A decade ago, cybersecurity was largely considered the IT team’s responsibility. Today, it sits at the center of financial strategy. According to IBM, the financial sector recorded the second-highest average breach cost globally, USD 5.9 million per incident. Another 2024 Deloitte survey found that 73% of CFOs rank cyber risk among their top three business threats, ahead of even inflation or regulatory change. These numbers reveal a sharp truth.
The rising cyber threat in finance
The financial services industry is one of the most targeted sectors for cyberattacks. Banks, fintechs, and accounting firms hold what cybercriminals want most i.e., money and personal data. Every online transaction, payment gateway, or cloud-based financial platform creates another potential entry point for attackers.
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Recent trends show that threat actors have become more sophisticated. Phishing schemes are designed to mimic internal communication, while ransomware attacks now target financial records and accounting software. Finance professionals are often the first line of defense and sometimes the first point of failure when these threats arise.
The McKinsey once reported that as financial institutions embrace AI-driven analytics, blockchain, and cloud computing, they inadvertently expand their “attack surface.” This means there are more systems, devices, and digital tools that can be compromised. The more finance depends on technology, the more vital it becomes for professionals in this field to understand cybersecurity basics including but not limited to data encryption to access management and breach detection.
Relationship between growing threats and jobs in cybersecurity
At their core, finance professionals already manage risk. They evaluate compliance, monitor fraud indicators, and ensure internal controls are working. Cybersecurity extends this same principle to a digital layer. A misconfigured financial system or a weak password can have as much financial impact as an accounting error.
Professionals who can connect the dots between financial controls and cyber controls are in growing demand. For instance, understanding frameworks such as the NIST Cybersecurity Framework helps finance experts align cybersecurity measures with corporate governance goals. Similarly, familiarity with ISO 27001 standards supports better audit and compliance practices. Beyond policy, practical awareness matters. Recognising a phishing attempt, managing permissions in cloud-based finance software, or ensuring multi-factor authentication across departments can prevent incidents before they escalate. As financial operations become increasingly digitised, this mix of analytical, risk, and cyber fluency is what makes a finance professional truly future-ready. Finance professionals with this dual expertise can translate technical risks into business language, helping leaders understand the financial implications of data breaches or compliance lapses. This ability to bridge departments between IT, risk, and leadership makes them indispensable.
Recruiters across banking, consulting, and corporate finance now actively seek candidates who understand cyber risk. Global cybersecurity spending by companies is expected to reach over $212 billion in 2025, with projections climbing to $377 billion by 2028. In internal audits, roles involving information risk and data protection are seeing rapid expansion.
Moreover, cybersecurity literacy enhances credibility. When you can contribute meaningfully to discussions on risk budgets, vendor security, or digital transformation, you become more than a number cruncher. You become a strategic partner in safeguarding enterprise value. This is especially important for aspiring CFOs, as regulatory frameworks increasingly hold financial leaders accountable for data protection breaches.
Building the right skillset
Developing cybersecurity competence begins with understanding key cyber principles risk identification, data privacy, threat mitigation, and incident response. Courses focused on Cyber Risk Management, Information Security for Finance, and Data Protection and Compliance are designed to help finance students and working professionals build this literacy. These programs introduce topics like financial system vulnerabilities, ransomware simulations, ethical hacking awareness, and governance practices aligned with global standards such as GDPR and the NIST framework. They blend theoretical understanding with real-world case studies like how a simple phishing attack once brought down operations in a mid-sized bank, or how multi-layered controls could have prevented multimillion-dollar losses.
The digitalisation of finance has blurred the boundaries between accounting and cybersecurity. Every financial process relies on secure data systems. And when those systems fail, the financial fallout can be massive. Finance professionals who understand cybersecurity are better equipped to protect both their organisation’s assets and their own careers. The ability to identify risks, evaluate cyber controls, and interpret security data through a financial lens is becoming one of the most valuable competencies in the global job market.
In short, finance professionals who invest in cybersecurity skills will be aptly positioned in leading the future of financial resilience.
The article has been written by Anant Bengani, Co-Founder & Director, Zell Education
