The current sanitary crisis accelerated digitalization and as a result, increased online activity. A large part of the Finance team now works remotely, requiring digital tools bringing flexibility and agility. In addition, it is urgent to anticipate the financial cybersecurity problems this new situation can create. The objective is to secure technology to avoid cybersecurity problems in Financial Management
Digitalized Financial Management
The pandemic has triggered business continuity plans to secure key functions. Among them, Financial Management. Work is reconfigured and reorganized under a hybrid model, processes, procedures and stakeholder relations are adapted accordingly.
To solve these challenges, digital tools are key, delivering required flexibility and agility to Financial Management and allowing financial teams to work remotely. Think of the need to digitize and automate processes to efficiently manage cash, planning, budgeting and forecasting, etc.
In this context and in order to make better and faster decisions, CFOs need precise real-time information. For example, full overall or detailed visibility about liquidity status for subsidiaries or business units will enable them to optimize cash flow and make cash flow forecasts. Likewise, up-to-date information and monitoring of specific financial ratios/KPIs will enable them to make sound strategic investment decisions and direct resources to the company’s growth areas.
A CFO involved in financial cybersecurity and beyond
Digitalization is key for business continuity and transformation. On the other hand, digital fraud has grown, raising cybersecurity issues even in the world’s largest companies. Cybercrime generates data destruction, monetary and/or production losses, theft of sensitive personal and financial data, recovery costs and damage to reputation. Finance and HR are particularly vulnerable to this type of fraud.
The gaining ground hybrid work model could enhance these risks if cybersecurity is not well managed. According to global research from Gartner, 74% of surveyed CFOs plan that at least 5% of their workforce will still continue to permanently work remotely once the pandemic will be over.
This situation calls for the CFO to collaborate with the CIO and CISO to:
- Define potential financial cybersecurity risks and specific controls to Financial Management. The security of applications and solutions for remote access is critical.
- Provide Management with accurate assessments of the potential harm of cybercrime, propose measures and communicate this to stakeholders. It will thus exercise its strategic role.
Talentia: A certified solution ensuring cybersecurity and minimizing risks
How can the Finance Department work securely from home with digital tools? To ensure the security of data and systems, you need a solution with all the necessary certifications, such as the Talentia Financial Suite, which provides teams with remote access and assignment of tasks while ensuring the traceability and security of information.
Talentia is certified ISO 27001. It offers implementation, training and support services to meet business growth or transformational challenges in a secure digitalized environment:
- From IT