Survey: Tech CFOs raise spending on cybersecurity

A majority of chief financial officers (CFO) for technology companies are increasing spending on cybersecurity measures in response to rising threats from hackers, according to a new survey.

Sixty-seven out of 100 CFOs interviewed by accounting firm BDO USA said they’ve increased cyber spending in the last 12 months.

{mosads}Of that group, 90 percent implemented new software and 72 percent created a post-breach response plan. Roughly half hired outside experts to consult on security, while about one in three hired a chief security officer.

In addition to financial institutions, tech companies are likely to be on the cutting edge of adopting cybersecurity measures due to their heightened familiarity with the dangers of privacy breaches.

Still, corporate spending on data security is expected to grow in the next year across the board. The BDO survey highlights the growing role for CFOs in managing budgets related to cyber defense. The survey was reported by The Wall Street Journal.