CFOs, the keepers of the bottom line, are driven by profitability, whereas CIOs are tasked with achieving technology goals to drive operational efficiency, as well as translating the complex language of digital security to the board.
CIOs need tools and technology to keep up, but this requires complete business buy-in.
Historically, the CFO viewed the CIO as a cost centre.
A CFO would often roll their eyes at the CIO requesting another piece of technology.
Too often, CIOs would struggle to articulate the business case for investing in IT security infrastructure in terms that resonate with their financial counterparts.
To mitigate these risks, the CIO should be responsible for developing and executing a comprehensive IT strategy that covers both defensive measures, such as cybersecurity, and revenue-generating areas, including the company's website and e-commerce platforms.
Although the CISO may have a direct line to the board, they will typically report to the CIO on a daily basis to ensure seamless coordination and implementation of the organisation's technology initiatives.
The more the company invests in the CIO upfront, the less the financial impact will be later on down the line.
The more automation the CIO can apply, the more effective they will be and, from the CFO's perspective, the more the business can get out of every single individual.
Investing in the CIO saves money down the line - yes, there's an upfront cost, but this is hugely outweighed by the savings in the long term.
To optimise a businesses' overall strategic objectives, CIOs and CFOs must no longer work in siloes and instead form an understanding of each other's separate objectives to maximise reaching those strategic goals.
There is real opportunity for CIOs and CFOs to collaborate closely, aligning technology investments with financial goals, mitigating risks, improving decision-making, and enhancing overall operational efficiency.
In order to achieve complete business buy-in, the CIO needs to be able to report on the company's digital health to the board in a way they can understand.
Before they can do this, CIOs need complete visibility of the entire digital infrastructure.
It breaks down silos and enables real-time analytics that empowers both the CIO and CFO to make informed decisions.
With real time analytics - powered by automation - the CFO's and CIO's interests align.
The objectives are clear: the CFO wants greater profitability, and the CIO needs to paint a picture of security in the language of the board, which they can only do with complete visibility over the digital ecosystem.
Introducing a third party can help facilitate that alignment by acting as translators, deciphering technical jargon for the CIO while helping CFOs understand the financial implications of cybersecurity investments.
CIOs have had to realign the way they communicate with the C-Suite, like the CFO. They must paint a picture of cyber threats and how tech can help reduce this risk in a way other stakeholders can understand.
By applying business context to both finance and technology, these previously isolated roles can work together, demonstrating they truly are two parts of the same whole.
This Cyber News was published on www.itsecurityguru.org. Publication date: Thu, 09 May 2024 15:43:06 +0000