As with other data management and analytics processes, Chief Financial Officers are increasingly becoming an integral part of the management of cybersecurity initiatives. This is primarily due to the huge financial impact that cyber attacks and data breaches can have, seriously threatening the financial health of the organization. CFOs are also beginning to align their oversight of risk and compliance with the proliferation of cyber threats, providing an added imperative for CFO involvement in cybersecurity strategies.
A broad range of organizational information underlies everything that the CFO and his team do on a daily basis, and much of that information is both highly sensitive and crucial to the business strategies of the organization. The CFO must have constant knowledge of where this information resides, who is working with it, and the plans to keep it secure. And now CFOs must have heightened awareness of where cyber threats are coming from and the many ways that intruders can get to that information.
Besides working to ensure the safety of corporate information, CFOs also must assess the risk and potential impact to the organization should a hacker successfully breach security measures. The damage to an organization is not just determined by the direct cost of the cyber attack. As many well-known corporations have demonstrated all too often, there are often long-term negative consequences related to the loss of trust and a tainted brand reputation.
Investments in cybersecurity technology solutions and services are increasing each year. Managed services providers are finding that their clients want and need a partner who combines knowledge and expertise for cybersecurity itself with the implementation of effective technologies that can keep pace with fast-changing methods of attack. And MSPs must understand the responsibilities of a corporate office like the CFO and the mandate for secure corporate financial operations. For MSPs to do well, understanding business objectives, processes and corporate behavior is every bit as important as top-notch technology skills.
Every new technology development translates into new ways for hackers to digitally threaten organizations. The in-depth and broad range of MSP expertise for many technologies and business processes is invaluable for helping CFOs not only grasp the current state of security in their organizations, but better visualize what the future may hold for new kinds of cyber attacks. As organizations adopt new technologies, they should also develop new plans for protecting digital corporate assets.
The future of managed services depends on these new ways of working with an organization, to best support the goals and business outcomes that the organization seeks. MSPs can no longer simply look to traditional IT roles and ways of working. Sophisticated technology and the digital era demand that managed services and solutions always look at the bigger picture and work with more non-IT roles. Innovation calls for new approaches to help organizations attain success.
Image source: IBM
This post was brought to you by IBM for MSPs and opinions are my own. To read more on this topic, visit IBM's PivotPoint. Dedicated to providing valuable insight from industry thought leaders, PivotPoint offers expertise to help you develop, differentiate and scale your business.
About the author: Julie Hunt understands the overlap and convergence of many business processes and software solutions that once were thought of as "separate" – and how this impacts software Vendors and Buyers, as well as the strategies that enterprises implement for how technology supports the business and its customers. Julie shares her takes on the software industry via her blog Highly Competitiveand on Twitter: @juliebhunt For more information: Julie Hunt Consulting