Robust Cybersecurity Services For Central PA CPA Firms
Accounting firms store sensitive clients’ details, including bank details, social security numbers, and tax information. With such crucial data, cybersecurity has emerged as a key priority for CPA firms, especially in the current era where hackers are getting smarter by the day. Notably, with the increased uptake of remote work models, cyberattacks have grown exponentially to more than 200,000 per week as of April 2021. For CPA firms without a secure remote working arrangement, cyberattackers are always on the lookout for possible loopholes they can use to gain access to your company.
Read on as we discuss more on the value of robust cybersecurity services for your CPA firm in Central PA.
Reasons Why Cybersecurity Should Be a Priority for CPA Firms
Even if you might not have a multi-billion-dollar corporation, your CPA firm is a hot property for hackers. In fact, small business and accounting firms are increasingly becoming the most targeted. Here are convincing reasons to prioritize quality cybersecurity services from Mainstreet IT Solutions in your accounting business.
Security Systems are Highly Vulnerable to Attacks
Cybercriminals are getting smart and using more sophisticated methods. As new security systems come up, hackers seem to be a step ahead. Therefore, you should never assume that your accounting firm is safe from data breach incidents. Notably, the FBI reported up to 4,000 cyberattacks daily in 2020.
Legal Consequences
As a business that deals with sensitive data from multiple clients, you must show that you’ve implemented all the necessary efforts to keep this information from the bad guys. If you fail to do so, clients have the right to pursue legal actions against your firm. Note that this applies whether it’s intentional or not. For instance, in the 2017 Equifax data breach incident, the firm paid more than $700 million to more than the 145 million affected parties as compensation.
Financial Losses
Ransomware is a common form of cyberattack that hackers use to extort money from companies. In case of a data breach on your accounting business, it can lead to significant financial losses. Even worse, it can lead to a partner’s call for capital or bankruptcy. A report by Ponemon Institute showed that the cost of a data breach in 2020 was about $8.6 million.
Client Risk
When running an accounting firm, you must guarantee your clients that their personal information is secure. If you fail to secure their data, you’ll lose future engagements, and your revenue will be significantly affected. Therefore, you must protect their personal data. If a data breach hits you, most of these clients will opt for a different firm.
Ease of Hacking
If you think that only highly skilled and experienced hackers can access your firm’s system, you are wrong. Even an amateur hacker with very little training and sophistication can steal your data. For instance, a hacker can send a malicious email that contains a link capable of infecting your machine. Employees are most vulnerable to email phishing, making it vital to partner with our IT experts from Mainstreet IT Solutions to prevent such breaches.
Reputational Loss
A cyberattack on your CPA firm can deal a major blow to your reputation. With the recent growth in the digital environment, such news will travel across the globe in a short time and negatively affect your company’s reputation globally. You will have a tainted reputation that will also influence your profits in the long term.
Top Cybersecurity Threats Among Accounting Firms
Below are some common cybersecurity threats that are mainly aimed at CPA firms:
Malware
Malware includes cyber threats such as trojans, viruses, and worms. Hackers send malicious links mostly via email intended to infect your computer. Once you click on the link, it can restrict access to essential network components and cause severe system damage. Hackers use malware to steal sensitive data or wipe out the entire data from your system.
Phishing
Phishing is a form of cyberattack where hackers send malicious emails that seem to be from reputable sources. This convinces the email recipient to open it and click on the link that leads to exposure of sensitive data or installation of malware.
Ransomware
Ransomware is one of the most profitable types of cyberattacks. Cybercriminals usually encrypt your data then ask for a ransom. In this case, you risk having your services crippled due to data loss or paying the ransom. In both cases, you will end up losing.
How Managed IT Services Can Protect Accounting Firms Against Cyberattacks
Here are a few reasons you should rely on quality cybersecurity measures from Mainstreet IT Solutions.
Risk Assessment
At Mainstreet IT Solutions, we have the expertise to assess your system and identify any vulnerabilities thoroughly. When we discover gaps or inadequacies, we will immediately develop the best cybersecurity measures.
Risk Monitoring
You can depend on our IT team to monitor your programs. We have years of experience, so we’ll ensure that all safety measures are effective, and we’ll always remain ahead of the bad guys. We also conduct regular operational audits and client compliance checks.
Backups
At Mainstreet IT Solutions, we will help you choose a cloud solution and back up your data, applications, and operating systems. When your data is securely stored and backed up in the cloud, you don’t have to worry about downtime in case of a cyberattack or a natural disaster that cuts off access to damaged servers. Also, note that your CPA firm should have a proven backup plan during the tax season.
Modernized Cybersecurity
Our team will ensure that your system is foolproof, and you don’t only rely on simple preventative measures. Besides, cybercriminals keep evolving, and so should your cybersecurity measures. We’ll help you move to more comprehensive multi-layered strategies, including security awareness training, vulnerability scanning, real-time network penetrating testing, and more.
Quality Cybersecurity & Tech Services You Can Count on in Central PA
Your CPA firm should have quality threat mitigation strategies that include more than just a firewall, antivirus software, and other software that don’t offer adequate protection. At Mainstreet IT, we have extensive experience in offering reliable cybersecurity solutions to accounting firms, bookkeeping firms, tax preparers, among other financial firms. Contact us for more details about our Central PA CPA firm’s cybersecurity solutions.
Special thanks to my good friend and Ulistic HPC member, Jorge Rojas from Canada for his help. Jorge is a Vaughan IT services professional in the Toronto metro area.
