Cybercrime is up

By Ringside Talent

March 10, 2025

Welcome to the next theme of our Cross-Functional Blog Series, where we explore financial and cybersecurity resilience across IT and Finance teams. In the coming weeks, we’ll examine how organizations can mitigate cyber threats, fund security initiatives, and build long-term resilience through strategic collaboration.

Cyber threats are escalating, posing significant financial risks to organizations. Cybercrime cost companies an estimated $8 trillion in 2023, with projections suggesting this figure could rise to nearly $24 trillion by 2027 (Embroker). For IT leaders, implementing proactive cyber defense strategies is essential to safeguard their organizations’ financial health.

The Growing Financial Impact of Cybercrime

Recent attacks highlight the severe financial risks. In February 2025, North Korean hackers stole $1.5 billion from ByBit, the largest crypto theft in history (The Times). Vendor-related cyberattacks are also on the rise, leading to increased financial losses across industries (CFO Dive). These breaches reinforce the urgent need for stronger cybersecurity measures.

Key Strategies for Proactive Cyber Defense

  1. Strengthen Cyber Risk Management

IT leaders should adopt adaptive cybersecurity frameworks that respond dynamically to evolving threats. Proactive threat hunting and penetration testing help mitigate vulnerabilities before they can be exploited (Framework Security).

  1. Secure Financial Systems & Third-Party Vendors

With vendor-related breaches increasing, organizations must assess and monitor third-party security risks. Strengthening vendor risk management policies is crucial to reducing exposure and preventing disruptions to financial operations (Securus360).

  1. Invest in Advanced Threat Detection Technologies

Cybercriminals are using AI-driven attacks, making it necessary for organizations to deploy AI-powered security solutions. These tools can detect threats in real time and automate incident response, significantly reducing financial exposure (Zscaler).

  1. Foster a Culture of Cybersecurity Awareness

Cybersecurity is not just a technology issue—it’s a business issue. IT leaders should work with Finance teams to train employees on cybersecurity best practices to reduce the risk of human error, which often serves as an entry point for cyberattacks (Athreon).

Collaboration Between IT and Finance

A strong cybersecurity posture requires alignment between IT and Finance teams. By working together, organizations can quantify cybersecurity risks in financial terms, ensure that security investments yield ROI, and protect financial stability (Forbes).

How Ringside Talent Can Help

At Ringside Talent, we connect businesses with top IT and Finance professionals who specialize in cyber risk management and financial protection. Contact us to learn more. 

Looking Ahead

This Thursday, we’ll explore “The Cost of a Data Breach: What Finance Leaders Need to Know”, breaking down financial implications and risk mitigation strategies. Stay tuned!

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