Podcast Episode 1: Cybersecurity in Finance Starts with Simple Processes

Cybersecurity in finance isn’t about more tools. It’s about better processes.

Ever feel like cybersecurity is becoming more complicated by the day? Finance teams often do. You’re already juggling payments, vendors, audits, budgets, and tight deadlines, so when conversations turn to cyber posture and threat surfaces, it’s easy to tune out.

The part most people don’t realize is the strongest cybersecurity foundations inside a finance department rarely come from high‑tech tools. They come from simple, consistent processes that anyone on the team can follow.

With some help from Usherwood’s CFO Andrew Flamik, I am here to break down the practical, low‑complexity steps that can protect your team every day.

To see the video version click here

The Biggest Cyber Risks in Finance are the Simplest

Most finance teams think their biggest threat is some sophisticated, AI‑powered cyberattack. In reality, the most common problems still come from basic vulnerabilities:

• shared logins
• vendor portals
• phishing emails
• business email compromise
• weak or reused passwords

One of the easiest changes a finance team can make is to stop sharing credentials entirely. Vendor portals, payment platforms, and remittance tools get shared more often than people admit. It’s usually done out of convenience, but it creates a single point of failure.

If shared access is unavoidable, there’s a better way: use a password vault with MFA. It keeps bank details, confidential data, and vendor information safe even when someone’s inbox gets compromised.

Good Cybersecurity Doesn’t Need to Be High‑Tech

Many finance leaders assume cybersecurity must involve complex software or expensive AI‑driven tools, but some of the most effective protections come from process discipline.

One example is multi‑level approval workflows. They’re simple, reliable, and hard for attackers to bypass. They also reinforce healthy internal habits.

Strong approval processes might include:

• Multiple layers of approval for payment releases
• Thresholds that require a second reviewer
• Independent verification before adding a new vendor
• A standard process for verifying banking changes
• Phone verification with that exact person you’re trying to pay

These steps slow down fraud attempts, they give multiple people visibility, and they turn high‑risk decisions into team decisions. Think of them as human‑based MFA.

The “Analog” Step People Forget

That brings us to our next point. There’s a tactic that feels too old‑school to matter, but it’s one of the most effective in preventing financial fraud: calling the vendor directly.

If a vendor emails you a change to their routing number, account number, or address, don’t trust the email. Use the contact information you already have not what’s in the message and call the person responsible.

Attackers can fake emails. They can imitate signatures. They can spoof entire threads. What they can’t do is answer the phone pretending to be the exact vendor rep you already know. When in doubt, confirm with a human.

Disaster Recovery Isn’t Just IT’s Job

That’s why having a well‑built, regularly tested DR plan is critical.

A reliable plan starts with how your data is backed up. You need copies in multiple places onsite and in the cloud and you need to run backups regularly throughout the day. Consistent backups keeps billing moving and reduces downtime to the smallest possible window.

Now you can say you have a backup plan as many times as you want, but a backup that hasn’t been tested isn’t a backup—it’s a hope. Too many teams assume their recovery point is solid without ever trying to restore a file, log into a backup environment, or run the finance function from it. The moment of a real incident is the worst time to discover something is missing.

Making sure everyone knows their steps if an incident hits and how to handle that situation is the best way to stay protected and make sure you can recover fast enough to protect clients, revenue, and operations.

Cyber Insurance Doesn’t Cover You If Your Processes Fail

Getting cyber insurance isn’t complicated. Staying covered is.

Cyber insurers expect documented proof of your controls. They also expect your processes to match what you claimed on your application.

That’s why successful companies bring multiple teams together, IT, finance, and their broker to walk through the application line by line.

This joint review helps you:

• understand the intent behind each question
• confirm whether you’re actually following the control being asked about
• identify gaps before they become liabilities
• make improvements that strengthen future applications

Cyber insurance is protection, but it only works if the processes behind it are real. A “Check‑the‑box” answer won’t hold up during a cybersecurity claim. Make sure you are being thoughtful and truthful to make sure you are protecting your company the best you can.

You Don’t Need to Fix Everything. You Just Need to Start Somewhere.

Cybersecurity becomes manageable when you focus on the basics first.

Start with the low‑effort, high‑impact steps.

Once those are consistent, you can build from there. At that point, cybersecurity stops feeling like a burden and becomes part of your operating rhythm.

Want to make cybersecurity simpler for you company? Fill out a tech evaluation to see how Usherwood can upgrade your processes.