Is the CFO the new CIO?

69% of Chief Financial Officers (CFOs) in Ireland are completely unaware of key data protection regulation that could massively impact their organisations. Despite this, responsibility for data protection and compliance has become a bigger part of their role, with 30% of CFOs having the final sign-off on IT spend versus 26% of Chief Information Officers (CIOs).

Research commissioned by BT Ireland, and conducted by Amárach Research into large domestic and multi-national organisations with an average 800 employees, reveals that only 28% of CFOs aware of the EU General Data Protection Regulation (GDPR) believe it will have a significant impact, with 62% saying it will have some impact.

Similarly, just 32% of CFOs aware of the Privacy Shield say it will have a significant impact, 48% expect some effect, while 20% believe it will have little or no consequence. Earlier this year, BT Ireland research revealed that their CIO peers put greater value on data protection. 33% of CIOs rate a data breach as having a bigger impact on their company than the departure of a CEO or a major product recall.

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