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How accounting firms can stay protected from cybercrimes

Posted by  on 06 October, 2017   2 minute read

Cybercrimes are becoming increasingly common and varied these days. Did you know that it has already negatively impacted one-third of all US companies? According to a study by Ponemon Institute, the total cost of a data breach in 2015 was $6.5 million. The same report said “the more records lost, the higher the cost of the data breach”.

In the business of accounting, this is a serious matter and demands immediate attention by all CPAs and their firms.

Generally speaking, a good business continuity plan will take cybersecurity into consideration to minimize not only the damage but also the risk of security breach. But then again – most of the time, the importance of cybersecurity is overlooked by businesses – irrespective of size, industry or industry.

Here are 4 things to follow to always keep your accounting business protected:

1. Never rely on one type of security technology

CPA businesses shouldn’t stop at installing just one anti-virus software on the employees’ desktops. It is always better to have more filters such as anti-malware and email gateway security that prevents loss of data to ensure stronger defence from any virus or hackers.

2. Use updated hardware inventory

All software along with serves, workstations, laptops, desktop computers and other devices connected to the business network should be regularly updated to fix minor technical glitches and up-to-date with the latest technological developments.

This way all systems are monitored regularly and it is easy to find errors and fix them in case of a security breach.

3. Stay online, stay safe

Cloud computing is the “now” big thing and accounting firms are gradually taking heed of it to push the business forward. Storing data online is definitely a cheap option with lesser issues of space management.

Cloud computing makes retrieving data easy and smooth. The primary motivator for a cloud company is to make sure the accounting data is secure and also accessible whenever the CPAs want it.

Naturally – the level of online data protection is high and no company will risk it until it is sure of this.

4. Make sure all the data is encrypted

Accounting firms can reduce the damage caused by successful hacks or avert it altogether by encrypting their most important information such as credit card data for banks or an individual’s financial history.

Closing thoughts

Accounting firms hold sensitive key data. And it is not wise risk a person or company’s finances over cheap security options. Therefore, use the best security technology to minimize the risk.