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Who is most prone to cyberattacks? Even though everyone using, sharing, and storing data digitally, and even surfing the internet, is at risk of cyber attacks, businesses with valuable data are the top targets of cyber criminals. Furthermore, the financial sector is one among them. Generally, data that is more valuable is more likely to be targeted. Companies should pay attention to the importance of cybersecurity for financial services. This blog will examine the various types of cyber threats accounting firms should be aware of and methods to maintain a robust cyber defence.

Common Types of Cyber Threats

Following are the four common cyber threats in accounting firms:

  1. Phishing

Phishing scams involve tricking people through fake emails or messages, often pretending to be from trusted sources, to obtain sensitive information. Moreover, this is via technology. Always be cautious online and double-check the authenticity of messages before sharing personal information. Also, be careful about suspicious links. Hence, one should think before they click! 

Accounting firms and professionals may receive emails from banks, other companies, and customers. Implementing robust cybersecurity for accounting firms is very crucial. Do not provide sensitive information to a link or email that seems suspicious. Verify emails by contacting the institution directly via phone or a different email address. 

  1. Business Email Compromise (BEC)

Business Email Compromise (BEC) targets businesses, organizations, and individuals conducting financial transactions via email. Attackers impersonate trusted parties like CEOs or vendors to deceive recipients into transferring funds or sharing sensitive data. This can lead to severe consequences, such as compromised email accounts and fraudulent client communication. Attackers employ social engineering or phishing tactics to access email accounts and manipulate messages.

  1. Social Engineering

Social engineering involves deceiving individuals to obtain sensitive information or system access. Attackers may impersonate trusted entities, like banks or government agencies, to solicit personal data or credentials. This poses a significant threat to accounting professionals, who should exercise caution when disclosing information or granting access, mainly if the requester’s identity is uncertain.

  1. Ransomware

Ransomware encrypts files, rendering them inaccessible, and demands payment for decryption. It is commonly delivered via email, social media, or infected websites, causing financial and reputational harm. Accountants and bookkeepers are frequent targets of social engineering tactics.

Best Cybersecurity Practices for Accounting Firms

  1. Maintain Strong Policies & Controls

Access control for client management software in accounting practices allows firms to manage data access and operations efficiently. This ensures security and compliance with cybersecurity policies, whether implementing or enhancing new plans.

  1. Store Data Securely & Encrypt 

It is essential for policies to address the risks associated with staff using external storage media. This includes potential virus exposure and the compromise of financial data. Encryption is crucial for safeguarding client information when employees work remotely or travel with their devices.

  1. Track & Report Cybersecurity Incidents

Businesses must notify individuals if the loss of their information due to a cyberattack will likely result in significant harm. Businesses must understand the requirements of the notification scheme to ensure compliance. This includes fulfilling obligations promptly in the event of data breaches, such as notifying affected individuals and taking necessary steps to mitigate harm.

  1. Establish a Cybersecurity Budget

To ensure robust cybersecurity for accounting firms, establish a dedicated cybersecurity budget. By allocating funds to critical areas of cybersecurity for financial services, such as implementing robust security measures, conducting regular security assessments, providing employee training, and investing in advanced security technologies, accounting firms can better protect their sensitive data and systems from cyber threats. 

  1. Get Help from a Cybersecurity Firm

Once a dedicated cybersecurity budget is established, looking for top-notch cybersecurity solutions is essential. As a leading cybersecurity firm, Green Method offers the most effective cybersecurity solutions, testing practices, and security advisory capabilities. Our proficiency and security offerings help accounting firms construct cyber stability against advanced threats.  

These cybersecurity practices help mitigate potential risks and strengthen the firm’s overall cybersecurity posture, enhancing client trust and confidence in its ability to safeguard its information. Get in touch with Green Method, Best Cyber Security Firm for a free consultation and more information.

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