Good morning. Cybersecurity is an urgent issue for CFOs, and recent high-profile violations highlight the need for vigilance among financial leaders.
Aflac, a Fortune 500 companies and one of the largest insurance providers in the United States Announce On Friday, it identified unauthorized access to its U.S. network on June 12. The potentially impacted documents contain claims, health information, social security numbers and other personal data. Aflac said it activated its cyber extinction response scheme and stopped the invasion within a few hours.
The company is still in the early stages of a review incident and the total number of affected individuals has not yet been determined. However, Aflac’s business is still operating and its systems are not affected by ransomware. according to SEC filingthe company will notify regulators and influence customers and provide free credit monitoring and identity theft protection services. I contacted Aflac but the representative submitted a Friday announcement to me.
Along with Aflac, two other insurance companies –Yili Insurance and Philadelphia Insurance– Experienced cyberattacks.
Aflac attributes the incident to a complex cybercrime group targeting the wider activity of the insurance industry. Google’s Threat Intelligence Team confirms Scattered spiders As a financially motivated threat actor, he is known for his continuous use of social engineering and communication with his victims.
John Hultquist, Vice President of Intelligence Analysis at Cybersecurity Company Mandiant (A Google Cloud Company), Posted on X on June 16: “Actors with the logo of the decentralized spider are now targeting the insurance industry. They have the habit of working in the industry. Insurance companies should be mindful of social engineering programs targeting call centers.”
The cost of network risks increases
Especially in the United States, the average cost of a data breach is $9.36 million According to IBM Research, 2024 remains the highest average of 16 countries and regions. CFO integrates cyber risk management with financial oversight according to increased cost requirements of cybersecurity plans Recent Analysis From EY.
Cyber risks can be manifested in many ways, and the CFO is Unique location Quantify these risks and estimate the cost of events. EY found that by working closely with the CISA, CFOs can better understand risk probability and exposure, set spending and ROI metrics, and convey recommendations for recommendations for priority cybersecurity investments.
Geopolitical complexity
Federal officials warn that pro-Iranian hackers or state-funded groups can target vulnerable U.S. networks. According to “the ongoing conflict in Iran is causing a greater threat to the United States.” announcement Published Sunday.
exist Saturday Post On X, Hultquist shared his views on Iran’s cyber activities: “Iran uses its cyber attack capabilities for psychological purposes. There are real, practical risks for enterprises, but it is important that we don’t over-threat here.”
He is particularly concerned with cyber espionage targeting U.S. leaders and other data that can use data to identify and physically track people of interest to surveillance facilitated by other departments.
When it comes to cybersecurity, the stakes are high, and vigilance is now a core part of the CFO job description.
Sheryl Estrada
sheryl.estrada@fortune.com
Ranking list
Craig Albright Appointed as EVP and CFO Willie (NYSE:WLY) is one of the world’s largest publishers, effective June 26. Chris Caridi leads Willy’s financial organization as interim CFO and will continue to serve as Senior Vice President, Chief Accounting Officer and Head of Financial Transformation. Albright has over 30 years of global leadership experience with Wiley. He most recently served as Chief Financial Officer of Xerox and head of the Cash Center in America and Global. Prior to that, he served as Chief Financial Officer for Business Excellence at Xerox.
Joe Falcão Appointed as Chief Financial Officer Bose Professionalan independent developer of commercial and institutional ambient audio systems. Falcão has brought more than 20 years of international financial leadership to the position. Previously, Falcão provided financial leadership for global brands including Dunkin and Cabot Corporation, as well as hosting teams for Invensys, Ibasis, Thrasio and Orva. He has an outstanding operating record in Brazil, Belgium and Malaysia, as well as leading organizations in the UK, India, China, the Netherlands and Japan.
event
Keep Vision 2025 CFO and Investor Outlook Survey Among 332 global CFOs and institutional investors, $16.7 trillion in assets) shows that the optimism gap is significant. About 78% of investors expect global economic conditions to improve in the second half of the year, while CFOs account for only 43%. The U.S. chief financial officer is more optimistic than his global peers, with forecasts of 53% improvement compared to 29% internationally.
The report found that 86% of CFOs are actively reshaping global supply chains and rethinking corporate spending and capital expenditures to reflect ongoing uncertainty. Teneo, the global CEO consulting firm, said that while M&A activity is expected to return slowly, there is no major focus on debt availability or preparation for private equity preparation transactions.
Artificial intelligence is becoming the main driver of mergers and acquisitions, and has also prompted the CFO to rethink its capital expenditure strategy. Overall, the United States remains the most attractive investment destination, with both CEOs and investors expecting mergers and acquisitions to resume in 2025, further exacerbating opportunities for capital and policy changes.
“While challenges in this unpredictable environment, there are also great opportunities for market participants who can lead the way,” said Paul Keary, CEO and co-founder of Teneo in a statement.
More in-depth
“The ceasefire between Israel and Iran has been tested as the market bets it will avoid ‘stagnation shock'” wealth Report Nino Paoli.
From the report: “President Donald Trump announces a ceasefire between Iran and Israel – oil markets fear Iran will close the Strait of Hormuz, a key waterway for global oil trade. Even the slight damage caused on the Strait of the Strait could shock the U.S. economy has shocked the rise in inflation and forced earnings to be announced at the end of the year, with increasing interest rates in Israel. Retaliation.”
Heard
“We don’t want AI or chatbots or anything else to replace human connection or make connections for us, but it can facilitate us dating and then it can help us point us in the right direction and even help us guide us along the way.”
– Justin McLeod, co-founder and CEO of Dating App Hinges, Tell wealth Viva Technology in Paris.
