The idea is that this would apply to executive positions. Right now, CFOs are required to sign off quarterly on the company's financial statements. If those financial statements are later found to be misleading or fraudulent, the CFO is personally responsible, and can face fines or jail times. What the article is proposing is that IT be held to a similar standard. A CIO should be held personally liable if an IT failure causes an outage that materially affects the finances of the firm or causes customers to lose money.