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Cyber Risk

Risk management usually falls in the domain of the CFO. However IT security often stays within the IT silo. This approach will not work long term; the CFO needs to take charge.

The CFO has to own IT security because:

  1. IT security involves protection of assets, liability exposures and regulatory compliance. This is more than a technical IT matter;
  2. It involves computer systems outside of the company, over which IT has no control;
  3. It involves managing the flows of liabilities in contracts;
  4. Cyber Risk insurance must be negotiated;
  5. Someone above the IT dept has to be concerned about the insider threat from the IT unit itself (the folks with the most access – often complete and absolute access).

See Risk Report – IT Security



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