A single successful attack can have devastating consequences. Ransomware attacks can bring operations to a standstill while criminals demand payment, leading to financial losses and reputational damage. Furthermore, if client data is compromised, firms may face legal and regulatory penalties, along with the potential loss of trust from clients and stakeholders.
To safeguard your practice, it is essential to implement comprehensive cybersecurity measures across all aspects of your business, including data protection, devices, software, employee awareness, and password management.
Key Steps to Strengthen Cybersecurity in Your Practice
1. Strengthen Passwords and Enable Two-Factor Authentication
- Use complex, unique passwords for each account, generated through a password manager.
- Enable two-factor authentication (2FA) wherever possible, ensuring an added layer of security.
- Keep business and guest networks separate in the office, and never use public Wi-Fi for sensitive work.
- If you have employees, enforce these security protocols consistently—your system is only as strong as its weakest link.
2. Regularly Back Up Critical Data
- Implement automated backups for all critical business and client data, storing them securely in the cloud.
- Ensure that cloud storage is protected by two-factor authentication.
- Regular backups ensure that, in the event of a cyber-attack, you can restore your systems with minimal disruption.
3. Secure All Devices
Every device used for business—phones, laptops, tablets, and desktops—must be properly secured.
Best practices include:
- Keeping all software up to date to protect against vulnerabilities.
- Enabling firewalls and antivirus software.
- Setting strong passwords, PIN codes, or biometric security (fingerprint or face ID) on devices.
- Activating auto-lock features after periods of inactivity.
- Turning on remote tracking and data-wiping features for mobile devices.
- Ensuring all staff adhere to these security measures.
4. Be Aware of Phishing Threats
Cybercriminals frequently use phishing scams—fraudulent emails, text messages, or calls—to trick users into revealing sensitive information or downloading malicious software.
To reduce this risk:
- Train employees to recognise suspicious emails and messages.
- Encourage staff to report anything that seems unusual.
- Restrict access to sensitive data—only those who require it should have permissions.
5. Treat Data as a Valuable Asset
Client and business data hold significant value and must be protected accordingly. Under Irish data protection laws, accountancy firms are responsible for safeguarding sensitive client, supplier, and employee information.
To comply with data protection regulations, you must:
- Collect only the information necessary for a specific purpose.
- Keep data secure and up to date.
- Retain only the data required for as long as necessary.
- Allow individuals to access their data upon request.
Failure to comply with data protection laws can lead to significant financial penalties and reputational damage.
Maintaining a data asset register that details what data you hold, where it is stored, and who has access to it will help improve your security measures and ensure compliance.
6. Prepare for the Worst
Having a Business Continuity Plan in place can help mitigate the impact of cyber-attacks and other disruptions.
Start by:
- Identifying your practice’s critical functions and ranking them by importance.
- Implementing risk-reduction strategies for each function.
- Developing a response plan to maintain business operations in the event of an attack.
Cybersecurity is an ongoing effort that requires regular review and updates. By staying vigilant and adopting a proactive security mindset, you can significantly reduce the risk of cyber threats.
Additionally, cyber insurance can provide financial protection against cyber incidents. Insurers assess risk levels during the application process, which can be a valuable exercise in identifying security gaps in your practice.
By following these best practices and leveraging expert support, you can safeguard your accountancy practice against cyber threats and ensure the continued trust of your clients.
At TaxAssist Accountants, our franchisees have access to a dedicated team of IT security experts at our Support Centre, as well as our trusted IT partner, AcoraOne, which is fully ISO 27001 (security) and ISO 9001 (quality) certified.
