Q&A
In today's digital age, protecting financial data has become a critical concern for businesses worldwide. This article presents expert-backed strategies to enhance cybersecurity measures in the financial sector. By implementing these key steps, organizations can significantly improve their defenses against cyber threats and safeguard sensitive financial information.
§ How this was made
The perspectives in this article were written by the named contributors and submitted through Connectively. Connectively's automated system selected them and used AI to write the headline, introduction, section headings, summary sections, and illustration, and to make minor edits for clarity. Articles are assembled and published automatically. Report errors to corrections@connectively.us. How we make our content
Illustration generated with AI
Jonathan OrzeCFO, InGenius PrepAs CFO, one of the most important cybersecurity initiatives I've led has focused not just on adopting advanced tools, but on addressing human behavior as the first and most critical line of defense. While financial systems and data storage can be protected with firewalls, encryption, and multifactor authentication, the reality is that most successful cyberattacks exploit people, not software vulnerabilities. That's why I prioritized creating a finance-specific cybersecurity awareness training program tailored to the exact scenarios our team encounters regularly, like vendor payment processing, wire transfers, and access to sensitive banking portals.
We didn't take a generic approach. Instead, we developed simulations that reflected real threats to the finance function. For example, we deployed phishing simulations that mimicked invoice emails or requests from senior leadership, tested how our team handled them, and then conducted one-on-one feedback and retraining where needed. We also audited system access permissions and launched "red team" exercises, mock attack scenarios that stress-test how our staff would react under time pressure and uncertainty.
To further reduce risk, we redesigned internal controls so that no single person can execute a high-risk transaction without secondary approval. This segregation of duties not only deters cyber threats but also reduces exposure to internal fraud, an equally dangerous threat vector.
The most valuable advice I offer to fellow finance leaders is simple but often overlooked: invest in your culture, not just your infrastructure. Even the best systems can't prevent a well-crafted phishing email from landing in someone's inbox. But a culture that prioritizes security awareness, encourages employees to slow down and verify, and establishes clear escalation paths? That's what makes the difference. In today's environment, a well-trained team is your strongest firewall.
Brian ChasinChief Financial Officer, SOBA New JerseyAs CFO, one of the most impactful steps I've taken to enhance cybersecurity and protect sensitive financial data was initiating a comprehensive cyber risk audit across the organization in collaboration with our IT, compliance, and legal teams. This wasn't a surface-level review; we evaluated our internal protocols for storing and accessing financial data and also dug deep into the cybersecurity standards of every third-party vendor and financial platform we relied on. Today, many financial operations run through cloud-based tools, outsourced platforms, and vendor APIs, so the threat doesn't stop at our firewall. If a vendor doesn't adhere to the same level of security we maintain internally, they immediately become a point of vulnerability.
As a result of the audit, we revised and tightened all vendor contracts to include specific, enforceable data protection measures. This included regular third-party SOC 2 or ISO 27001 compliance documentation, breach notification requirements, and clearly defined responsibilities in the event of a data incident. We also stopped treating vendor risk as a one-time onboarding step and now conduct annual reviews of each key provider's security posture.
At the same time, we worked with IT to roll out mandatory multi-factor authentication (MFA) across all financial tools and systems, banking, ERP platforms, payroll systems, and document sharing software. While MFA is increasingly common, it only works as well as it's enforced. That's why finance leadership had to be part of implementation, not just endorsing the tech, but making sure teams used it consistently and understood why it mattered.
My biggest piece of advice to other CFOs is this: don't treat cybersecurity like someone else's job. It's a core financial risk that directly impacts capital, continuity, and reputation. As financial stewards, we have a responsibility to ask hard questions, test our systems, and ensure that our vendors, staff, and tools meet today's evolving threat environment. Cybersecurity is no longer optional protection; it's a financial imperative.
Peter LaiCFO, Engage WellnessOne of the most effective cybersecurity improvements I led as CFO was the consolidation of our financial technology stack, which significantly reduced our exposure to integration-related vulnerabilities. Previously, we relied on multiple disjointed platforms for payroll, invoicing, budgeting, and financial reporting. These systems often didn't communicate efficiently, which created numerous entry points for potential breaches and made it more difficult to enforce consistent access controls and data visibility standards. Not only did this fragmentation increase our cyber risk, but it also complicated audit trails and slowed down internal financial workflows.
By transitioning to a unified, secure cloud-based ERP system, we were able to centralize financial data and streamline permission management. All user roles are now governed through a single interface, making it easier to enforce consistent access policies across the organization. This significantly reduced the number of endpoints requiring cybersecurity oversight, while improving our ability to monitor access and flag unusual activity in real time. It also simplified vendor management and compliance with data protection regulations, such as SOX and, where applicable, GDPR.
We also implemented zero-trust access principles within the finance function. Under this model, no user is granted access without explicit, role-based approval, and all activity is logged, reviewed, and continuously monitored. Legacy "superuser" roles that once had unrestricted access to multiple systems were eliminated, as they presented a serious internal threat vector. Every financial user now operates with least privilege access, a best practice recommended by cybersecurity experts and frameworks such as NIST.
My key advice to other CFOs is this: simplify your tech stack wherever possible. The more fragmented your environment, the more complex and fragile your cybersecurity posture becomes. Centralize financial workflows under platforms with robust, built-in security architecture, eliminate unnecessary system overlap, and make access control a finance-led priority, not just an IT concern. In today's landscape, security is a finance function too.
