As an accountant at the start of their professional career, you likely and rightfully spend a lot of time understanding regulations, mastering financial statements, and honing your accounting software skills. However, cybersecurity awareness is an aspect of your profession you might not be aware of deserving of your attention from the outset.
Why is that, and what cybersecurity practices should any competent accountant follow? We provide all the answers below.
Why is Cybersecurity Knowledge Crucial for Accountants?
Handling clients’ sensitive personal and financial information safely is any accountant’s core responsibility. Such data is stored in digital databases with robust protections. However, the humans who access it are much easier to trick or exploit, so they’re prime hacking targets.
The more you understand cybersecurity and what practices to follow, the more resistant you’ll be to such attacks. Conversely, neglecting to hone your cybersecurity skills can cost your company and clients millions in damages from data breaches, ransomware, and other exploits. The reputational damage you and your company would suffer as a result is often irreparable. Additionally, you risk breaching compliance with regulations like SOX or HIPPA.
What Cybersecurity Best Practices Should You Follow?
Even a basic understanding of threats targeting accountants and how to overcome them will significantly reduce your chances of becoming a cyberattack victim. Here’s what to focus on.
Recognize and properly handle phishing emails
Phishing emails are a widespread attack that successfully targets unaware accountants. They look like they come from clients, the IRS, or the developers of your accounting tools. They convey urgency and ask you to download malicious code or expose login credentials to related accounts on fake websites.
More sophisticated attacks, known as business email compromise, can convincingly come off as being from higher-ups or real clients you do business with. They ask the recipient to transfer funds to different accounts, potentially causing financial damage.
Knowing how to recognize and report phishing emails to the IT team is crucial.
Use strong, unique passwords
The account credentials you need to access work-related software and services can either be an effective deterrent or a vulnerability. It’s easy to form the bad habit of using simple passwords, leaving them out in the open, or reusing the same or similar passwords so you don’t have to remember as many.
Rather than endanger multiple accounts with one compromised login, you should use a password manager to generate and securely store credentials. The manager will create and remember complex passwords for unlimited accounts, while you only need a single master password. You can get a standalone version or use a browser extension, like Chrome password manager, to fill in login details automatically and securely.
Secure vital accounts with multi-factor authentication
Adding a second form of security, like a code sent to your phone or biometric unlocking, to important accounts greatly improves their security. Unique passwords can still be stolen, but with MFA on, you can still recover and change them without endangering your account.
Secure your internet connection
Accounting is among the most receptive industries regarding hybrid and work-from-home. However, you need to be aware of the dangers accessing company resources from unprotected networks like public Wi-Fi can pose. Monitoring or imitating these networks is common and easy, allowing attackers to see what you’re doing, copy passwords, and access confidential data.
To protect yourself, consider using a VPN for iPhone or other devices whenever you’re on an unsecured network. A VPN encrypts your connection, scrambling the data you send and receive so it’s useless to anyone trying to intercept it. By activating a VPN every time you connect to public Wi-Fi or other risky networks, you can safely carry out your work from anywhere without compromising your privacy or the sensitive information in your care.
Keep your devices and software updated
Cybercriminals constantly search for vulnerabilities in operating systems, accounting software, and other digital tools. The older the version, the likelier it is that it contains exploits. Set up automatic updates for your operating system and software to minimize the threat.
