The business boardroom: a machine that drives corporate strategy and shapes the future of the company. Such a force requires cohesion and alignment, but silos still exist today. One of the biggest divides lies between the Chief Finance Officer and Chief Information Officer.
CFOs, the keepers of the bottom line, are driven by profitability, whereas CIOs are tasked with achieving technology goals to drive operational efficiency, as well as translating the complex language of digital security to the board. For years, these two C-suite executives stood alongside each other with relatively limited engagement.
But now the landscape demands collaboration. The threats to business assets are increasing and attack methods are becoming ever more sophisticated. CIOs need tools and technology to keep up, but this requires complete business buy-in. The trouble is, if the CFO and other board executives are unaware of the level of risk, friction can occur.
Cost centre or enabler – defining cybersecurity
Historically, the CFO viewed the CIO as a cost centre. They aren’t seen as revenue generators, and they have big tech budgets that puts a drain on resources that could be better invested elsewhere. A CFO would often roll their eyes at the CIO requesting another piece of technology.
The root of the problem lies in the miscommunication between both sides. Too often, CIOs would struggle to articulate the business case for investing in IT security infrastructure in terms that resonate with their financial counterparts.
On the other hand, CFOs have traditionally viewed cybersecurity as an operational concern rather than a strategic imperative. They may not fully grasp how vulnerabilities in the company’s digital assets could lead to financial losses, IP theft, or erosion of customer trust – there is often an underlyi ..
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