Corporate Controller & CAO Hot Topics: Cybersecurity Reporting Spotlight

Cybersecurity is no longer solely the responsibility of IT and security teams, but something that many areas of the business have a hand in. New regulations on cyber reporting have brought finance leaders into the process much earlier than ever before as they now play an integral role in responding to cybersecurity incidents. Many mature companies have robust reporting processes in place already and are confident in their cybersecurity capabilities, yet disclosure regulations will require companies to fine tune their processes in order to comply. Materiality is a central component of disclosures and perhaps the most challenging—accurately determining the impacts of cyber-attacks, many of which are not tangible in nature, requires the input of diverse leaders from many areas of the business, with finance leaders playing an important role.