Cyberattacks can negatively impact an organization's entire ecosystem — from disrupting day-to-day operations to endangering customer privacy — all of which can contribute to weakened brand reputation and lost revenues. According to a 2021 FBI Internet Crime Report, cybercrime cost U.S. businesses $6.9 billion in one year alone. Today, cyberattacks represent a $1 trillion drag on the global economy, yet research shows the majority of organizations lack plans to both prevent and respond to a cyber incident.
Considering the high likelihood of a cyberattack impacting a particular organization, including the associated financial impacts of that cyberattack, it’s essential the chief financial officer (CFO) and the chief information security officer (CISO) closely collaborate to assess and communicate risk so they can put the necessary safeguards in place to protect the wellbeing of the business.