Many agree that it is more crucial than ever to have quality security plans and privacy practices in place in our new virtual business environment.

As data breaches become more prevalent, it’s no wonder that 8 in 10 adults in the U.S. are concerned about the ability of companies to safeguard their financial information. Here are five security and privacy practices your firm should implement to protect your business and your customers.

1. Be on the lookout for phishing and malware attacks:

Phishing and malware attacks are two of the biggest security threats businesses face today.

According to recent research from Proofpoint, 75% of organizations worldwide experienced a phishing attack in 2020. Accounting firms are particularly vulnerable due to the sensitive nature of the information they must collect from customers.

What is phishing?

Phishing is a type of cybercrime that attackers use to try to steal the data of a business or consumer. Phishing attacks are usually carried out via email and masquerade as trusted companies or institutions- which is why they can be so challenging to identify.

What is malware?

Malware is an umbrella term for any type of malicious software designed to harm a device or network. Malware can take many forms, such as viruses, worms, spyware, and ransomware, and intends to steal, encrypt or delete sensitive data.

Use complex passwords:
Strengthening password security can go a long way in preventing potential data breaches and other cyber attacks. Many accounting firms now use password managers such as SecureSafe or LastPass to create and store complex passwords.

Strong passwords should be:

Extended (at least eight characters)

A combination of numbers, letters, and symbols

Different from all of your other passwords

A randomized phrase (not something that includes your personal information, such as your birthdate).

Enable two-factor authentication:
One of the best ways to enhance cyber security for accounting firms is to enable two-factor authentication on all accounts and devices. Two-factor provides an added layer of protection, so your password isn’t the only line of defense against potential cyber-attacks. Two-factor works by allowing you access to a device or website only after you’ve verified your identity in two or more ways, such as with a third-party app or a unique code sent via text or email.

Share files securely:
As an accounting firm, you are responsible for safeguarding your clients’ personal financial information. Not doing so could cause you to lose trust with your customers, not to mention their business. Your clients want a simple, secure way to send you their important financial documents- which is why secure file-sharing platforms such as ShareFile or DocSend are becoming widespread.

Keep staff up-to-date on security best practices:
Whether it’s not using complex passwords or falling for a phishing email, your staff can often be the weakest aspect of your firm’s security measures- which is why it’s so important to train and educate them on security and privacy best practices.

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References

https://www.aicpa.org/press/pressreleases/2018/nearly-half-of-americans-say-id-theft-likely-to-cause-them-finan.html

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