Experts: CFOs must become more involved in data security planning

Experts: CFOs must become more involved in data security planning

Several major American companies have fallen victim to data breaches in 2011, and some experts say chief financial officers must become more involved in data security.

According to a Computerworld report, IT managers have historically been responsible for planning and implementing data protection strategies, but the recent rise of data loss incidents has made security experts urge CFOs to become more engaged.

"For any company, your trade secrets, your proprietary information, all of that could be at risk," Mike Dandini, an IT security expert at The Hartford, told Computerworld. "So from a CFO's perspective, that could impact revenues, good will, reputation and client trust. That all comes down to cost, whether its lost revenues, or whether it's remediation."

With CFOs responsible for IT spending and sometimes consequences of data loss, they should have more input during data security organizing, the report said.

According to a recent study by NetIQ, 77 percent of companies have a higher IT security budget than last year, despite 70 percent of organizations experiencing a security breach during the previous two years.