19March 2019Technology illustrates rapid pace advancement with corresponding costs and security vulnerabilities. Therefore, detecting and preventing financial fraud has become increasingly challenging with growing threats to cybersecurity. Business leaders' focus on their IT infrastructure and their choice of technology and applications affects the security of employees and consumers alike.Organizations are becoming increasingly vulnerable to cybersecurity threats. Organically growing complex, non-standardized, decentralized and fragmented internal IT organizations can lead to fraud vulnerability, poor performance, extra work delays, unnecessary cost and financial loss.Immature practices limiting data and information sharing and complex network architecture also allow vulnerability. An additional risk exists in limited technology project monitoring. If no standardized risk assessment methodology is in place, it makes it difficult to prioritize investment and can lead to large failed projects with fraud and cybersecurity exposure.The role of the CFO has changed from being the keeper of accounting records to the driver of business change with data and financial information. The CFO should be prepared to be a trusted advisor and partner to the CEO in the development of strategic plans and to drive innovation throughout the organization all while controlling costs. But to truly be effective, it is impossible to ignore the data and fraud risks related to cybersecurity as part of the role. Driving the importance of a modern IT infrastructure and advising how transforming your IT organization will enhance security, mitigate fraud exposure and provide savings and efficiencies is critical to your business' success.The technology I foresee as having the greatest impact on these risks is the migration from on-premises IT infrastructure to the cloud. This will not only provide the opportunity to reduce operating costs but will also reduce the reliance on overbearing and antiquated support models. Application modernization and Cloud strategies involve migrating key applications from physical servers to a Cloud environment. Hosting applications in a Cloud environment can result in greater availability, mitigation of fraud exposure from hacking, better audit controls and monitoring, and substantial savings.The move to Cloud-based technology includes serverless architecture, Infrastructure as a By Jeanette Wade, CFO, The Executive Office of Technology Services and SecurityMigration to Cloud is The Future of IT CompaniesCFOINSIGHTS
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