Have you ever followed a link in an email hoping to help a foreign prince who wants to give you a few million dollars for your trouble? You might see right through such a ruse, but threats to your business can be much more sophisticated and hard to spot. Businesses around the world lose an estimated $1.5 trillion every year to cybersecurity breaches, and accounting firms aren’t immune to the threat.
Cybercriminals aren’t just looking for the big fish. Firms big and small can fall victim to online criminals. Attacks can come from a variety of sources, whether through fishy links, poor security, or other avenues. It’s important to not be complacent, even when you are sure you’ve crossed your t’s and dotted your i’s. Here is what CPA firms should know about cybersecurity risks facing them.
Protecting Your Firm
When it comes to threats to your firm, they most commonly manifest in three ways:
- Phishing: Phishing attacks are some of the oldest cybersecurity threats in the book, but they are still around because they work as well as ever. Suspicious emails have gotten better and better over the years. Scammers posing as well-known companies like Apple or Google, or as clients needing a CPA’s help, can trick you into handing over sensitive information.
- Outdated Technology: If your firm is getting by with older computers or outdated software, it could be at risk for a cybersecurity attack. Cybercriminals are constantly evolving and adapting as they try to get critical information through malware, phishing, ransomware, and other avenues. To keep up with these risks, your firm needs to stay up to date with the latest protections available.
- Weak Passwords: It’s not uncommon for people to pick passwords that are easy to remember, but these passwords are also easy for criminals to decode. If employees in your firm aren’t using strong passwords, it can put valuable information in easy reach. Train your employees in using strong passwords, and use multifactor authentication to ensure only people in your organization have access to your information.
Protecting Your Clients
As much as you don’t want your company’s data compromised, what cyberthieves want the most is the data you have on your customers. Protecting your company means protecting your clients. They are counting on you to safeguard their data. Beef up your security to ensure their information is in good hands. While you’re at it, pass along your knowledge to your clients and help them recognize fraudulent attempts to get their data.
Staying Vigilant
Your firm cannot address cybersecurity once and consider it taken care of. Just as technology that is beneficial to your business is constantly evolving, so are those that are designed to be harmful. Stay educated about risks and new attacks, and design protocols to address them consistently. Never assume you are safe from breaches. Instead, be sure to have plans in place to deal with any attacks that occur so you aren’t caught off guard.
Cybersecurity can be a scary topic, but it doesn’t have to be if you do the work to understand and mitigate risks. Preparation is the key to protecting your firm and your clients. Stay informed about what you can do to be safe and ensure you are ready when cybercriminals target you or your clients.
Author Bio: Justin Hatch is an industry expert in business management specializing in software development and financial reporting. He serves as CEO for Reach Reporting with over 20 years of management experience.