Cyber risk spans far beyond an IT issue, making cyber risk management a prominent C-suite discussion. For many CFOs, cybersecurity and accounting now intersect, as ransomware, data breaches, and compliance failures carry direct financial consequences, including fines, downtime, or reputational damage. As the financial leaders of their organization, many CFOs find themselves at the center of cyber risk management.
Key Takeaways
- Cyber risk is a financial risk, and CFOs must treat ransomware, breaches, and compliance failures as direct threats to the bottom line.
- Integrating cyber into enterprise risk management requires collaboration with CFOs, CISOs, audit teams, and the board.
- Tracking ROI with clear resilience metrics helps CFOs justify cybersecurity spend and strengthen overall governance.
Why Cyber Risk is Now a CFO Priority
CFOs are responsible for protecting the organization’s financial health, both from an investment standpoint and, now, from cyber criminals. Unfortunately, cyber attackers prey on businesses with weak security protocols. When their attacks are successful, they uncover more than just proprietary industry data. Business financial records and customer data are at risk.
The risk is only intensifying. Recent global reports show that 72% of organizations experienced an increase in cyber threats last year, with ransomware still one of the most damaging risks to financial stability. Nearly half of executives cite advances in generative AI as a growing concern, enabling adversaries to launch more scalable and sophisticated attacks. And in 2024, 42% of organizations reported a rise in phishing and social engineering attempts—tactics that directly target finance teams and CFO oversight.
With customers and regulators demanding transparency, CFOs must carefully weigh the ROI of cybersecurity investments and ensure accurate financial reporting even in the wake of incidents.
Aligning Cyber and Financial Risk Management
Enterprise risk management frameworks must consider the financial impact of a cyber event. CFOs can play a unique role by linking IT vulnerabilities with financial exposure. That requires cross-functional collaboration with CISOs, CIOs, and business leaders to build a governance strategy that addresses both operational and financial risk.
Working with an outside agency like Assurance Dimensions can help. As Greg Miller, CPA, CISA, Vice President, Consulting Services, explains, “We work with clients to ensure their IT strategy aligns with business objectives. Our goal is to provide visibility into risk areas that often go unnoticed and build IT resilience around them.”
CFO’s Role in Audit and Regulatory Compliance
Cybersecurity controls are no longer optional in financial reporting. From SOX 404 compliance to broader GRC initiatives, CFOs must ensure that internal controls extend into IT systems. That means:
- Creating clean audit-ready trails
- Documenting, reporting, and response procedures
- Embedding cyber controls into compliance frameworks
With the right approach, cybersecurity best practices help mitigate unforeseen cyberattacks and strengthen day-to-day operations. Stronger controls reduce both operational disruption and exposure to cyber incidents.
Managing Metrics, Budget, and ROI
CFOs are well-positioned to ask: What’s the return on our cybersecurity spend?
This question is better answered with the right metrics, including:
- Mean time to detect or respond
- Number of vulnerabilities remediated
- Downtime avoided
Miller explains, “As cybersecurity risks continue to evolve, CFOs and executives need clear, actionable insight into where financial exposure exists and how to reduce it.”
Tracking appropriate metrics clearly shows whether investments are reducing financial exposure. Benchmarking against peers and other industries can further justify budget allocations.
How Assurance Dimensions Supports CFOs in Cyber Risk Management
CFOs don’t need to become cybersecurity experts. However, they do need to be aware of cyber risks to lead their team and manage day-to-day operations with confidence. That means understanding the financial implications of cyber threats and working to ensure the organization is compliant and prepared for unforeseen events.
Assurance Dimensions helps finance leaders operationalize their cyber oversight by tailoring cyber risk reviews and readiness assessments for executive teams. We also provide
- Internal audit support focused on IT security and operational risk
- SOX testing and internal control development
- Policy and procedure design for secure IT environments
With decades of experience advising high-risk industries such as healthcare, financial services, and real estate, Assurance Dimensions can help you align IT and finance, strengthen controls, and build a cyber strategy that protects the bottom line.
Ready to take a proactive role in cyber risk? Contact us today to learn more about our IT advisory and consulting services.
