Introduction

In an era defined by rapid digital transformation, accountants and auditors are at the forefront of managing an organization's most sensitive asset: financial data. The pervasive threat of cyber risk demands that these professionals possess not just traditional financial acumen, but also a sophisticated understanding of how to identify, assess, and manage cyber threats that could compromise financial integrity, lead to data breaches, or disrupt critical operations. From phishing scams targeting financial systems to ransomware encrypting ledgers and sophisticated insider threats, the potential for financial fraud and compliance failures due to cyber incidents is immense. Proactive cyber risk management is no longer an IT-exclusive domain; it is a fundamental responsibility for anyone safeguarding an organization's financial health and ensuring stakeholder trust. This essential training course focuses on empowering finance teams to navigate this complex digital landscape.

This comprehensive training course is meticulously designed to equip accountants, auditors, financial controllers, and risk management professionals with the theoretical understanding and practical tools necessary to effectively identify, assess, and manage cyber risks within financial operations. Participants will gain a deep understanding of cyber threats specific to financial data, learn to integrate cyber risk considerations into financial controls and auditing procedures, and explore methodologies for quantifying and reporting on cyber risk. The course will delve into topics such as cybersecurity frameworks (e.g., NIST, ISO 27001), data privacy regulations (e.g., GDPR, PCI DSS), risk assessment methodologies, internal controls for cybersecurity, incident response planning, and the financial impact of cyberattacks. By mastering the principles and methodologies of Cyber Risk Management for Accountants and Auditors, participants will be prepared to enhance their organization's financial resilience, ensure regulatory compliance, and bolster overall business integrity in the face of evolving cyber threats.

Duration: 10 Days

Target Audience

• Accountants and Financial Controllers
• Internal and External Auditors
• Finance Directors and Managers
• Risk Management Professionals
• Compliance Officers
• Chief Financial Officers (CFOs)
• Business Analysts
• IT Audit Professionals
• Financial Data Analysts
• Consulting professionals specializing in finance and risk

Course Objectives

• Understand the fundamental concepts of cyber risk in a financial context.
• Learn to identify and classify cyber threats relevant to financial operations.
• Acquire practical skills in assessing and prioritizing cyber risks affecting financial data and systems.
• Comprehend major cybersecurity frameworks (e.g., NIST, ISO 27001) and their relevance to finance.
• Develop the ability to design and implement internal controls to mitigate financial cyber risks.
• Explore data privacy regulations (e.g., GDPR, PCI DSS) and their impact on financial compliance.
• Understand the role of auditors in evaluating cybersecurity controls and financial data integrity.
• Learn to quantify and report on cyber risk in financial terms.
• Gain knowledge of incident response protocols for financial data breaches.
• Identify best practices for securing cloud-based financial applications.
• Enhance awareness of emerging cyber threats and technologies impacting finance.
• Develop a risk-based approach to cybersecurity within the finance function.
• Improve collaboration between finance, audit, and IT security teams.
• Understand the legal, regulatory, and reputational consequences of cyber incidents.
• Prepare for cybersecurity audits and regulatory examinations.

Course Content

Module 1: Introduction to Cyber Risk in Financial Contexts

• Defining cyber risk: threats, vulnerabilities, and potential impacts on financial operations.
• The evolving cyber threat landscape for finance: organized crime, nation-states, insider threats.
• Why cyber risk is a core responsibility for accountants and auditors.
• Understanding critical financial assets and systems (e.g., ERP, payment systems, client data).
• The financial and reputational consequences of cyber breaches.

Module 2: Key Cybersecurity Concepts for Finance Professionals

• Confidentiality, Integrity, Availability (CIA Triad) in financial data.
• Common cyberattack vectors targeting finance: phishing, ransomware, malware, BEC.
• Understanding network security, application security, and data security basics.
• Principles of least privilege and segregation of duties in financial systems.
• Introduction to cybersecurity frameworks and standards.

Module 3: Cyber Risk Identification and Classification

• Methodologies for identifying cyber risks specific to financial processes (e.g., accounts payable, payroll, treasury).
• Developing a comprehensive inventory of financial assets and data.
• Threat modeling for financial systems and applications.
• Categorizing cyber risks based on likelihood and impact on financial objectives.
• Utilizing risk registers for tracking financial cyber risks.

