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You know that cybersecurity has made its way into the cultural zeitgeist now that security firms are taking out Super Bowl ads. The new SEC cyber incident disclosure rule may push cybersecurity even more firmly into the minds of public companies and their investors.
As of last December, the SEC requires public companies to lay bare any material cybersecurity incidents within four days of an occurance on a Form 8-K, and detail cyber risk management practices regularly in their annual 10-Ks.
The new rule could boost companies’ cyber hygiene, now that they are reporting their practices to the public, Alissa Lugo, senior director and analyst with Gartner’s legal and compliance group, told CFO Brew.
“I do think it’s going to raise up some best practices, and I think organizations will be better off for it, even though there’s some heartburn right now trying to think about all of this,” Lugo said.
Now you see it. Transparency is key because many organizations are not up to speed on their governance and risk management practices, according to Pete Cordero, a retired FBI special agent and founder of cybersecurity advisory firm Hacking The Cyber Threat LLC, told CFO Brew.
Cordero sees room for improvement on transparency; keep reading.—AZ
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Want to recruit a talented employee base that can push your whole org toward its goals?
Dedicated workforce planning can help—and collaboration with HR colleagues remains the most effective way to harness the power of workforce planning. Unfortunately, only 33% of HR leaders fully embrace data-driven workforce planning, according to Gartner.
Unlock the secrets of workforce planning with Planful’s latest guide. You’ll come away with a better grasp on:
- the foundations of workforce planning: how to use data-driven insights to align with your objectives
- overcoming common challenges: what hinders HR and finance leaders from collaborating effectively
- the power of collaboration: how collaboration can foster both innovation and adaptability
A little planning goes a long way. Start here.
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Although the economy seems to be doing well, many midsize firms say they worry about what’s in store in the coming months.
After midsize companies reported record revenue growth last year, they expect growth to decelerate amid challenges including inflation, a possible recession and talent shortages, according to a recent survey from Chubb and the National Center for the Middle Market.
While general consensus seems to have shifted to an economic soft landing over a full-blown recession, middle-market companies must remain vigilant, Arnold Macalintal, partner at accounting and advisory firm Wiss, told CFO Brew. He advised that firms come up with best-case and worst-case scenarios so they are able to quickly react to sudden economic shifts.
“Now it’s a matter of just remaining proactive…doing good budgeting, good forecasting, and looking into the future, but at the same time being nimble,” he said. “You’re going to plan for that future, you’re going to plan in the next few months, but something could happen very quickly that changes things.”
Here’s what experts had to say about managing risks, proactive financial planning, and pivoting quickly in an uncertain economy.
Keep reading.—AZ
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The aftermath of a tornado that destroyed parts of Mayfield, Kentucky in December 2021. (Scott Olson/Getty Images)
Finance professionals lamenting the ever-increasing costs of insuring their commercial property portfolios likely won’t be surprised by the latest research from global reinsurer Swiss Re, which reported global insured losses from last year’s natural catastrophes (Nat Cat) totaled $108 billion, exceeding the $100 billion mark for the fourth year in a row.
Combating these rising losses will require premium increases, risk management, and broader societal efforts, according to Swiss Re experts.
“As weather hazards intensify due to climate change, risk assessment and insurance premiums need to keep up with the fast-evolving risk landscape,” Moses Ojeisekhoba, Swiss Re’s CEO of global clients and solutions, said in a statement. “Looking ahead, we must focus on reducing the loss potential…Keeping property insurance sustainable and affordable requires a concerted effort by the private industry, the public sector, and broader society—not just to mitigate climate risks, but to adapt to a world of more intense weather."
Globally, Nat Cat insured losses have outpaced the global economy “at a much faster rate” over the past three decades, according to the report, with losses increasing an average of 5.9% per year versus a 2.7% increase in global GDP.
Keep reading.—AZ
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Savvy spending. Upgrade your marketing planning and strategy with a streamlined approach. Don’t miss this conversation with SolarWinds Senior Manager of Marketing Operations Jaime Garza, hosted by Jim Williams, CMO at Uptempo. Learn how SolarWinds created a better strategy for its complex budget planning process and globally dispersed team. Tune in here.
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Morning Brew
With the integration of AI, automation, and other emerging technologies into workflows, how can leadership ensure your employees are prepared to support these key innovations and leverage the opportunities to their fullest? Join us in New York to hear finance strategists discuss this and more! Grab tickets before they’re gone! Register now!
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Francis Scialabba
Today’s top finance reads.
Stat: $15. That’s how much it could soon cost to drive a passenger vehicle into the busiest areas of Manhattan, after the Metropolitan Transportation Authority voted overwhelmingly in favor of the NYC congestion pricing plan on Wednesday. (the New York Times)
Quote: “What a shit show!”—an unnamed media executive said to a CNN reporter in response to NBC News announcing it was severing ties with former RNC Chair Ronna McDaniel, whom the network announced just days before as its newest contributor (CNN)
Read: For all our Trekkie readers (we know you’re out there!) Variety’s latest cover story explores how the 58-year-old franchise aims to capture the hearts and minds of the next generation of fans. (Variety)
A dream collab: Data-driven workforce planning brings together two crucial teams: HR and finance. See how working together can lead to innovation, adaptability, and strategic success in Planful’s new guide. Get it here.* *A message from our sponsor.
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