CFO Studio Magazine with Alison Cornell

Q1 2017 WWW.CFOSTUDIO.COM 27 CFO Studio Advisory Board & Technical Review Committee Tim Anglim YesCFO > Founder and President Andrew Savadelis > Finance Executive Michael Eldredge > Finance Executive VIEW PROFILES AT www.cfostudio.com Bert Marchio Edge Therapeutics > Chief Accounting & Operations Officer Howard Reba Marlin Equity Partners > Finance Director He continued, “Financial executives are choice targets for hackers because of their authority to control company funds. They need to be particularly vigilant in their actions to avoid being compromised.” Mr. Shammo agreed, and offered his fellow finance execs a sobering reality: “There is a high probability that every one of your companies has been hacked.” He added, “Most of you just don’t know about it, nor do you have any idea about who has been in your system, when they were there, or for how long.” In order to combat such cyberattacks, Mr. Shammo recommended long-term contracts with security firms. Does Privacy Still Exist? The conversation then shifted to mobile devices: “Years ago, we were all issued a company device that was for business purposes only, and secure. Then, we started bringing our own devices to work,” Mr. Shammo said, acknowledging that this resulted in a whole host of security concerns and problems for the IT department. “I see things coming full circle,” he opined, “with a return to company-issued devices.” Attendees were in agreement; just about everyone in the roomhad a personal phone and a work phone in their pocket. “This is actually a good sign,” saidMr. Shammo, recognizing that “we are simply becoming more mindful about keeping personal stuff personal, and business strictly business.” Mr. Shammo predicted that the next wave in security is going to be triple authentication procedures. “Double authentication,” he explained, “in which you log in to a website and receive an access code to enter will no longer be sufficient.” He continued, “It’s going to come to a point where, in order to get into a site, you’re going to have to allow location services to be enabled on your phone for an extra layer of protection.” This led to a consensus that, as years have gone by, there is simply no privacy anymore. A Rock and a Hard Place The evening was coming to a close as Mr. Shammo finally addressed digital media. “Verizon is a network company as well as a digital media company,” he said, “so there are different regulations that apply to different parts of our business, and different regulatory agencies that apply them. As a company, we are very focused on protecting our customers’ privacy across the entire company. From a regulatory perspective, however, it doesn’t make a lot of sense for consumers to have different rules and different regulators dealing with different parts of the Internet ecosystem.” Mr. Shammo concluded that it’s a “fascinating world” right now. “Things are converging, and our ability to regulate or control privacy is just not keeping pace. We must be extremely careful about protecting the work we do.” C CFO Studio hosts the Executive Dinner Series, including World-Class Companies CFO Dinners and Middle Market Companies CFO Dinners quarterly in New Jersey, Manhattan, Philadelphia, Chicago, San Francisco, and other markets around the U.S. CFO Studio hosts the CFO Breakfast Learning Series in multiple markets, as well, and hosts online Diginars, CFO Studio Receptions, the annual CFO Innovation Conference and the CFO Innovation Awards. The comments made by these guests are their own and may not reflect the opinions and/or policies of their companies or of CFO Studio and/or its promotional partners. Daniel Apel CFO, Bayer Healthcare Pharmaceuticals Sas Mukherjee CFO, York Risk Services Group, Inc. Han Kieftenbeld CFO, InnoPhos, Inc. Claude Draillard VP, Finance, Dassault Falcon Jet Sandra Clarke CFO, Daiichi Sankyo, Inc. Fran Shammo CFO, Verizon Discussion Leader Greg Douglas Executive Vice President, Sales Yorktel Bill Flynn CFO, Sharp Electronics Corp. BUSINESS DEVELOPMENT PARTNER CFO GUESTS