This is interesting for one simple reason: CFOs see what’s going on deep within the numbers, regardless of what gets reported in the world according to GAAP.
Apparently Bob had the nerve to suggest that while laying off a 150 people, it might be good PR to cut down on such things as the cases of “Effen – Effen” and the new leopard skin seat covers for Howard’s Aston.
You’re somewhat conservative, and you’re signing the financial statements. You’d like to be “one of the boys,” but you must be careful not to act like them or you’ll freak out your investors. You generally receive the least equity of the C-level group. Everyone who can’t count past ten fingers questions every single thing you do, and with a healthy dose of (usually misdirected) incredulity and skepticism.
You’re often the first to get sacked when the trouble arises, particular trouble caused by disagreements over how to prudently spend money. It’s a business, and you’re the one empowered with guarding the purse strings. Only it’s someone else’s purse, and others are always trying to snatch it.
Mr. Oates should expect all levels of personal attack going forward. Someone may say he’s mentally incompetent, prone to substance abuse, or that he was stealing. If he’s lucky, he just “lacked vision” or “wanted to spend more time with his family.” None of the above is the likely scenario, but “the best chance for the company’s survival just walked out the door” is.
I suspect insurers cringe everytime they hear one of their big corporate clients hands their data over to some criminal. Hartford Financial Services is thinking differently – they are starting ID theft coverage for small business owners, and I’ll bet it pays off. Small business generally care more about their clients, and while they also have less resources to deploy for protection, we all know that the companies with lots of resources haven’t done very much themselves.
CFOs, generally the top line decision makers on IT issues like security, are debating what to do, now that computer crimes have become a game for professionals. At least the head financial guys at smaller companies are going to get some help along the way.