Secure Your Remote/Hybrid Accounting Firm Team
Forget the days of crowded cubicles! Accounting firms are embracing remote and hybrid work setups. Studies show a whopping 83% allowed remote work in 2022. It's no surprise – flexibility and ditching the commute lead to happier, more productive employees. But with this freedom comes new challenges, especially data security. Those old office safeguards just won't do anymore.
In this post, we'll tackle the unique cybersecurity threats facing remote and hybrid accounting teams. We'll equip you with the knowledge and battle-tested strategies to keep your firm's data – and your clients' peace of mind – locked down tight.
Threats Faced by Firms with Remote Staff
While remote accounting presents numerous advantages, it also exposes firms to a diverse array of risks that can compromise the confidentiality, integrity, and availability of sensitive financial data. Below are some of the prevalent types of security risks linked to remote access:
Unsecured Connections and Shared Networks
Public Wi-Fi and shared networks significantly increase the attack surface for remote workers. Hackers can exploit these vulnerabilities to intercept data, steal weak passwords, and launch man-in-the-middle attacks. Our recommendation: use your mobile hot spot and VPN software and avoid using unknown public networks when possible. If you must use a public network, use VPN software and ensure your computer is fully patched.
Unauthorized Access
Cybercriminals exploit vulnerabilities like weak passwords, unsecured Wi-Fi, or software weaknesses to gain access to accounting firms' systems. Once breached, they can steal data, manipulate financial documents, or launch further attacks. Our recommendation: use randomly generated strong passwords and a password manager to store them. Secure the password manager with non-text message based multi-factor authentication.
Unsecured Devices
Securing remote workers' devices poses a significant challenge due to the inherent limitations of personal devices in terms of robust security measures. Moreover, the data housed on these personal devices is susceptible to loss or theft, heightening the risk of breaches and potential compliance issues. Our recommendation: ensure all your devices are encrypted and enforce short screen lock time-outs. Utilize strong passwords and biometrics whenever possible.
Video Conferencing Vulnerabilities
Video conferencing is essential for remote work meetings and collaboration. However, vulnerabilities can expose sensitive data. Hackers can exploit these vulnerabilities to eavesdrop, steal logins, or spread malware, creating data breaches and compliance risks. Our recommendation: be aware of your surroundings and use headphones when participating in online meetings.
Weak authentication practices
Weak passwords and lack of multi-factor authentication (MFA) expose vulnerabilities, enabling attackers to steal credentials and access systems remotely. This increases the risk of unauthorized network access, especially when compromised devices lack proper authentication. Our recommendation: enable app-based multi-factor authentication for everything.
Phishing Attacks
Phishing attacks pose a significant threat to remote accounting firms. Deceptive emails, posing as trusted sources such as clients or banks, trick employees into clicking malicious links or downloading malware, often exploiting urgency or familiarity. Our recommendation: send a suspected phishing attack email to your IT provider for their assessment. Validate the authenticity of a message via other means of communication before clicking.
Malware
Ransomware, spyware, viruses, worms, and Trojan horses are all examples of malicious software that may infect computers, networks, and servers. This can result in data loss, interruptions in operations, or even ransom assaults. Our recommendation: run the latest in next-generation threat detection & prevention software on all your computers and keep them all up-to-date.
Breach Proof Your Firm
Cyberattacks not only result in substantial financial costs, with businesses globally spending an estimated $144.2 million to combat ransomware attacks alone, but they also pose a significant threat to your firm's reputation. Data breaches have the potential to erode client trust, resulting in financial losses and significant penalties. Moreover, operational disruptions exacerbate the financial consequences, highlighting the critical role of cybersecurity.
To enhance the resilience of your organization against cyber threats, it is imperative to maintain a vigilant and proactive stance. It is crucial to have an increased awareness of cybersecurity risks. Encryption, access control, and routine audits are fundamental measures for protecting sensitive information. Moreover, cloud computing offers a secure solution for remote accounting firms.
Through the utilization of cloud-based accounting software, accounting firms can enhance secure file sharing, enable real-time data access, and promote seamless collaboration. Tech Guru provides specialized cloud hosting services designed for accounting firms, guaranteeing optimal data security and fostering collaboration among remote employees. Schedule a complimentary consultation with one of our accounting technology experts to learn more about improving your firm’s cybersecurity.
The Bottom Line
The shift to remote work within the accounting sector presents indisputable advantages, including cost reductions and enhanced flexibility. Nonetheless, this transition also brings about notable cybersecurity challenges, especially in the protection of confidential financial information.
With the increasing prevalence of remote work, conventional security protocols no longer suffice. It is imperative for accounting firms to prioritize cybersecurity through the implementation of robust measures, the promotion of awareness, and the continuous enhancement of defenses. To enhance the cybersecurity measures of your firm, download our cybersecurity checklist outlining the top eight strategies to secure your remote working team.