I don’t understand the logic of recognising cyber risk as a major risk to your business and then all but 8% of CFOs not managing it as part of their overall risk…:
A global survey of more than 1,500 financial professionals conducted by Chartered Accountants Australia and New Zealand, the Association of Chartered Certified Accountants, Macquarie University and Optus found that cyber security is not managed as a business risk and is too often left to IT specialists alone to handle.
Financial professionals acknowledged the risk of a cyber attack, with 68 per cent placing the risk as a high or very high risk to their organisation, yet two-thirds said their organisation does not have an absolute, up-to-date remediation plan in place that is regularly updated and tested.
With cyber crime estimated to cost $6 trillion globally by 2021, 83 per cent of respondents said that they had no cyber insurance in place.
Only 8 per cent of CFOs indicated that they were responsible for the strategic direction of cyber security in their organisations.