Fallout from even one cyber attack can cost an organization months of legal fees, penalties for those in highly regulated fields, operational downtime, and a long-lasting damage of brand and reputation. The financial loss stemming from a successful cyberattack goes beyond the immediate costs – ransom payments, extortion fees, damage to IT infrastructure – and extends into long-term ramifications too. Companies that had robust incident response (IR) teams and plans saved an average of $2.66 million.The cost of an average ransomware attack, not including the cost of the ransom, came to $4.54 million.The cost of data breaches stood at an averaged total of $4.35 million.IBM’s Cost of a Data Breach Report 2022 found the following: Used to gain access to sensitive information and disrupt business operations, risks on the endpoint surface directly affect an organization’s finances. Hybrid workspaces and soaring numbers of endpoint devices have become prime targets for cybercriminals. In this post, we’ll explore how a vested interest in understanding and assessing security technology helps CFOs maximize their company’s value while contending with advancing cyber threats. In close partnership with other C-level executives, CFOs can help safeguard their business from a financial point of view by investing in the right processes and technologies. Even one successful attack on a business can negatively impact revenues, expenses, and cash flows. A CFO’s main responsibility is to maximize their organization’s value, and increased risk threatens that value. Over the past two-and-a-half years while I’ve served as Chief Financial Officer at SentinelOne, one thing has become glaringly apparent the increasing role that Chief Financial Officers (CFOs) now play in staunching the rise in cybersecurity threats.Īs technological infrastructures grow, increasing numbers and severity of attacks have put organizations across every industry at severe risk.
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