Cyber Security is 2015 Priority for US Treasury Departments
Treasury departments at large US companies rank IT security as their top priority for 2015 – ahead of such critical issues as cost management and regulatory/compliance challenges, reports Greenwich Associates.
These finding come from the results of the market intelligence and advisory services firm’s ‘2014 US Large Corporate Finance Study’, for which it interviewed chief financial officers (CFOs)or treasury department representatives at more than 500 large US companies.
The study results suggest that US companies are taking action to address security concerns and other IT issues with 63% of the participants saying their treasury departments will increase technology spending in the year ahead.
“Cyber threats pose a real risk to business profitability, which is why corporate treasurers have made IT security their top area of focus,” said Greenwich Associates consultant Marc Harrison.
As part of its research, the firm compiled a list of the most common IT vulnerabilities companies should be looking to address with these new investments:
“Within corporate treasury departments, there are specific steps companies should and must take in order to protect their own businesses and their customers’ data,” said Al Pascual, senior analyst of security, risk and fraud at Javelin Strategy & Research.