As a CFO serving small and mid-sized businesses, I’ve seen how easily an overlooked data security gap can derail even the best-run enterprises. With modern ransomware demands now averaging $2.7 million per incident and most business breaches starting with a simple phishing email, our role in financial stewardship now includes protecting operational resilience against cyber risk.
Despite these threats, it’s all too common for SMBs to skip basic controls or assume cybersecurity is “IT’s job.” The entire leadership team owns this responsibility—and the financial implications of a breach will land on the CFO’s desk first.
5 Major Security Omissions CFOs Should Address
- Weak Access Controls:
Many businesses still don’t require multi-factor authentication, and excess admin privileges abound. As CFOs, they must insist on MFA and regular user access audits. Require least-privilege policies across finance and operations systems. - Unprotected Emails:
Most cyberattacks begin in the inbox—yet basic email scanning isn’t always enabled. Push for advanced threat detection, file/link screening, and sensible restrictions on external email access. - Missing Data Classification & Encryption:
If you don’t know where your sensitive data is—or how it’s protected—you’re exposed. Work with IT to classify, segment, and encrypt critical financial information, especially payment data and client records. - Insufficient Staff Training:
Human error causes most breaches. Make cybersecurity training and phishing simulations part of your regular onboarding and staff refreshers. Empower staff to report suspicious activity and update incident protocols often. - Lack of Monitoring & Response Plans:
It’s surprisingly common to learn of a breach weeks after initial damage. Invest in monitoring tools and establish a clear, actionable incident response and recovery plan—review it annually as part of your risk management agenda.
CFO’s Security Responsibility Checklist
Immediate Priorities:
- Turn on MFA for all financial platforms and admin accounts
- Update finance and operational software regularly
- Back up financial data securely and often
Monthly Actions:
- Audit user access for finance tools
- Schedule cybersecurity awareness training for all staff
- Review and refresh passwords
Quarterly Duties:
- Review your cyber insurance coverage
- Conduct a financial impact assessment of potential cyber incidents
- Test your backup recovery processes
As CFOs, we’re accountable not only for financial reporting but for sustaining trust and continuity through robust risk management. Data security is central to that mission—yet too often, critical omissions leave us exposed. Make proactive plans for these 5 major security omissions CFOs should address.
