Cybersecurity has traditionally been viewed as the domain of IT teams, but today, it is very much a boardroom concern. As we mark Cybersecurity Awareness Month, organisations are reminded that financial operations are increasingly a prime target for cybercriminals, and finance leaders must act accordingly. Payments, once a routine operational function, are now a high-stakes battlefield: the flow of money has become an entry point for cyberattacks, and the consequences of breaches can be immediate, severe, and highly visible.
Recent years have seen a sharp increase in the sophistication and scale of financial cyber threats, transforming what was once a cottage industry into a dark, industrially organised sector in its own right. From fraudulent invoice scams and compromised payment gateways to targeted attacks on treasury systems, CFOs face risks that can impact not only finances, but reputation and operational continuity.
These threats have elevated cybersecurity from a technical issue to a strategic priority. In fact, nearly all UK CFOs surveyed in a recent study* commissioned by Corpay reported experiencing a payments-related cyber incident in the past two years, with 42% identifying cyber threats as one of their top operational concern over the next 12-24 months.
The significance of such findings is not only in the numbers themselves but in what they reveal about the changing role of finance leaders. CFOs are no longer just stewards of the balance sheet; they are increasingly responsible for safeguarding the organisation’s financial ecosystem. Traditional finance systems, often a patchwork of legacy platforms, manual processes, and siloed workflows, are ill-equipped to defend against modern threats. Fragmented data and delayed visibility can create gaps that cybercriminals exploit, demonstrating that inefficiency and exposure are two sides of the same coin.
One of the most important strategies for helping to reduce risk lies in automation and modernisation. Automating processes such as Accounts Payable, expense management, and cross-border payments can reduce human error, eliminate manual touchpoints, and limit opportunities for fraud.
Corpay’s recent research underscores the appetite among CFOs to do this: every CFO surveyed expressed a desire to increase automation, with Accounts Payable ranked as one of the top priorities. But automation alone is not enough. Many finance teams face challenges integrating new solutions with existing systems, while organisational resistance, data privacy concerns, and skills shortages can slow progress. The key lies in designing financial operations that are not only efficient but resilient and adaptable to evolving threats.
Real-time visibility is another critical factor. Finance leaders increasingly need live insight into payments’ activity, vendor interactions, and cash positions to identify anomalies and respond quickly. The Corpay research highlights the gap here: while 94% of CFOs say real-time oversight is critical, only 64% feel confident their current systems are optimised to deliver it.
Without such visibility, even well-resourced teams may be forced to react after the fact rather than pre-emptively mitigate risk. Achieving this level of oversight requires both technological solutions and cultural change, embedding cybersecurity awareness across every aspect of the finance function, from vendor onboarding and employee expense management to invoice payment and international transactions.
The broader lesson is clear: cyber risk is now inseparable from financial risk. CFOs must approach digital transformation and cybersecurity as interconnected priorities. Investments in technology, process improvement, and skills development are most effective when guided by an understanding of both efficiency and resilience. Organisations that succeed will be those where finance teams, IT, and risk functions collaborate seamlessly to maintain secure, visible, and agile financial operations.
In a rapidly evolving landscape, the pressure on finance leaders is intensifying. Yet with the right focus, CFOs have an opportunity not only to protect assets but to redefine the role of finance as a strategic partner in organisational resilience.
Cybersecurity may have begun as a technical discipline, but in the era of payments risk, it has become a financial imperative – one that shapes trust, agility, and the very future of business.
