Computer Security Services For Accounting Firms in Calgary

Every accounting firm not only holds financial information for multiple clients, but also personally identifiable information such as; earnings, Social Insurance Number (SIN), bank details, tax information, telephone numbers, home, and work addresses.

Today data is a core asset hence it’s no surprise that criminals and other malicious actors would go do anything to get hold of the sensitive financial data that your firm holds.

As technology continues to evolve and advance rapidly, so do cyber threats. Most accounting firms and a host of other businesses in the financial services industry outsource a huge chunk of their work to independent contractors and with the prevailing pandemic, many employees have opted to work remotely. This has only increased the number of cyber-attacks since most firms in the financial service industry did not take time to design and implement computer and cyber secure remote or work from home arrangements.

Having a comprehensive computer security plan and implementing strict cybersecurity controls is key. However, these statistics highlight the increased urgency for businesses in the financial services industry to work closely with computer security experts like Pure IT to design and implement a tailored computer and cybersecurity strategy.

Why Are Financial and Accounting Firms Easy Targets for Cyber Attacks?

Targeting Accounting Firms Pays Big

It’s no surprise that accounting firms are greatly targeted by cyber criminals and other threat actors. The rationale behind this is quite simple; these actors target businesses that have what they are looking for which in turn is in demand and pays big. From accounting firms, they are able to access lots of pertinent data, information, and money. These threat actors are becoming more sophisticated and invest in lots of research when determining which businesses to target. This is intended to improve their success rate, hence maximizing their financial return.

Rapid Technological Advancement

Demand for improved services is driving technological advancements in the financial service industry. Cloud technology and artificial intelligence are some of these. But did you know that these technologies expand the attack surface for threat actors to gain access to computer systems?

Many Actors

Accounting firms also partner with other firms that have special expertise such as tax consultants to provide more comprehensive services. Client data is shared with such firms further easing access by malicious actors. Another common point of vulnerability is engaging independent contractors via remote access. If tight security measures aren’t observed lots of gaps can be created.

Securing Digital Access Can Be Challenge for Small Businesses

Securing sensitive data and information is not a one-time job. This requires good management and regular monitoring to stay abreast with evolving technologies. This requires regular training, system testing and updating. This requires lots of commitment and investment of time and finances.

Why should accounting firms, tax preparers and other firms offering financial services prioritize computer security?

You only get to hear cyber-attacks among large companies. But did you know that there are lots of attacks perpetrated against small and medium businesses that go unreported? Cyber criminals actually favour small and medium-sized accounting firms since they are easier to penetrate due to their vulnerable computer systems. When such businesses fall victim to such attacks most of them are unable to recover from the losses and eventually go bankrupt. Other reasons include;

Huge financial losses: Most cyber attacks are perpetrated to extract money via ransomware attacks. A successful data breach can cause substantial loss to both small and big accounting firms. After a cyber attack your firm may not get new business
Losing clients: If your firm cannot guarantee the security of sensitive client data and information you may end up losing all your clients. Negative publicity can inflict irreparable damage to your firm forcing you out of the industry.
Legal Repercussions: Accounting firms and other businesses in the financial industry are required by law to implement measures to safeguard client data. Failure to do this can cause clients to pursue legal action if their sensitive data is accessed or stolen by malicious actors.
A Blow to Your Reputation: In today’s digital landscape news travels rapidly and in a matter of seconds your firm’s reputation can be permanently tainted.
Huge financial losses: Most cyber attacks are perpetrated to extract money via ransomware attacks. A successful data breach can cause substantial loss to both small and big accounting firms. After a cyber attack your firm may not get new business
Losing clients: If your firm cannot guarantee the security of sensitive client data and information you may end up losing all your clients. Negative publicity can inflict irreparable damage to your firm forcing you out of the industry.
Legal Repercussions: Accounting firms and other businesses in the financial industry are required by law to implement measures to safeguard client data. Failure to do this can cause clients to pursue legal action if their sensitive data is accessed or stolen by malicious actors.
A Blow to Your Reputation: In today’s digital landscape news travels rapidly and in a matter of seconds your firm’s reputation can be permanently tainted.
Huge financial losses: Most cyber-attacks are perpetrated to extract money via ransomware attacks. A successful data breach can cause substantial loss to both small and big accounting firms. After a cyber-attack your firm may not get new business
Losing clients: If your firm cannot guarantee the security of sensitive client data and information you may end up losing all your clients. Negative publicity can inflict irreparable damage to your firm forcing you out of the industry.
Legal Repercussions: Accounting firms and other businesses in the financial industry are required by law to implement measures to safeguard client data. Failure to do this can cause clients to pursue legal action if their sensitive data is accessed or stolen by malicious actors.
A Blow to Your Reputation: In today’s digital landscape news travels rapidly and in a matter of seconds your firm’s reputation can be permanently tainted.

The most viable approach to ensure computer security and safeguard your accounting firm against cyber threats is to use a strategic approach and view it as an enterprise-wide problem rather than a mere tech issue. Working with an experienced IT security company that has a proven track record of working with accounting firms such as Pure IT is definitely a plus.

Special thanks to Vaughan IT services (near Toronto) provider, Jorge Rojas with Tektonic for his valuable insight and help with this article.