As CFO, I made cybersecurity a standing agenda item in our executive strategy meetings, not something that gets reviewed once a year during audit season. This shift reframed cybersecurity as a core business issue rather than just an IT function. Financial data is one of the most targeted assets in any organization, and it's our responsibility at the leadership level to prioritize its protection with the same rigor we apply to forecasting or capital planning.
One of the first things we did was partner closely with our Chief Information Security Officer (CISO) to build a comprehensive financial data protection roadmap. This included enhanced data encryption protocols, real-time activity monitoring tied directly to our ERP and financial systems, and the deployment of intrusion detection and prevention systems (IDPS). We also implemented tighter network segmentation so that finance-specific systems were isolated from more vulnerable parts of the IT environment, significantly reducing exposure to lateral cyberattacks.
But defense is only one side of the coin. Knowing that no system is impenetrable, we also designed a finance-specific incident response plan. This plan outlines step-by-step procedures for handling ransomware, data breaches, and business email compromise attacks that target payroll, vendor payments, or bank credentials. We regularly test these protocols with tabletop exercises, ensuring everyone, from finance to legal to IT, knows their role when every second counts.
My key advice to other CFOs is this: treat cybersecurity like a core part of enterprise risk management. Just as you wouldn't ignore cash flow stress signals, you can't afford to be passive about cyber threats. Pressure test your systems, involve your leadership team in incident drills, and ensure cybersecurity spend aligns with the critical financial infrastructure you're protecting. If your systems touch the internet, they are vulnerable. Being prepared isn't optional; it's a strategic and fiduciary imperative.
Eric ChinChief Financial Officer, Akido LabsAs a CFO, enhancing cybersecurity and protecting sensitive financial data involves several key steps:
Collaborating with IT and Risk Management Teams: It's crucial to work closely with these teams to identify vulnerabilities specific to financial processes and develop targeted security measures. As a healthcare company, we face additional risk of targeting due to the HIPAA information that attackers find valuable. While this is non-financial, it does increase the risk of a cyber-attack.
Implementing Strong Access Controls: Ensuring that only authorized personnel have access to sensitive financial data through multi-factor authentication and role-based access controls. There should be no sharing of passwords to systems, especially those with access to financial data.
Regular Security Audits and Penetration Testing: Conducting frequent audits and tests to identify and address potential weaknesses in the system. Many external CPA firms can assist with these types of tests, and they have seen it all.
Employee Training and Awareness Programs: Educating team members about common cyber threats like phishing and malware. Training team members on best practices for data security. I've been a big supporter of anti-phishing campaigns and programs to ensure every single employee is up to speed on what phishing schemes they should avoid clicking on to protect our systems.
Investing in Advanced Security Technologies: Utilizing encryption, intrusion detection systems, and other advanced technologies to safeguard data. My advice is to spend for the best protection that your business can afford. Do not cut corners in this area, as you will eventually be tested and pay the price.
One key piece of advice I'd give to others is to prioritize cybersecurity as a fundamental aspect of risk management. Cyber threats are constantly evolving, and it's essential to stay proactive by regularly updating security protocols and investing in employee training. Remember, cybersecurity is not just an IT issue; it's a critical component of overall business strategy and financial risk management.
Jocarl ZaideFounder & CEO, CFO Business SolutionsWhile serving as the CFO of South Asialink Finance Corporation (SAFC), strengthening cybersecurity was a high priority--particularly when we were scaling lending operations and processing higher volumes of customer data. One of the earliest things I did was to drive the implementation of role-based access controls for all financial systems, ensuring that only authorized staff could access confidential data. We also carried out routine audits and collaborated with security consultants to conduct vulnerability scans. By adopting these preventive measures, we were able to identify weaknesses before they materialized and developed a security-aware culture within the finance department.
My advice to other CFOs is simple but critical: don't view cybersecurity as a mere IT concern--it's a financial risk that needs to be integrated into your broader risk management approach. The expense of a breach extends far beyond the loss of money; it also harms trust, reputation, and long-term growth. As financial leaders, we must speak about cybersecurity investments in the same way we advocate for every other strategic investment. Whether you're a new startup or a major corporation, begin with foundational controls, remain current on new threats, and establish cross-functional accountability between finance and technology teams to protect your organization's most critical data.
James Bowers IIChief Security & Compliance Architect, Input OutputThe single most important piece of advice I can give to enhance cybersecurity and protect sensitive financial data is this: know what data you have (client names, addresses, phone numbers, demographics, etc.) and understand the business value of each element. You should be able to quantify the value of every piece of data you store, process, or transmit. If a particular data point doesn't provide a return on investment, get rid of it.
If you're unsure how to assign value to your data, start by identifying these metrics:
- How many leads you generate each month
- Your conversion rate (leads to customers)
- The average lifetime spend of a client
- The average duration of a client relationship
Dig into the numbers. Look at what data supports those metrics and what data is just... there. You'll start to see which information drives value—and which doesn't.
Most companies we work with are shocked at how much data they can eliminate without impacting revenue or growth. Removing data that doesn't serve a purpose immediately reduces your risk exposure in the event of a breach. It's the cybersecurity version of "decluttering"—and it can actually make a bigger impact than throwing more tools at the problem.
With cyber threats growing in volume and complexity every day, reducing unnecessary data is, dollar for dollar, one of the most effective ways to improve your security posture and protect sensitive information.
