ACCA has teamed up with Chartered Accountants Australia and New Zealand (CA ANZ), Macquarie University and Optus to launch the report Cyber and the CFO. The global survey finds cyber security is not managed as a risk to businesses and is too often left to IT specialists to handle.
Highlights from the report show:
• Almost 60 percent of CFOs and finance leaders rank cyber security as the most important or top five business risk
• However, a third of respondents did not know whether their organisations had been the subject of a cyber attack. Few survey responses showed a recovery plan that included much beyond the hardware.
• Over 20 percent of finance professionals admitted they had no involvement whatsoever in cyber security within their company.
• And 10 percent of respondents did not know who in the business was responsible day-to-day for cyber security.
• Larger business placed a higher priority on cyber risks (8 percent), but small business were marginally (5 percent) less concerned or aware of such security risks.
Cyber-risk is becoming ever more complex with the integrated nature of supply chains. Only 19% of survey respondents said that they regularly audited their supply chains.
ACCA’s head of business management, Clive Webb, says:
‘The increasing use of technology within businesses to create commercial advantage comes at a price and that price is cyber risk.
‘The finance community cannot stand by and leave cyber security to others in the business to manage. It is very complex, but it is essential for finance leaders to familiarise themselves with the issue.
‘The report highlights the changing nature of the cyber threat. It establishes the financial and operational risks that arise and in that regard the finance community needs to keep abreast of the evolving nature of the threat and ensure that it is managed appropriately.’
Full press release
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