Today, cyber-crime is one of the biggest risks for business. By 2021, the estimated cost of tackling this problem has reached $ 6 trillion worldwide. However, despite all this, the ACCA study has showed that not all financial professionals see cyber security as a risk factors, and often the responsibility for it lies solely with IT professionals.
The main conclusions made by ACCA experts during the survey are:
- In fact, 60% of CFOs and finance leaders believe that cyber security is one of the top five risks or even the most important of them.
- 20% of surveyed financial professionals said that they are not involved in cyber security within the company;
- 10% of respondents do not know who in their company is responsible for cyber security;
- a third of respondents (33%) are not aware of whether their company has previously suffered a cyber-attack;
- large companies pay more attention to cyber threats, but their number is still small - only 8% of respondents said so, while small and medium-sized businesses are even less concerned about or aware of such security risks (5%).
With each passing year, the technologies implemented in business processes for additional commercial benefits are becoming more complex and integrated in terms of possible sources of threat. With the advent of new tools, new risks arise. Only 19% of respondents stated that they regularly check the various channels where data breach may occur.
Fraudulent data access is a significant risk for many organizations. In the survey, respondents were asked how they protect the privacy and confidential data of their customers that they hold. Their responses showed that sensitive data is usually protected by access controls in the form of a user ID, rather than systematic encryption, which makes it illegible when reading the information, and can only be returned to its original form using a special cipher. But for user, data authentication is more common in large firms. Small and medium-sized companies often use encryption in their practice.
As the nature of the cyber threats continues to evolve, finance departments need to be informed to ensure that appropriate management measures are in place to prevent financial and operational risks.
Because businesses are now more dependent than ever on digital solutions for their business, cyber risks are a significant threat to them. Any business interruption can affect not only the reputation but also brand value and ultimately business value.
New cyber threats and technical vulnerabilities emerge very quickly, but data theft with the help of ill-prepared employees is still an effective way to attack the organization for cyber criminals. Some respondents who had been subjected to cyberattacks in recent years reported an increase in their awareness of the issue and their investment in countermeasures. It is becoming clear to corporations that it is preferable to learn and take action before dealing with the consequences of a security breach.