Here’s something to think about: 57% of data breaches could’ve been prevented just by installing available patches. That’s right. According to research from NinjaOne, over half of cybersecurity nightmares could have been avoided with simple updates. I get it; software patches aren’t the most exciting thing to talk (or read) about. It’s on the same level as watching paint dry, right? But the reality is alarming when you realize just how critical they are to your cybersecurity defenses.
So, stick with me for a few minutes here. I’ll make it quick.
What are software patches (and why should you care)?
Software patches are updates that fix security vulnerabilities and bugs, enhance features, and ensure your software applications run smoothly. Think of software patches like maintenance for your car. Skip an oil change, and you might eventually end up stranded on the side of the road. Skip a software patch, and you might end up with compromised client data. It’s really that simple. And for accounting firms handling sensitive financial information, that’s not just inconvenient—it’s potentially devastating.
Here are just a few examples of the types of software and applications that firms need to regularly patch and update:
- Accounting software (like QuickBooks®)
- Tax preparation software
- Payroll systems
- Practice management and CRM software
- Operating systems
- Office productivity suites (like Microsoft Office or Google Workspace)
- Cloud storage services
- Antivirus and security software
The real cost of skipping updates
Imagine leaving your car unlocked in a busy parking lot. Leaving software unpatched is similar; it exposes your systems to potential risks. So, what exactly does applying software patches protect against? Well, things like unauthorized access, data breaches and malware attacks. And when you consider that unpatched vulnerabilities have been directly responsible for 60% of all data breaches, skipping updates can be costly—financially and reputationally.
For accounting firms, unpatched software isn’t just risky—it’s non-compliant. Regulations like the Gramm-Leach-Bliley Act (GLBA) require firms to maintain robust security measures to protect client information. Failing to keep software updated could mean you’re falling short of these requirements.
Here are just a few of the consequences unpatched software can have on your firm:
- Increased security risks: Unpatched software can be exploited by hackers due to known vulnerabilities, heightening security risks.
- Compliance violations: Failing to update software may breach regulations, leading to fines and penalties.
- Data loss: Vulnerabilities may allow unauthorized access to sensitive financial records and client data.
- Reputation damage: Data breaches from unpatched software can harm your firm’s reputation and erode client trust.
- Reduced productivity: Compromised systems can disrupt operations, impacting employee efficiency and well-being.
Making patch management work in real life
I know—you’re busy serving clients, especially during busy season. The last thing you need is another task on your plate. But here’s how you can make patch management manageable:
1. Automate where possible.
- Enable automatic updates for operating systems and applications.
- Set updates to install during off-hours.
- Use patch management tools to streamline the process.
2. Create a schedule.
- Review and install critical security patches immediately.
- Schedule monthly maintenance windows for non-critical updates.
- Keep an inventory of all software requiring updates.
3. Educate your team.
- Ensure everyone in your firm understands the importance of software patches.
- Hold regular training sessions to reinforce the significance of updates.
- Build a healthy culture of cybersecurity.
4. Consider cloud solutions.
- Work with a cloud provider that can handle patches and updates automatically for you.
- Focus on serving clients while experts manage your security behind the scenes.
The smart way forward: Managed cybersecurity
Here’s the reality: Most accounting firms don’t have the time or expertise to manage patches effectively, much less ensure they’re taking every precaution necessary to defend against cyberthreats. That’s where managed cybersecurity services come in, helping to:
- Monitor for critical security updates.
- Deploy patches automatically.
- Ensure successful implementation.
- Maintain compliance requirements.
- Provide backup solutions in case something goes wrong.
And a trusted total security partner can do so much more to protect your firm. They can provide peace of mind by managing all your cybersecurity needs.
Trust the experts…like your clients trust you
Remember, protecting your clients’ financial data isn’t just about having the right software—it’s about keeping it secure through regular updates and patches. Your clients trust you with their most sensitive information. Make sure you’re doing everything possible to deserve that trust.
If you want to learn more about protecting your firm, reach out to one of our technology experts to discuss how we can help secure your systems and simplify your technology management.
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