Alright everyone, let's talk about something no one wants to talk about: money. Specifically, why CFO's don't like to spend money on ISO 27001, the only internationally accepted information security standard. Cue the groans. I know, I know, talking about budgets and security is like trying to mix oil and water, but bear with me. As a subject matter expert, (hopefully) I'm here to tell you that despite all the benefits of having an information security management system, some CFO's still aren't convinced it's worth the expenditure. So, let's take a look at why some CFO's are reluctant to embrace ISO 27001.
So, here's the deal. CFO's are responsible for the financial well-being of a company and for managing the allocation of resources. As such, they are reluctant to spend a large chunk of their budget on something that doesn't have a direct impact on the bottom line. In their minds, security (cyber or otherwise) is something that is viewed as an inferior function to other business areas. CFO's are often of the opinion that if their company hasn't already been the victim of a major cyber-attack, then the risk is not great enough to justify the expenditure. In their eyes, security is not a profit center, but a cost center.
Secondly, there's the perception that security is costly and complex. CFO's may think that implementing ISO 27001 means extensive audits, expensive consultants, and reams of paperwork. They may worry that the costs of compliance could outweigh the potential benefits of certification. Additionally, some CFO's may believe that security is the sole responsibility of the IT department and fail to see the bigger picture where every employee in an organization has a role to play.
Thirdly, there's the fear of potential disruption and a negative impact on productivity. CFO's may worry that implementing ISO 27001 could lead to a loss of productivity in their employees due to extensive training, new policies, and changed processes. A certification that's seen as an unnecessary burden rather than something providing benefits and value to the organization can demotivate employees to their jobs.
Finally, some CFO's may feel that their organizations' data is not that valuable, or not of interest to any bad actors out there. Such a view may lead them to prioritize other business concerns over cyber-security leading to the organizations information security or intellectual property being left at peril.
In conclusion, let's just say that the reasons behind CFO's reluctance to embrace ISO 27001 can be complex. This is not a problem to brush under the rug, given that cyber-security is a genuine concern for all industries. It's important to overcome these stereotypes and share insights and knowledge on the real benefits of implementing ISO 27001 by highlighting factors such as easier regulatory compliance, improved employee morale and lower data breach insurance costs. As far as money goes, security's relevance cannot be measured in just dollars and cents. Investing in ISO 27001 certification may cost some funds upfront, but the valuable protection provided to the company data and branding can end up being priceless to an organization. In a world where cyber-attacks are growing and businesses under enormous pressure to operate with transparency and protect their clients' data, a comprehensive information security program can be an excellent way of staving off financial disaster.