The #1 Question Every CFO Needs to Be Asking about Data Security

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You know that data security is important, but what does that really mean for your company? The idea of your information floating around “out there” is concerning, of course, but until you understand what your data is, where it lives, and, most importantly, how much it’s worth, you won’t be able to protect it fully.

What is the Value of Your Data?

And the second, closely related question: What if you lose it?

A survey by Duke University found that “finance chiefs at nearly one in five companies that participated in the outlook survey admitted that hackers have breached their computer systems.” If you don’t know the value of your data, you’re more vulnerable to a breach. And the costs may be higher than you think. IT professionals estimate the costs of data breaches to be four times higher than c-suites’ estimates, and, sadly, the IT people are right. For this reason, CFOs now have the added obligation of understanding the financial impacts of lost data.

It’s a difficult position to be in: chances are, you likely haven’t gone through the same level of technical training as an IT specialist. However, you are still responsible for costs, which can be significant. You’ve seen the fallout of data breaches devastate companies before, from lost sales, to lowered stock prices, to OT wages paid during damage control, and, most concerning, long-term damage to a company’s reputation that may last for years beyond the breach.

Prevention as Cure

When it comes to data security, a proactive, rather than reactive, approach is the safest and most cost-effective solution. A data security specialist can assess your data onsite, then create a program for managing and monitoring your company’s devices. Your IT staff can continue with their regular daily tasks of keeping technology running, while you can rest assured that your information is protected.   

Do you know the value of your data? Click to download the Data Assets Inventory OR Schedule an Onsite Assessment.