For CFOs, Data Protection Is “Economic Requirement”
DATA PROTECTION—U.S.November 22, 2011
CFOworld reports on the role of chief financial officers (CFOs) in approving IT spending and handling the fallout of data breaches, quoting one expert's recommendation that CFOs ensure "business managers treat security as an economic requirement." The report highlights recent high-profile breach incidents that have resulted in "cleanup costs" totaling hundreds of millions of dollars. Another expert advises that how much data is stored is a key consideration, as breaches of PII and proprietary information alike "could impact revenues, good will, reputation and client trust. That all comes down to cost, whether it's lost revenues or whether it's remediation." He recommends CFOs and CIOs work together to protect data.