While it is not primarily a Finance function 'job', cybersecurity and its costs have found its way to the plate of finance leaders as they work on their evolving roles.
According to a study by financial automation software BILL and marketing solutions provider Logica Research, finance leaders are now deploying various measures to combat fraud, making use of software tools such as malware and virus protection as well as digital payments tracking.
The study found that close to three in four finance leaders work with a cybersecurity expert, who is typically an independent vendor.
Moreover, finance leaders who have experienced a cybersecurity breach are more likely to report having a full-time cybersecurity expert employed at their organisation.
In general, the study says, the organisation's size plays a major role in terms of how finance leaders approach cybersecurity concerns. Companies with more than 201 employees are most likely to say their financial operations are in the mature stage of cybersecurity readiness, while those with fewer staff tend to almost not address threats at all despite the risks.
While most finance leaders have not experienced a cybersecurity breach in their financial operations, security and fraud concerns are still top of mind.
Although it must be recognised that breaches are uncommon, they still pose concerns on the organisation that can be detrimental.
