When you are a CFO and get a call in the middle of the night that there is a data breach at your company, your first call should be a smart choice.
That’s especially true today when any way to mitigate cyber risk is getting more expensive with each passing day.
And if you are a financial executive, it’s more likely that you will be making that call. According to a recent PwC survey, a record 79 percent of companies survey said they detected a security incident in the past 12 months. Since many data breaches go undetected, the real number is probably much higher, according to the survey.
In this edition of the Financial Executive Podcast, we speak with John Stark, former former chief of the Internet Enforcement Division of Enforcement of the U.S. Securities and Exchange Commission and current president of John Reed Stark Consulting LLC.
Stark — a keynote speaker at this year’s Current Financial Reporting Issues Conference sponsored by Financial Executives International — has some suggestions for CFO and other financial executives on how to handle the increasingly inevitable cyber security call.
At the tail end of the podcast, Mr. Stark states that he does not receive any compensation from Kroll. Mr. Stark wanted us to clarify that he is, from time to time, engaged by Corporate Risk Holdings, the parent company of Kroll and other subsidiaries, for assistance as a consultant.•