Cybersecurity Risks to an Accounting Firm

 In today's era, businesses across most sectors are vulnerable to various types of cyberattacks. And according to the 2019 Symantec Internet Security Threat Report, about 4800 websites are compromised every month by cyber attacks. And of all these businesses, Accounting/ bookkeeping is one such business that is more vulnerable to security threats as customers deal with their valuable financial information and confidential data.

And now cybercriminals continue to search for malware to collect financial information of bank accounts and accounting customers. Therefore, preventing revenue losses makes it necessary for accounting companies to seek security threats in 2021.

If you are using Outdated Software/ Applications/ Tools:
There have been many cases where many technology/ IT companies have failed to protect their customers' financial data. Accounting firms should be keeping updated anti-virus software because they have clients’ financial data. These attacks are more likely to occur if the OS and applications in your system are not updated periodically.

As well as, accounting firms must select the right software and applications to store sensitive financial information and set up a secure network and anti-malware software to share the financial records.

 Clients’ data leak by Employees:
These days many accounting firms are switching to cloud accounting so that employees can use any location from different devices. Accounting firms also allow employees to use their accounting software for business purposes. It is possible that the client's data has been stolen by any employee, so the accounting firms should ensure that they sign the NDA with their employees.
If you are not evaluating Security Risks:
However, small and medium-sized accounting firms do not implement such strong security strategies as do large accounting businesses. And just because of this, cybercriminals target small and medium accounting firms for malware attacks.

No accounting firm can withstand or circumvent emerging security threats without assessing security risks. It is necessary to evaluate your security vulnerabilities, this is how the accounting firm will be able to formulate and improve its security strategy.




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