Cybersecurity budgets: The delicate balance of spending money to save money
Allocating sufficient budget to cyber threats can be a complex issue that requires the cooperation and coordination of all executives within an organisation. When a company’s financial and reputational welfare is at stake, it pays to effectively calculate the priority such risks should be awarded during budgeting, says Ryan Mer CEO at eftsure Africa, a Know Your Payee™ (KYP) platform provider. For CFOs, it’s not a question of whether a cybersecurity budget should be in place, but rather how much is enough.
The bigger the potential gain, the bolder cyber attackers become at finding creative ways to intercept payments or hack into company systems. Business email compromise (BEC) remains one of the most significant threats, intercepting invoices from suppliers and diverting payments by creat...