The Importance of Managing Data Risk in the Finance Function

Posted on September 22, 2021 | Infrastructure and Data Protection

Why is data particularly at risk within the finance function? And what can finance leaders do to ensure it is protected?

In Finance Derivative, Steph Charbonneau, of Vera by Fortra, looks at the data security best practices required to secure valuable data. 


"The financial risk of a data breach is typically the cost of lost revenue, compliance challenges, cost of litigation, privacy regulation penalties, and reputational damage. Revenue loss risk and litigation costs risk are tangible impacts that can be measured. However, it is more difficult to quantify the probability. On that front, understanding your data’s level of vulnerability is important. If you are SOC2 compliant, your risk will be mitigated by the controls within the internal bounds of your system. On the flip side, it is difficult to assess the probability for data that leaves your repositories. Internal compliance, including SOC2, cannot address it."

Read the full article here.