Cyber attacks on US corporations are all too commonplace today; they accomplish varied objectives, such as disrupting computer information networks; gaining unauthorized access to systems; realizing economic incentives by accessing credit card information; and stealing critical intellectual property.
These attacks are launched by individuals, organizations, and states. Politically-motivated attacks (cyber warfare) are used to disrupt, access, or conduct espionage. Cyber threats, cyber-attacks, cyber terrorism, and cyber warfare can have an adverse effect on corporate profits, public confidence, stock markets, economic/service sectors, and other national critical infrastructures.
Given their knowledge of the business and the relationships that they hold with internal and external customers, CFOs are in a unique position to lead their companies in cyber readiness policies.
Jack P. Healey CPA/CFF, CFE
This month, we hosted Jack Healey, CEO, Bear Hill Advisor Group and member of our Atlanta CFO Leadership Council chapter, for a members-only discussion on The CFO’s Role in Cybersecurity Incident Response.
During this call, we discussed:
- Why CFOs are uniquely qualified to lead their companies in cyber incident readiness
- What the CFOs role is in developing a cybersecurity response plan
- How CFOs can take the lead in ensuring that their organization has the right plan in place if and when you actually need to defend against an attack.
While reviewing the elements of a strong cyber incident response plan, Healey also recommended four key conversations that CFOs should have immediately to assess and improve upon their incident response plans:
With Your IT Team
Cyber security isn’t just an IT issue – it’s an organizational issue. Sit down with your IT team immediately to understand your current preventative measures, assess potential vulnerabilities, and map a strategy for improvements. Further, Healey recommends that once a strategy for incident response is created, to organize a desktop exercise with your IT, Legal, and Communications teams to test your plans efficacy.
With Your Leadership
Get your cyber incident response plan on the agenda at leadership team, audit committee, and other meetings. Use this as an opportunity to educate the board and senior management on the risk and far-reaching impact of cyber risk. Further, Healey recommends that you consider bringing in a third party to educate your board on the impact of cyber risk (and avoid those that offer only IT solutions)
With Your Insurance Carrier
Sit down with your insurance carrier to review your current cyber policy to ensure that your coverage matches your current organizational state. Healey also recommend that you seek out a Cyber Specialty MGA (e.g. insureTrust)
With Your Accounting Team
Finally, Healey recommends meeting with your accounting team to discuss the AICPA’s Attestation Standard on Cybersecurity Risk Management.
Ready To Get Started?
To Listen to an archived recording of our members-only discussion, as well as download a copy of the slide deck, click the button below.
Bonus! You’ll also find other recorded conversations and other presentations from our past members-only calls.
Want To Continue The Conversation?
We’d love to hear from you. Post a comment on your experiences or feedback below to continue the discussion on the best practices in cyber security incident response plans.
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About Our Speaker
Jack P. Healey CPA/CFF, CFE
CFO Leadership Council Member- Atlanta Chapter
Chief Executive Officer, Bear Hill Advisory Group, LLC
Jack is an expert in operational, financial and organizational crisis management, strategies and tactics. He is an expert in Cyber Incident Response strategies and tactics
He authored the Business Crisis Diagnostic and Prevention Model™ which provides businesses with the framework necessary to identify impending business crises before they occur.