Module 4: Cyber Risk Assessment and Prioritization

• Quantitative vs. Qualitative cyber risk assessment methodologies for finance.
• Calculating potential financial losses from cyber incidents.
• Risk scoring and heat maps for prioritizing financial cyber risks.
• Performing vulnerability assessments and penetration tests (understanding reports).
• Integrating cyber risk assessment into existing enterprise risk management (ERM) frameworks.

Module 5: Internal Controls for Financial Cybersecurity

• Designing and implementing effective internal controls to mitigate cyber risks.
• Control types: preventative, detective, corrective.
• Access controls (logical and physical) for financial data and systems.
• Segregation of duties (SoD) in a digital financial environment.
• Automated controls and continuous auditing features in financial software.

Module 6: Cybersecurity Frameworks and Standards for Finance

• Deep dive into relevant cybersecurity frameworks (e.g., NIST Cybersecurity Framework, ISO 27001).
• Mapping financial processes to security controls within these frameworks.
• CIS Controls and their application to protecting financial assets.
• Industry-specific frameworks and guidelines (e.g., FFIEC, PSD2).
• Developing a compliance roadmap based on chosen frameworks.

Module 7: Data Privacy Regulations and Financial Compliance

• Understanding global data privacy regulations: GDPR, CCPA, and others.
• PCI DSS compliance for handling payment card data.
• Regulatory requirements for data breach notification in financial contexts.
• The role of Data Protection Officers (DPOs) and privacy by design.
• Managing data retention and destruction policies for financial records.

Module 8: Auditing Cybersecurity Controls in Financial Systems

• The role of internal and external auditors in evaluating cybersecurity posture.
• Developing an audit plan for financial cybersecurity controls.
• Testing the effectiveness of access controls, data encryption, and network security.
• Assessing compliance with relevant cybersecurity regulations.
• Reporting on cybersecurity audit findings and recommendations.

Module 9: Incident Response and Business Continuity Planning

• Developing an incident response plan for financial data breaches and cyberattacks.
• Roles and responsibilities of finance and audit teams during a cyber incident.
• Business continuity planning (BCP) and disaster recovery (DR) for financial operations.
• Steps for containing, eradicating, and recovering from financial cyber incidents.
• Communication strategies during a financial cyber crisis.

Module 10: Cyber Insurance and Financial Risk Transfer

• Understanding the purpose and scope of cyber insurance policies.
• Key coverage areas and exclusions for financial losses due to cyber incidents.
• Assessing an organization's insurable cyber risks.
• The role of the finance team in cyber insurance claims.
• Integrating cyber insurance into the overall cyber risk management strategy.

Module 11: Securing Cloud-Based Financial Applications and Data

• Understanding the security implications of moving financial operations to the cloud.
• Cloud service provider (CSP) security responsibilities vs. user responsibilities (shared responsibility model).
• Best practices for securing data in public, private, and hybrid cloud environments.
• Cloud access security brokers (CASB) and cloud security posture management (CSPM).
• Auditing cloud financial systems for compliance.

Module 12: Fraud Detection and Prevention in a Digital Cyber Environment

• Understanding the nexus between cyberattacks and financial fraud.
• Advanced techniques for detecting cyber-enabled financial fraud.
• Leveraging data analytics and machine learning for anomaly detection in financial transactions.
• Preventing Business Email Compromise (BEC) and vendor impersonation fraud.
• Implementing robust payment verification and approval processes.

Module 13: Emerging Technologies and Their Cyber Risks

• Artificial Intelligence (AI) and Machine Learning (ML) in financial operations: risks and safeguards.
• The impact of blockchain on financial security and auditing.
• Risks associated with IoT and operational technology (OT) in financial infrastructure.
• Quantum computing and its potential impact on current encryption.
• Staying current with threat intelligence feeds relevant to the financial sector.

Module 14: Cybersecurity Governance and Reporting for Accountants/Auditors

• Establishing effective cybersecurity governance structures within the finance function.
• Reporting cyber risks and control effectiveness to executive management and boards.
• Developing cybersecurity dashboards and metrics for financial leaders.
• Collaboration with IT, legal, and other departments on enterprise-wide cybersecurity.
• Promoting a culture of cyber awareness within the finance team.

Module 15: Practical Application and Case Studies

• Interactive exercises and scenario-based training for cyber risk assessment.
• Analyzing real-world financial cyberattack case studies (e.g., major breaches, ransomware attacks).
• Developing a mini cyber risk management plan for a specific financial department.
• Discussion on ethical dilemmas in managing cyber risk and financial data.
• Action planning for implementing learned principles in the workplace.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 7 working days before commencement of the training