The CFO'S Perspective

As I was working on this article, the region where I live was hit by a "bomb cyclone" – an ocean-generated storm that, while not rising to the level of the Atlantic and Gulf Coast hurricanes, still did plenty of damage to our electrical grid. The CFO Selections/ASP/Valtas Group headquarters and my home office were both without electricity for several days. This experience reminded me that whether it’s at work or at home, being prepared for an emergency is always important.

Most of us believe we are ready for the everyday kind of disaster at work, whether we’re working at home or in a traditional office. We may carry extra cash and safety pins, and our cell phones allow us near-instant capability to “phone a friend” if we need help because something unexpected happens. And while these things are enough for ordinary days, taking a little time to plan before an “unordinary” day happens can make getting through it a whole lot easier.

We’ve all heard about “phishing” – malicious emails. As Microsoft notes below, they’re hugely popular among cyber thieves. They also happen to be hugely lucrative (which is why they’re so popular!).  

Since we work with many companies across industries, we have an opportunity to get an inside view of hundreds of accounting departments along with other operational areas, including IT.  We see that with our clients, as with many other businesses, it can be really challenging to find time to improve the security of computing systems – there always seems to be something more urgent.

Your most Important Tip: If you receive an email asking you to wire money or send gift cards, assume it is a fraud – every time. CALL the sender to confirm, at a number you know is correct.

We are seeing, and hearing about, an increasing number of online scams and other negative internet-based activity related to COVID-19 and the mass exodus from company offices to home offices.  

As thousands of information workers recreate office processes and routines to work in an online-only world, the scammers, spammers, information manipulators, and meeting hijackers have been busy as well.

Most of my vacations are pretty typical – camp on the Sound, cruise to Alaska, plane trip to kid-friendly destination, road trip to friends. 

... but not this year.

This year, I fulfilled a long-time dream and went to Africa.  I did the multi-day safari, fed the giraffes at the Giraffe Center in Nairobi, and enjoyed local cuisine and cultures. But mostly… I did financial spreadsheets.  And IT infrastructure planning. And computer teaching.  In other words, pretty much the same things I do all the time, except in hotter weather.

Most of us believe we are prepared for the everyday kind of disaster at work:  We carry extra cash, safety pins, and a cell phone.  We keep a granola bar (or five) in our desk.  In Seattle, we never, ever, let the coffee pot run out. But while all these things are good (especially the coffee pot), most of us never think about what we would do if a true disaster struck during the time we are at work -- the place/s where we spend more waking hours than anywhere else.   

Let's take the case of an earthquake, since that's our most likely Puget Sound area disaster, and the basic things to prepare for if one occurs during our workday apply to many other scenarios as well.  

Recent sad news about the wildfires disaster in California which has destroyed homes, businesses and caused so many deaths is a reminder for us again to consider the future.

…up to 40% of businesses hit by natural or human-caused disasters never re-open.”

According to FEMA, the Federal Emergency Management Association, up to 40% of businesses hit by natural or human-caused disasters never re-open.  They close because their normal processes are overwhelmed by loss:  loss of data, inventory, space, personnel, or all of the above.