Cybersecurity: are you willing to risk it all?

When cybercriminals target accountancy firms, the consequences can be catastrophic.

From legal and regulatory penalties to reputational damage, not to mention financial losses, the fallout is severe.

In fact, research found firms could lose more than £15,000 following a cybersecurity breach.

However, it isn’t just the firms at risk.

Clients can suffer disastrous financial harm following a data breach, becoming victims of identity fraud.

To make matters worse, accountancy firms are more vulnerable than ever before.

The risk factors

A big pull for cybercriminals is the abundance of sensitive data.

Firms house a treasure trove for those shameless enough to defraud others – everything from names and addresses to payroll information.

Data aside, the industry is also riddled with vulnerabilities which attract cybercriminals.

Did you know that 80% of UK finance professionals work remotely at least some or all of the time?

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When working from home, employees might use their personal devices for work purposes with/without permission or may use insecure public Wi-Fi if working from cafés or shared workspaces.

Such practices aggravate the risk of cyberattacks, which have consequentially increased by 300% on firms of all sizes.

Although, hybrid working isn’t solely to blame.

Risky working practices are often rife in an office environment too, as bad habits such as transferring sensitive data via email are also fraught with danger.

Fear not! All these issues can be ironed out with the right software under your belt.

But what should you look for?

IRIS Elements: centralised, safe and secure

When shopping for software, you’ll need something adaptable.

The lack of standardisation across running multiple software can increase the risk of attack, but with our unique, cloud-based platform IRIS Elements, your data is safely stored in one centralised location.

Offering a flexible platform, enabling you to manage your practice from one secure location.

Plus, the system is accessible anywhere, anytime – IRIS Elements is secure by design, supporting the demands of hybrid working while minimising risks.

With IRIS Elements, you can rest easy knowing all connections are encrypted using up-to-date standards, ensuring your practice and client data are always protected.

Security as a priority

Cybersecurity is far too low on the priority list for many firms.

If cybersecurity continues to be ignored, your firm will inevitably fall victim to attack sooner rather than later. 

Firms need to stay one step ahead of cybercriminals, embracing the latest tech and preparing their defences.

See for yourself how IRIS Elements can protect your practice – get a free trial today!