Many individuals and businesses rely on accounting firms like yours for bookkeeping, taxes, and other services. Unfortunately, given the nature of their work and the type of data they handle, accounting firms are often prime targets for cybercriminals looking to profit from stolen information.
If successful, cybercriminals could do more than just steal sensitive financial data — they could target your clients, disrupt operations, and even cause irreparable damage to your bottom line. That's why it's crucial for accounting firms to strengthen their cybersecurity posture. Here are some practical tips to get you started:
Fortify user accounts
One of the most effective ways to keep cybercriminals from accessing your accounts and getting their hands on your data is with strong passwords. This means at least 16-character combinations that are unique to each account. Passwords should be random and avoid obvious patterns, such as names, dates, or easily guessable words. Using password managers such as LastPass can simplify this process and store all your passwords in a secure, encrypted vault. It even enables password sharing between team members who may need access to the same accounts.
Enabling multi-factor authentication (MFA) is a great way to make accounts much more secure and not solely reliant on passwords. Users can set either biometric (e.g., facial recognition, fingerprints) or one-time security codes sent via an authentication app as a second form of verification when logging in. This greatly reduces the risk of unauthorized access.
Limit access to sensitive data
Different employees handle different types of data in an accounting firm. For example, bookkeepers may need access to customer invoices and billing information while tax specialists may require access to sensitive personal data such as Social Security numbers and bank account information.
Unless you have a one-person accounting firm, you should set role-based access to strictly limit what data employees can view and edit. Ideally, data access should only be granted to those who absolutely need it to perform their duties. Periodically review and adjust access permissions as employees’ roles and responsibilities change, ensuring that access levels are always aligned with current job requirements.
Install advanced network security measures
Firewalls are standard security measures designed to keep unauthorized users out of your network. But these may not be enough for an accounting firm.
It's worth considering more advanced security measures such as intrusion prevention and sandboxing technology that analyzes incoming traffic in isolated environments to identify malicious activity (e.g., large file transfers and login attempts).
Network monitoring services can also detect and respond to suspicious activity in real time. These services record a baseline of normal activity in your network and alert system administrators when there are deviations from the norm, enabling you to respond quickly and prevent data breaches.
Any remote access to your systems should be set up to require multi-factor authentication and should connect over a secure, encrypted connection such as a virtual private network (VPN).
Secure endpoints
Each device connected to your network is a potential entry point for cyberthreats, so make sure these devices have up-to-date anti-malware software and operating systems. Deploy endpoint detection & response (EDR) to detect threats or potentially malicious activity, and combine it with 24/7 monitoring from a Security Operations Center (SOC) team to limit the chances that an incident could spread throughout your network.
Enable disk encryption tools such as Bitlocker. Encrypting your data limits the risk of a lost or stolen computer containing sensitive data from being able to be accessed by a 3rd party that doesn’t have credentials to log into the device.
If your firm has remote work or bring your own device policies, you should register your employees’ devices onto a mobile device management (MDM) system. This gives you control over what data and apps employees can access using their personal devices. You can, for example, block data access whenever employees are connected to a public network or outside working hours. MDM also lets you remotely wipe data from lost or stolen devices.
Consider physical security
Devices, especially those containing sensitive information, should never be left unattended in public areas and should be locked away when not in use. You should also limit physical access to your premises with a combination of security cameras, access control systems, and employee badges. This not only deters unauthorized individuals from physically accessing your data but also helps you track who enters and leaves your premises.
Your network and server equipment should also be secured to limit access to only those individuals and vendors who should be able to physically access the equipment.
Train employees on security best practices
Good security habits aren't developed overnight, and if you're not regularly promoting security awareness to old and new employees, you're leaving yourself open to costly errors. Train employees on how to spot phishing scams, implement a program to periodically send out simulated phishing emails to test whether or not your employees may need additional training. Report suspicious activity, and set strong passwords. To maximize retention, make your training program engaging with a mix of written, video, and hands-on exercises to reinforce learning.
Encourage or require your employees to use a password manager so that every site or vendor has a unique password that isn’t shared with others. Require multi-factor authentication for all systems that have the option to enable this important safeguard against lost or stolen credentials.
Back up data
Regularly backing up your data will minimize the risk of permanent data loss caused by a cyberattack or system failure. Schedule automatic backups of all critical data, including financial records and client information, to a secure off-site location or cloud storage service. Whatever backup method you choose, always test and verify the backups to ensure they can be restored in case of an emergency.
Protecting your accounting firm from cyberthreats is not just a necessity but a critical commitment to your clients and your business's future. If you want total safety and peace of mind, partner with the security experts at Fidelis. We provide comprehensive cybersecurity assessments, strategies, and solutions to give your firm a fighting chance against today's threats. Call us now.
