One click. That’s all it takes. One click on an email link and your firm’s data (including your clients’) is breached.
Did you know hackers target small businesses? And what type of small business contains a treasure trove of personal and financial information? Accounting firms.
Because accounting firms are responsible for highly sensitive information, it’s on you and your team to safeguard client data. While the work dynamic has shifted to cloud-based applications for many, all firms must create and maintain a culture of security awareness.
Awareness is key in recognizing security threats and thwarting attacks. That’s why we’re going to walk you through the top five security threats facing accounting firms today.
Threat #1: Phishing attacks
One of the biggest cyberthreats facing firms today is phishing. With phishing threats, end users are typically tricked through emails from what appear to be known senders. But in reality, they’re spoofed email addresses made to look legitimate. The emails are labeled as urgent and play on the user’s emotions, enticing them to click a link to update a password or re-enter personal information like a credit card number or bank account details.
Hackers are getting even smarter with phishing attacks by using text or SMS (i.e., smishing) to trick people into clicking on a malicious link. These attacks lead to ransomware, preventing firms from accessing data until a ransom is paid. Even then, there’s no guarantee that data will be returned. And there’s always the risk of data exposure.
With the introduction of artificial intelligence (AI), firms must lean on their teams now more than ever. Employees must do their due diligence: Check the sender’s email address to confirm it isn’t spoofed, mouse over links to see if the website looks legitimate and, if something looks fishy, always reach out directly to the sender to confirm that the email, links or attachments are legit.
Threat #2: Unsecured remote workspaces
Many firms have shifted to a remote or hybrid workspace but haven’t taken the precautions needed to prevent security threats. Failing to work in an intelligent cloud like Rightworks OneSpace puts your firm’s and your clients’ data at risk. It’s more challenging to control your staff’s home networks. Making the shift to the cloud will ensure the security of your data at all times, backed by 24/7 protection.
And speaking of remote workers, companies must implement multifactor authentication (MFA) for applications that contain personal data (at the very least!). And make sure that employees’ devices are up to date with antivirus software—including mobile devices and tablets—with regularly scheduled updates. This can all be handled by professionals in the intelligent cloud.
Firms must create and adhere to a work policy for rules and regulations regarding sensitive information, only doing business on secure connections (i.e., not connecting to public Wi-Fi and using a virtual private network, aka VPN), and maintaining security awareness at all times. And this should apply to all employees at all times.
Threat #3: Lack of encryption
Failing to ensure end-to-end encryption is an oversight that allows attacks to occur. Workers should always make sure websites are secure (e.g., web addresses contain HTTPS, websites have a padlock icon next to the site name) and use encryption to safeguard data.
Firms must ensure that devices (e.g., computers, tablets, phones) are encrypted to safeguard from Bluetooth, hotspots or radio frequency identification (RFID) in public settings, such as coffee shops, hotels or airports. If employees travel, they should disable Bluetooth while in public settings to prevent hackers from gaining access to their devices.
If your firm still sends and accepts documents (i.e., financial statements, tax documents) through email instead of using an encrypted file sharing solution like SmartVault Accounting Pro or a dedicated firm portal, you’re not only risking your accounting firm’s security; you are putting your clients’ data at risk.
Threat #4: Inconsistent security training
Firms that lack consistent security training are highly vulnerable to cybersecurity threats. Without regular training, employees can become complacent and open the firm (and the firm’s clients) to ransomware attacks just by clicking on an infected link.
Employees need to practice security awareness, and that’s what consistent security training provides. Investing in a managed security partner takes the guesswork out of training staff. They need to know how to spot scams and social engineering attacks by staying educated and vigilant.
Security training platforms provide ongoing security training, along with simulated phishing attacks, to keep employees aware of possible cybersecurity threats. Staying informed through consistent security training is a big step in data security.
Threat #5: Third-party vulnerabilities
One final top security threat is around third-party vendors. While firms must focus on internal and remote security, they must also partner with third-party vendors who have security systems and protocols in place.
Third-party vendors who offer downloadable software instead of cloud-based applications cannot provide software updates in real time. Scheduling downtime for a security update can leave your firm and your clients vulnerable until necessary updates are made. Vendors with cloud-based apps can make critical security patch updates in real time.
Ensure that third-party vendors follow strict requirements, such as password-protected logins, mandatory timeout periods, 90-day password resets and data recovery protocols. Your clients have every right to expect that your trusted vendors will also maintain the utmost in data security.
Secure your firm from security threats
There’s no zero security risk guarantee that your firm’s systems will never be breached, so employee awareness is your biggest asset when it comes to data security. Put systems in place now to safeguard your firm and protect your clients’ data.
Keep your firm safe in the remote workplace—start now.
