As CPA4IT founder Andrew Wall, CPA, says, “Data is the new oil for all businesses, and for accounting firms this is an especially serious risk to consider given all of the sources and systems where critical leaks can occur.”
While many of us may be familiar with the idea of a major breach occurring (and tend to think these define all cybersecurity risks), the reality is that damage also may occur due to a slow leak. This may include employees using their own devices for work functions, or giving third-party vendors access to your systems, which results in uncontrolled access to your data and it being stored and used by other organizations.
In addition to the speed at which your data may leak, you also should consider the nature of the leaks themselves. For example, there is the “accidental” data breach such as when an employee provides data to a third-party without adequate permission controls in place.
Once you have a clearer definition of the speed and type of data threats facing your firm, it is time to take control of the risks they represent.
There also are isolated, but still ill-intended, data breaches which may be caused by a disgruntled employee with access to your firm’s data through laptops, their phone, removable USB drives and discarded hard copy documents.
Then, there are intentional or wholly malicious data leaks caused by a hack. This is the “mainstream” larger scale attack which many of us are familiar with due to news coverage or because we have received our own notices about our data being involved in one.
Behind these attacks are cybercriminals who use malware, email phishing or spoofing, and other means to access data directly or indirectly when unknowing employees click on email links or provide credentials to systems.
Once you have a clearer definition of the speed and type of data threats facing your firm, it is time to take control of the risks they represent.
“A recurring theme of cybersecurity risks is the human element which is difficult to eliminate completely,” Wall says. “The truth is, if you have people involved, then you need to take additional measures to manage your IT and assess all of the potential vulnerabilities that your firm is exposed to so you can take action to mitigate them.”
Swizznet’s Swizzstack managed IT services and Obsessive Support team are dedicated to helping accounting firms learn and implement best practices for keeping their data secure. With a focus identifying and reducing data leaks and helping to reduce the impact of any that do occur, Swizznet can assist your firm.
Ready to take the next step?
Learn more about the evolving cybersecurity mandates for accountants and how to monitor and safeguard your practice’s data pipelines by attending the, “Data is the New Oil. How Can Your Accounting Practice Prevent a Leak?” webinar on June 29, 2022 at 2 p.m. (EST).
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