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Therefore , it seems perplexing that within organisations , the majority of CFOs are excluded from these discussions .
Only 12 % of CFOs made the decision to pay criminal gangs , which is astonishing as ransomware at its core is a financially motivated attack . Financial officials need to be aware about the repercussions of a ransomware attack and the financial toll it will take on an organisation .
Furthermore , of all the organisations that were hit by a cyberattack , 56 % of them agreed to pay the ransom to recover their data and the decision to act on the attack was taken by the CFOs in only 14 % of the cases .
The primary role of a CFO is to manage the resources of an organisation . They are experienced individuals who know which decisions are financially sound , and this includes budgeting cyber risk . Hence , their lack of inclusion is extremely jarring considering the massive financial impact an ransomware attack can have on an enterprise . Being able to successfully budget a cyber threat in order to diminish and remediate from the attack can be the difference between surviving an attack or it being the businesses downfall .
The importance of budgeting is highlighted even more when you look at the disparity between those who paid a ransom and those who would be willing to pay a ransom . For example , the average of those willing to pay , £ 760,000 , would need to be four times higher in order to reach the average cost of ransomware paid , a little over £ 3 million .
“ While CEOs often have the best intentions when they show a lot of confidence in their firm ’ s cyber stance , this confidence doesn ’ t always provide the desired outcome ”
22 November 2022