Key Takeaways:
- Finance leaders must drive cybersecurity efforts by aligning risk management, compliance, and financial systems controls across the organization.
- Strengthening access controls, vendor oversight, and data lifecycle policies reduces cybersecurity risk and improves audit and compliance readiness.
- Aligning cybersecurity frameworks like NIST and SOC helps finance teams assess vulnerabilities and build resilient financial infrastructure.
—
Cybersecurity is no longer solely the responsibility of IT departments. As the volume and value of sensitive financial data grows, finance teams are becoming both high-value targets for cybercriminals and strategic leaders in the effort to protect that data.
From payroll and tax filings to vendor payments and internal reporting systems, your finance function manages some of your organization’s most vulnerable digital assets. And when that data is compromised, the consequences go beyond operational disruption — you could face regulatory penalties, legal liability, reputational damage, and financial losses.
That’s why forward-thinking middle-market organizations are turning to finance leaders to take a more proactive role in managing cyber risk. With their visibility across compliance, operations, and enterprise risk, finance teams are uniquely positioned to drive resilience from the inside out.
7 Ways Your Finance Team Can Strengthen Cybersecurity Risk Management
These seven strategies outline how your finance team can play a more direct, practical role in reducing risk and supporting a stronger control environment.
1. Treat Cyber Risk as a Financial Risk, Not Just a Technology Issue
Many organizations still view cybersecurity as solely an IT issue. However, attacks on financial systems are growing more frequent and more costly. Threats like ransomware, payment fraud, and data breaches can disrupt cash flow, delay reporting, and trigger insurance complications.
Finance leaders must assess cyber risk the same way they evaluate other material risks to the business.
Consider key intersections:
- Internal Audit: Are your financial controls strong enough to protect critical data?
- Enterprise Risk: What would a cyber event mean for your revenue, operations, or investor confidence?
- Insurance: Do your internal controls meet carrier requirements for coverage in case of a breach?
Approaching cybersecurity as a strategic financial priority can lead to smarter planning and stronger risk posture.
2. Design Security Controls That Support (Not Slow) Business Operations
According to Gartner, only 14% of risk leaders believe their organizations strike the right balance between data protection and business agility. That’s a gap your finance team can help close.
Too much friction in financial systems slows workflow, while too little control can open the door to fraud or regulatory breaches. For example, a cyberattack during tax season could derail filings, corrupt records, or even interrupt payroll.
Finance should collaborate with IT and operations to build a control environment that safeguards critical systems without sacrificing efficiency. Focus on:
- Secure access to enterprise resource planning (ERP) and accounting platforms
- Monitoring for fraud and workflow anomalies
- Continuity plans that account for financial disruptions
3. Keep Pace With Rising Regulatory Complexity
Data privacy laws are evolving rapidly. With 20 U.S. states already enacting their own laws, and international regulations like the European Union’s General Data Protection Regulation (GDPR) setting a high bar, compliance has becomes a moving target.
Finance plays a critical role here, especially when working with external vendors and third-party platforms. Common risks include storing personal employee or customer data, transferring sensitive documents, or sharing access with outsourced providers.
Key steps for finance teams:
- Review vendor contracts and service level agreements (SLAs) for data protection language
- Conduct due diligence on third-party cybersecurity practices
- Ensure internal processes follow applicable privacy laws
Outsourcing services does not mean outsourcing your risk. Finance must help support compliance and ensure controls extend across the vendor’s ecosystem through assessing and monitoring these risks.
4. Partner Closely With IT on Cybersecurity Oversight
Effective cybersecurity requires cross-functional collaboration — and finance sits at the heart of it. Teams managing financial systems should work closely with IT and risk to:
- Monitor financial workflows for anomalies
- Manage access and approval controls
- Participate in cyber incident response drills
- Evaluate data retention and deletion policies
Retaining outdated or unnecessary financial data can increase your risk profile. Finance should take the lead to conducting regular data lifecycle reviews to eliminate potential liabilities before they become problems.
5. Set the Tone for a Culture of Compliance
Cybersecurity is not only about systems — it’s about behavior. As stewards of trust and transparency, finance leaders can model secure practices that set the tone for the entire organization.
Start by:
- Engaging in regular cybersecurity and phishing awareness training
- Championing policies for secure document handling and communication
- Embedding data protection principles into budgeting, vendor management, and reporting
Even in the absence of a breach, compliance with evolving standards is not optional — it’s essential.
6. Use Frameworks to Guide Strategy and Readiness
Finance teams don’t have to navigate cybersecurity alone. Established frameworks offer structure and credibility to guide your security programs and support audits.
Consider aligning with:
- National Institute of Standards and Technology (NIST) Cybersecurity Framework: A foundational model for showing, protecting, detecting, and recovering from cyber threats
- System and Organization Controls (SOC) for Cybersecurity: An assurance report to evaluate and communicate your cybersecurity risk management program
- International Organization for Standardization (ISO)/International Electrotechnical Commission (IEC) 27000 Series: Globally recognized standards for information security governance
These frameworks help create a shared language across finance, IT, and compliance — and serve as a benchmark for maturity.
7. Use External Advisors to Accelerate Progress
Bringing in third-party support can help your finance team build cybersecurity into your core business strategy. External advisors bring objectivity, experience, and up-to-date regulatory insight that internal teams may lack.
Advisory partners can:
- Assess and enhance internal controls tied to financial systems
- Evaluate your current cybersecurity posture against leading frameworks
- Develop actionable roadmaps tailored to your industry and growth stage
How MGO Can Help
At MGO, we work with finance teams across industries to close the gap between cybersecurity risk and financial accountability. Our advisors specialize in aligning internal controls, compliance efforts, and risk strategies — preparing your organization for what’s next.
We can help you:
- Align cybersecurity with business goals and financial planning
- Improve your internal control environment
- Meet regulatory, audit, and third-party attestation requirements
- Reduce vendor and operational risk exposure
Whether you’re building a new risk program or enhancing an existing one, our team can help your finance function lead with confidence. Contact us today to take the next step toward stronger cybersecurity.