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Why Finance Needs to Collaborate with Cybersecurity

Siloed teams undermine the security of financial and accounting data, but a new survey reveals that infrequent or sporadic communication remains common in many companies.

By T&R Staff | February 16, 2023 at 02:00 PM
Stock illustration: Cybersecurity, a lock blocking circuits

Even as threats to finance and accounting data grow, cybersecurity remains siloed from the finance and accounting functions in most companies. That’s problematic as organizations work to minimize cyber risks and mitigate the damage from potential attacks.

During a recent webcast, the Deloitte Center for Controllership asked the event’s executive attendees whether they expect the number and size of cyber events targeting their organization’s accounting and finance data to increase over the next year. Nearly half (48.8 percent) said they do. This makes sense, as cybersecurity threats against all areas of the business continue to multiply.

Alarmingly, though, the same webcast also included a poll that asked how much collaboration exists between respondents’ finance and accounting teams, on the one hand, and their cybersecurity group, on the other. Only 20 percent said their finance and accounting teams work closely and consistently with colleagues in cybersecurity. Forty-three percent said their company’s finance and cyber teams work together as needed, but with inconsistent closeness and consistency. And 11 percent of respondents said those teams do not collaborate.

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