DYK: 80% of data breaches are caused by human errors.
Data leaks are a growing concern in today’s world. Accounting and financial information cybersecurity entail a few key steps. Understanding these steps is particularly important for smaller businesses that do not have a large budget to invest in robust cybersecurity measures. Listed below are some basic strategies to help you keep your financial data safe. After you’ve reviewed these steps, your business is well on its way to having more secure financial data.
Evaluate Your Threats
It is extremely important to assess any risks within your organization on a regular basis. One of the biggest threats facing accounting firms is malicious software, which can steal sensitive client or internal data. Most attacks start with phishing emails, which lure victims to open malicious attachments. Malicious programs can track keystrokes, access client data, and insert themselves into legitimate programs. They can also self-replicate, so they can infect other computers on the host system. These cyberattacks aren’t limited to large companies, more and more small businesses (even towns) are being targeted every day.
Knowing your threats to accounting cybersecurity means understanding what security measures are currently being taken. In addition to regularly updating systems, it’s also a good idea to monitor software running on your computers. Using outdated software can make you a victim. To prevent this, you need to make sure that the software is patched and updated. If you have a lot of data stored on a computer, make sure to have the latest security updates installed.
Educate Your Staff
It is critical as an SBO to implement proper security measures for internal your team and clients’ financial data. This is because one of the most significant issues in securing the financial data of your clients is accidental data sharing. With the rise of work-from-home employee shares sensitive information with another employee, the risk of data being compromised is high. It is vital that you implement an organization-wide sense of ownership over all data, including sensitive financial and client data. Educating your internal team on the risks of data breaches is the first step, next step is to implement prevention tactics for common threats.
To safeguard your company’s data, consider creating a cybersecurity playbook with your team. It’s important to create a playbook for the different roles everyone plays in the security of your accounting data. Include the education of your team in the plan. This way, everyone understands the potential threats to their information and how to avoid them. After all, if your team isn’t trained on the cybersecurity response plan, they won’t be able to protect your organization.
Establish An Ongoing Security Plan
The most effective way to protect data in an accounting firm is to establish and then implement strict security measures. As gold mines of business data coupled with the lack of cybersecurity robustness of large firms, small businesses are prime targets for cyberattacks. As mentioned earlier you must identify your cybersecurity risks, determine a schedule for implementation, and implement necessary safeguards that can be carried throughout the years. A comprehensive and ongoing cybersecurity plan is a key component of any effective cybersecurity strategy. An effective cybersecurity plan must incorporate processes and regulations that protect sensitive information as they tend to change over time. For example, a firm that’s subject to the HIPAA regulations must establish a process for identifying potential breaches and mitigating the consequences. Security measures should also be designed to minimize the costs of security incidents and ensure compliance with regulations.
And, again, we emphasize, don’t forget to update your software and hardware regularly. Manufacturers routinely fix vulnerabilities and update their products, so make sure your software and hardware receive automatic updates.
Choose A Trusted Advisor For Your Accounting Needs
When choosing an accounting trusted advisor, make sure the company is experienced in the industry you operate in. Choosing a trusted advisor who understands your company and industry, strengthens your accounting cybersecurity is to control who has access to the systems and data. Leaking financial information is not only expensive for your company, but it can also damage your brand name and lose customers. Research shows that 35% of consumers are hesitant to do business with an organization that fails to protect sensitive information, and 45% would not do business with a company that has suffered a cyberattack. TSAT will keep your accounting data secure and you keep your organization and customers safe too, not to mention happy.
How can TSAT become your Trusted Advisor and help provide your small business with Financial H.O.P.E.?
Your Trusted Advisor… At TSAT, we know that a great businesses need to operate at high levels of service, accuracy, reliability, and throughput. We also know that the only way to ensure these things are achieved is to develop a comprehensive set of accounting and finance policies and procedures and to regularly train all personnel involved in the management and control of the company’s software. Only by taking steps toward accounting, quality assurance, and finances can a small business accounting department expand its business and improve its profit margins. It takes a little work to make sure that every aspect of small business accounting is running at full capacity, and we are here to help!
Here at TSAT, we are not simply bookkeepers. We work with you to provide a 360-degree strategic financial advice, including small business operations and investment guidance. We will help you stay ahead of the curve when it small business or personal investments!
If you are a gig worker or small business owner looking to grow your business, TSAT’s AMAZING Trusted team considers much more than just your taxes!
TSAT’s is your Trusted Advisor and will let you focus on your business’s core competencies! Whether you have a small business or you need help personally, TSAT can give you HOPE! Call us today!
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