Cyber security risks rise with adoption of new technology: Survey

Three-quarters of senior level treasury and finance executives say cyber security risks have surfaced at their companies because of the increased use of new technologies, according to a survey issued Wednesday.

“The adoption of new technologies has resulted in treasury and finance practitioners managing cyber risk almost twice as much as business continuation and errors and omissions risks,” says the survey report issued by the Bethesda, Maryland-based Association for Financial Professionals, which was based on a survey of 614 officials. The survey was supported by New York-based Marsh & McLennan Cos. Inc.’s Global Risk Center.

The survey of association members who held the job titles of chief financial officer, treasurer, controller, vice president of finance and assistant treasurer was conducted by email in late September, according to a Marsh spokeswoman.

Other new and increased risks being managed as a result of increased use of technology that were cited by the respondents were operational, 47%; business continuation, 41%; errors and omissions, 36%; and regulatory risk, 35%, according to the report.

However, only 14% said they are significantly prepared to manage risks resulting from the increasing use of technology, while 54% are moderately prepared, 23% are unprepared but taking steps to rectify the situation, and 9% are unprepared with no plans to make any revisions, according to the report.