Cybersecurity and the CFO: Protecting Your Company’s Most Vulnerable Assets

The most recent news of Visa’s database vulnerabilities reminds U.S. that cybersecurity is a matter of concern for every company no matter its size and available resources. As cyber criminals become increasingly complex and challenging to identify, the financial sector is left vulnerable due to direct access to capital and personal identity information. In 2013, U.S. financial services companies lost an average $23.6 million from cybersecurity breaches, according to a Deloitte report. This number is 43.9 percent higher than in 2012, when the industry was ranked third on a list of industries that cyber criminals most targeted. Similarly, an Agari study from 2014 found that the payments industry, including credit-card and digital-wallet companies, saw a 23-fold increase in malicious email attacks against its customers between the second and fourth quarters of 2014.