation, and cloud solutions to help drive standardization and intelligently automate as many manual processes as possible.1
Most organizations still see cybersecurity as a worrisome issue for IT. 45% percent of leaders plan to increase the percentage of their overall IT budget dedicated to information security by at least 10% in 2023.6
As departments become more reliant on technology, hyping information security might not be enough.
But as departments become more reliant on technology, hyping information security might not be enough. In addition to preparing your systems and software, you must also prepare your people.
Human beings are the weak link in the majority of cyber security scenarios. Social engineering is the number one cyber threat responsible for business compromise.7
Human beings are the weak link in the majority of cyber security scenarios.
From invoice hacking to phishing scams, in the area of a corporation where money exchanges are constantly taking place, individuals within the finance team are the ideal target for a severe cyber attack.
Anybody managing invoices or responding to large volumes of emails - especially those with sensitive financial information in them - could make an extremely costly mistake at any moment. Google blocked almost 18 million phishing emails and malware every single day during the pandemic,9 a volume of potential threats that leaves even the most diligent individuals vulnerable to error.
Download the full eBook The Cyber Crime Increase: How Automation Helps CFOs and Controllers Stay Secure to read more.
6 https://www.helpnetsecurity.com/2022/09/14/cfos-cybersecurity-confidence/
7 https://www.upguard.com/blog/social-engineering
8 https://www.cfo.com/audit/2022/12/audit-exec-say-cybersecurity-is-area-of-focus/