Too often we're hearing about cities and organizations falling prey to ransomware attacks with the average cost of ransomware related downtime hovering around $55K – note that’s just the cost of downtime , which excludes any ransom that might be paid. It’s also estimated that the total damage costs from global ransomware incidents are predicted to hit $11.5B this year, which is staggering to say the least. From my perspective, paying any amount of ransom is obviously troublesome for a couple of reasons: the wide range of data CFOs use to manage the business is always at risk AND paying a ransom of any size could cripple an organization indefinitely.
This is notable because, at a much higher level, it underscores a shift in the traditional role of the CFO as someone who holds the purse strings to someone who needs to understand and support the use of technologies that ensure the integrity and protection of an organization’s data - all of it, not just financial data. So, while we usually hear about CIOs managing data and security needs, the onus is also on CFOs to better understand how disruptive technology trends (e.g. big data, digital transformation, and hybrid cloud environments) impact their role as well as the resulting business – and security – implications.
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