eBook Excerpt: Chapter 1 - Risks Associated with Finance Transformation

Chap 1 - Risks Associated with FinanceFinance 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 


However, such transformations must be supported by vigilant cybersecurity processes. 84% of CFOs say their organization experienced more than three security incidents in the last 18 months. And the losses associated with such incidents could be truly devastating.


Despite these losses, only 8% of CFOs say they are briefed monthly by their  information security team.4 


This gap has caused serious concern within finance  teams, with 78% of CFOs planning to enhance their cyber risk management in  2023.5 But what could CFOs actually do to reduce their cyber risks? 


Download the full eBook The Cyber Crime Increase: How Automation Helps CFOs and Controllers Stay Secure to read more.

1 https://www.pwc.com/us/en/library/pulse-survey/managing-business-risks/cfo.html

2 https://www.redscan.com/news/kroll-cfo-report/#:~:text=71%25%20of%20CFOs%20have%20suffered,in%20the%20last%2018%20months

3 https://www.icaew.com/insights/viewpoints-on-the-news/2022/apr-2022/how-accountants-should-combat-the-rising-cybercrime-threat

4 https://futurecfo.net/pov-why-cybersecurity-matters-to-the-cfo-and-vice-versa/

5 https://www.pwc.com/us/en/library/pulse-survey/managing-business-risks/cfo.html