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Cyber Security Risks to an Accounting Firm

August 9, 2021 - by Priyan Sharma

In today’s era, companies in most industries are vulnerable to various types of cyberattacks. According to the 2019 Symantec Internet Security Threat Report, approximately 4,800 websites are affected by cyber-attacks every month. Among all these businesses, accounting/bookkeeping is one of the businesses most vulnerable to security threats because customers deal with their valuable financial information and sensitive data.

Now cybercriminals continue to search for malware to collect financial information from bank accounts and accounting clients. Therefore, preventing the loss of income makes it necessary for the accounting firm to look for security threats in 2021.

If you are using outdated software/applications/tools:

There are many instances where many technology / IT companies fail to protect their customers’ financial data. Accounting firms must keep antivirus software up-to-date because they have customer financial data. If your system’s operating system and applications are not updated regularly, these attacks are more likely to occur.

In addition, accounting firms must choose the right software and applications to store sensitive financial information and set up a secure network and anti-malware software to share financial records.

Client’s data leaked by Employee:

Many accounting companies are turning to cloud accounting so that employees can use any location from different devices. Accounting companies also allow employees to use their accounting software for commercial purposes. Employees may have stolen customer data, so accounting firms should ensure that they sign confidentiality agreements with employees.

If you do not assess security risks:

However, the security policies implemented by small and medium-sized accounting firms are not as good as those implemented by large accounting firms. On this point alone, cybercriminals will target small and medium-sized accounting companies with malicious software attacks.

There is no assessment of security risks, and no accounting firm can resist or avoid emerging security threats. It is necessary to assess your security vulnerabilities, this is how the accounting firm develops and improves its security strategy.