Why does cybersecurity need to be a priority for CFOs?

Cybersecurity is a key concern for 75% of CFOs (Outthink, 2023). The reason is obvious: digital attacks cause huge losses for companies of all sizes and industries. The global costs of cybercrime to organizations around the world are expected to reach an annual average of US$10.5 trillion by 2025 (Cybersecurity Ventures, 2022).

Real-life examples of companies falling victim to cybercrime make the issue even clearer. One company, in just a single scam, lost around R$126.5 million. The case took place in Hong Kong involving a scam created with the help of artificial intelligence.

Anyone who thinks that this only happens to large companies would be mistaken. Small and medium-sized businesses are in the crosshairs of cybercriminals just as much as major corporations. In the first half of 2023 alone, cyberattacks on small and medium-sized companies in Brazil grew 140% (Kaspersky, 2023).

With risks like these, cybercrime has become a major concern for companies' financial health. And there is only one way to systematically combat cyber threats: investing in cybersecurity.

Investment in cybersecurity: the technical part and the human part

There need to be comprehensive approaches to combat cybercrime, including both technological and educational solutions. 

In the technological realm, investing in sturdy security systems, such as firewalls, data encryption and antivirus is vitally important. Proactive security practices need to be implemented, like regular software updates, continuous threat monitoring, and secure access policies.

On the educational side, cybersecurity training plays a pivotal role. Employees are at the forefront of defending against cyber threats and can be a weak link if not properly trained. Just consider that data leaks initiated by social engineering cost at least 4.5 million dollars in 2023 (IBM, 2023). 

Training in cybersecurity

Cybersecurity risk can be reduced from 60% to 10% within 12 months through an ongoing training program (Ponemon Institute, 2022). But just any kind of training isn't enough.

For the best results, you need a format that engages and attracts employees. A gamified program that combines fun and entertainment with solid educational content makes it easier for people to understand, retain, and apply what they've learned.

This helps to build a culture of cybersecurity among employees, enhancing their attitudes towards security and succeeding in the mission of keeping the company protected!