Why Are Accounting Firms Being Targeted By Hackers And Ransomware?

Cyber Security, Cyber Attack, Ransomware,
If you’re a business with an online presence, you’re likely to be a target for hackers, and accountancy firms are no exception. In fact, hackers have a much bigger incentive to hack the data of accountancy firms. So why is that?

Data, but not just any data. Accounting firms are goldmines of data. Their servers contain crucial information like employee details, payroll data, bank account details, Tax IDs, and Financial data.

Since Accounting firms handle sensitive data of people from different spheres of life, they have a special duty to establish a proper cybersecurity framework.

Without a proper business continuity procedure and incident response, accountants will definitely have to pay a huge price either in the form of money or their tarnished reputation.

It is not uncommon for accounting firms to underestimate the threat they face. Cyberattacks are on the rise, ever since working from home started. In fact, Accounting Today reports a whopping 300% increase in cyberattacks on accounting firms since the inception of WFH.

Cyberattackers choose the time of tax filing or year-end as their preferred time to launch sophisticated attacks.

The Access Point Of Information

Cyberattackers pull off intricate frauds on smaller accounting firms and self-employed accountants to get hold of their valuable data. They’re in a better position to hack into your client’s bank accounts by getting more information from your accounting practice.

Since smaller accounting firms don’t have the budget or resources for a specialized in-house IT service and lack a proper cybersecurity infrastructure, they automatically become soft targets for carrying out cyber breaches.

Hackers are relentlessly searching for any vulnerabilities in accounting software since they know a huge reward awaits.

Furthermore, they use the same process to hack other businesses with similar software.

All of this makes accounting firms a “gateway” for acquiring sensitive and personal information.

Small Businesses Are Not Safe

39% of all small businesses have witnessed at least one cyber attack or breach in the past year. The main reason is their lack of expertise when compared to larger businesses. This lack of preparedness will have a long-term bearing, not only on the firms but also on their clients.

Cybersecurity For Accounting Firms – 5 Steps To Improve Security.

Don’t think your business can’t be targeted due to its size. All businesses, regardless of their size, are potential targets for hackers.

But, don’t you worry! With the right practices, you too can protect your small accounting firm.

Accounting firms can improve their cybersecurity by carrying out the following:

Make sure you set up a firewall and anti-malware/anti-virus software and keep it regularly updated with the latest patches and updates. Regular updates will prevent hackers from exploiting old vulnerabilities.

Now, you should securely back up all your important and sensitive business data ( financial information and customer data), across all devices. Also, implement a proper restoration system in place.

Then, create an actionable security policy for your employees. Cultivate a cyber-aware culture at your firm, so that all the employees know their duties and responsibilities.

Once you create a security policy, conduct regular cyber-security training for your employees, so they are up to date on the latest scamming trends and know how to stay secure while remotely and in-office.

The final step is to lay out an incident response plan and regularly update it. This will help the staff know the proper steps to take in a data breach.

How Can Teckpath Help You?

No matter what your IT needs are, TeckPath is here to help you.

If you’re an accounting firm looking to improve your cybersecurity framework, our experienced staff will connect with you to discuss and implement the right plan for you.

The more you wait, the more your chance of a cyber-attack!

Stop the wait and let Teckpath help you protect your Accounting firm from ALL KINDS of cyber attacks.

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