One click. That’s all it takes.
One click on a link in a perfectly innocent-looking email can be catastrophic and could even take down your entire accounting firm.
But a practice-ending cyber catastrophe isn’t the only thing that could happen. What ramifications will your clients experience because their personal information and data have been leaked? You may as well close things down now; no accounting firm could come back from that.
The latest “Cost of a Data Breach” report from IBM and the Ponemon Institute found that the average cost of a data security breach is $4.88 million. Let that sink in—nearly $5 million per incident.
And when you factor in that most data breaches are caused by human error? That one click is catastrophic.
It’s also why your accounting firm needs a security awareness training program—yesterday. So, let’s talk about how to get started.
Perform a cybersecurity risk assessment
Before diving into creating a security awareness training program, you first need to perform a cybersecurity risk assessment of your accounting firm. Look for noncompliance and vulnerabilities; identifying the risks will guide you in your cybersecurity planning.
Use our five-step cybersecurity risk assessment tool (below) to help you decide which areas of your accounting firm may be vulnerable.
5-step cybersecurity risk assessment
1. Inventory systems and resources
Document all devices (e.g., computers, tablets, printers, servers, phones, routers) on your network. Think about who has access to these resources (e.g., employees, third-party vendors) and how data, such as personal information, travels between these resources.
Don’t forget about any applications you use, such as client relationship management tools, cloud storage or accounting platforms—any applications that integrate within your tech stack.
2. Identify potential weaknesses and threats
Determine the areas where your firm’s information is most vulnerable. Remember, this also applies to your clients’ sensitive information. Since the most impacted areas pertain to smartphones and email, you need to know where potential threats (e.g., unauthorized access, data misuse or leakage, service disruptions) can occur, so you’ll know how to prevent cyber breaches.
3. Determine the risk impact
After you’ve documented all systems and resources your practice uses and identified potential weaknesses and threats, it’s important to determine the risk impact that occurs from a cyberattack.
Two important questions to keep in mind are:
- What information is most at risk?
- How could a cyberattack harm your firm?
Rate each potential risk on a scale of low, medium and high risk to ensure proper security controls are in place:
- Low: Items may include servers that contain public information but no private data.
- Medium: Items may include data storage in an off-site physical location.
- High: Items may include highly sensitive information, such as payment or clients’ personal information stored in a cloud-based application.
Then, decide the likelihood of each possible risk scenario and what financial impact it could have on your accounting firm. This will help you prioritize what needs to be secured first.
4. Develop and set cybersecurity controls
Strong security protocols are important to keep your data safe from cyberattacks. These protocols can help deter unauthorized access to sensitive information and prevent data leaks.
Some data loss prevention tools include:
- Installing antivirus protection and strong firewalls.
- Requiring strong passwords and multifactor authentication.
- Implementing a security awareness training program.
5. Analyze results and make improvements
As with any assessment, it’s extremely important to measure and analyze the results of the controls you’ve put in place. Technology is constantly changing and improving, and hackers are only getting smarter. Be sure to perform a cybersecurity risk assessment at least annually to ensure you’re not leaving high-risk resources vulnerable.
What is security awareness training?
Outside of installing antivirus protection and strong firewalls, the most important thing you can do is to implement security awareness training. And I’ll tell you how to do this in a bit, but first, let’s talk about what an awareness training program is.
At its very core, security awareness training is an educational program that teaches employees how to lower their cyber risk. It helps employees understand their role in keeping your data safe from cybercrimes. As employees are typically the first line of defense in protecting your resources and assets, they must be well-trained.
A training program makes employees über-aware of cyberthreats, especially phishing attempts. It helps minimize risk to your firm, addresses mistakes employees may make during simulated attacks and tests them on their awareness.
Now that we know the basics, let’s move on to implementation best practices.
How to implement security awareness training
If you decide you want to tackle creating your own security awareness training program, that’s certainly an option. If you go this route, there are several key components to keep in mind when creating your program:
1. Create diverse educational content.
Keep in mind that each department will require separate security content. While some employees may prefer literature, others may want video modules. Be sure to include topics on various threats, such as phishing, password security or insider threats.
2. Conduct ongoing internal messaging.
Security training can’t be considered as “one and done.” It requires buy-in from all staff, and the best way to do this is by marketing the benefits internally on an ongoing basis.
3. Perform consistent testing.
Although employees may review literature or video content, the best way to ensure adherence to security protocols is through consistent testing. Performing simulated cyberattacks like phishing gives employees the chance to report a possible attempt and increase resilience. For those who may fail the tests, an opportunity for continued education and additional training arises, turning the failure into a learning experience.
4. Measure and analyze results.
Set KPIs (key performance indicators) to track your team’s performance throughout their security training. Analyzing this data allows you to easily see any security gaps that may still exist and adjust the training modules to focus on areas that are lacking.
Is a managed security awareness training program right for you?
While you can certainly create your own program, I recommend investing in a security solution that’s managed for you. A comprehensive, fully managed awareness training program—tailored to accounting firms—will:
- Educate and test your employees.
- Give you visibility into the number of courses your employees have completed.
- Tell you how many simulated phishing attacks employees have successfully blocked.
Set up your line of defense
Whether you create your own internal security awareness program or choose to invest in a comprehensive solution, consistent training is key. Your employees are the first line of defense when it comes to information security, and they need to be well-educated and prepared.
For more information on Rightworks’ managed security training solution, visit our Total Security page or contact us today.
