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Security Tops List of Financial Executives Concerns

June 10th, 2005

For the first time, information security topped this year’s list of concerns related to technology among financial executives, replacing prioritizing technology investments, according to a newly published research. Only one in five chief financial officers are satisfied with their security programs.

The research, conducted by Computer Sciences Corp., in association with the Financial Executive Research Foundation, finds that information security awareness among financial executive is much greater as oppose to last years.

“Companies recognize how vulnerable they are,” said Jerry Boltin, a senior partner and the Business Intelligence practice leader in CSC´s Consulting Group. “They see the growing number of news articles about customer information being accessed or stolen and they wonder, ´If these guys can be breached, how secure are we?´”

The research also found that overall information technology spending is expected to increase modestly throughout the next year, and companies are planning outsourcing and in-sourcing agreements.

Financial executives ranked “Facilitating analysis and decision making (business intelligence)” as the area most constrained by the lack of appropriate technology solutions. The survey also found a much higher than expected level of planned investments in analytic and decision support information, particularly among large entities.

The survey examined a variety of additional pertinent issues, including financial executives´ views related to financial management, IT strategies and the use of technology applications.

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