Technology Unwrapped

The most important technology concepts, strategies and actions uncovered for your business.

Why Should Your Accounting Firm Invest in IT Security?

cyber security solutions for account firmsAll businesses should prioritize IT security investments—especially accounting firms. You play a pivotal role in the lives of those businesses and clients, which is why your accounting company is a top target for cyber criminals. 

That’s also why you should invest in the best cyber security solutions for your accounting firm. 

Below, we’ve detailed five reasons why you should take a closer look at your firm’s current IT security setup and make any needed upgrades.  

  • All accounting companies are vulnerable. 
  • Major financial losses 
  • Risks to client information 
  • Tarnished reputation 
  • It only takes one click. 

All accounting companies are vulnerable—yes, even yours 

Your business is already a target, and there’s a bullseye painted on the confidential information you work with. You may be aware your firm is taking steps to remain secure, however, are you confident your firm has covered all the security levels you should? This isn’t about throwing money at IT security, but it is about knowing where you are covered and where your tech and staff could use more work and training.  

IT security threats are always evolving and growing in sophistication, so you should have an ongoing awareness of what cyber criminals are doing and upgrade your defenses accordingly with a robust, layered IT security configuration. 

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Major financial losses 

Most hackers commit crimes for one reason: to make a profit. And data breaches are expensive, especially for SMBs.  

Not taking the proper IT security precautions for your accounting firm could lead to bankruptcy or even shuttering your doors for good. 

Risks to client information 

Financial loss is only one aspect of a data breach on your accounting firm. If your systems are compromised, your client data is as well.  

That can have serious consequences, including legal action.  

You must keep your client data safe and secure, which means you must take all appropriate measures to make your clients feel safe enough to trust you with their important information, like tax records and bank accounts. 

Tarnished reputation 

News travels fast. Especially bad news. 

You’ve seen the countless headlines of data breaches and ransomware attacks. New ones show up in our news feeds every single day.  

What if your business name was the one splashed across those newspapers and blog headers?  

Data breaches impact your reputation, and it’s even harder to bounce back from that than the breach itself. After all, your customers will spread the news of that data breach like wildfire. From there, you’ll see negative impact on your long-term profits.  

To do everything you can to avoid this happening to your accounting firm, you will want to implement the best IT security strategy for your business. In addition, you will want to know the tools that are being used and how they cover each area of tech in your business.  

It only takes one click 

Not every attack on your business is as sophisticated as the Kaseya or SolarWinds hack. Sometimes, it’s a simple phishing email that brings down your defenses.  

However, those emails are just as serious as a complicated attack. You, and your employees, must always be aware of them, and remain vigilant to ensure the safety of your data and your accounting firm.  

How should you approach cyber security for your accounting firm? 

Your cyber security strategy should be layered, and it should always be evolving. The threats your accounting firm faces change every day, and the important thing to do is stay aware of them so you can stay ahead.  

How do you incorporate a layered cyber security strategy? 

You’ll want to first assess your systems, data storage, and access permissions.  

An IT service company like a managed services firm, especially a security-driven one, can help you with a baseline cyber security assessment.  

From there, they can offer a customized set of best-in-class integrated solutions to provide optimal protection for your data and systems. 

The best IT security strategies typically include the following: 

  • Email spam filtering 
  • Password management policies and tools 
  • Dark Web monitoring 
  • Advanced endpoint protection 
  • Multi-factor authentication (MFA) 
  • Regular updates and patching 
  • Cyber security awareness training 
  • Security event monitoring 
  • Web gateway security 
  • Mobile device management and security 
  • Firewalls 
  • Encryption 
  • Data backups 

I know that’s a long list, but don’t be overwhelmed. An IT security service provider like CoreTech can help with every aspect of your company’s IT security setup.  

What should I look for in an IT security service provider? 

You’ll want to look for an expert, certified team with a broad array of experience. Look for a company that offers solutions like those listed above, threat detection, and also planning and consulting.  

You’ll also want a company that works proactively to keep your systems operational, but still helps you minimize the impact of any security breach that does occur. 

Look for an IT security service provider who has worked with accounting firms in the past and ask what they have done to secure business data and systems for those clients. For more on how to choose a managed service provider, you can check out our free workbook. 

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CoreTech is the chosen managed IT security service provider for accounting firms in Omaha and Lincoln. 

And we’d love the opportunity to secure yours! 

If you are concerned about today’s alarming rate of data breaches and want to take the right steps to secure your accounting company, simply reach out to us.  

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Topics: The Workplace, Network Security, Technology Planning