The importance of cyber security in accounting software
In an age where digital transactions are commonplace and integral to daily business operations, the importance of cyber security in accounting software can’t be overstated.
Cyber security is critically important for accountants due to the sensitive nature of the data they handle.
Financial records, personal client information and confidential corporate data are all potential targets for cybercriminals.
A breach can result not only in the loss or theft of data but can also damage an accountant’s reputation, eroding client trust and potentially leading to severe legal and financial repercussions.
Why is cyber security essential for accounting software?
Accounting software is a treasure trove for cybercriminals. It houses large amounts of sensitive data, including bank account details and transaction histories.
This valuable data can be exploited in a variety of ways, such as identity theft, financial fraud and even corporate espionage.
A data breach can damage a company’s reputation, possibly leading to loss of customers, regulatory fines and litigation costs.
It could also disrupt operations, especially if the breach results in data loss or system downtime. In extreme cases, a company may never fully recover from the fallout of a significant cyber security incident.
Emerging challenges
Cyber threats are continuously evolving, growing more sophisticated and harder to detect. Recent years have seen an increase in phishing attacks targeting employees with access to accounting systems.
Other emerging threats include ransomware attacks, where a hacker encrypts a company’s data and demands a ransom for its release, and supply chain attacks, where a hacker infiltrates a company through a less-secure third party.
Data is a key resource and needs to be controlled, not solely for cyber security purposes, but also to make certain it is utilised and imparted during succession and exit strategies.
This is particularly significant if a member of staff leaves a firm, as vital data could depart with them.
Our cyber security measures
Ensuring protection against cyber threats is of paramount importance to FibreCRM in its role as both a data controller and data processor.
The FibreCRM cloud runs on Amazon Web Services (AWS).
AWS offers a wide array of benefits as a leading cloud service provider, including:
- Scalability
- Secure
- Encrypted
- Powerful
If your firm does not use cloud accounting services, FibreCRM also offers in-house solutions and supports the running of your own infrastructure.
We adhere to strict access control policies, with multi-factor authentication in place to restrict unauthorised access to client data.
At FibreCRM, we promote a strong cyber security culture for our employees, ensuring the staff are well-versed in the best practices for data protection.
Cyber security in accounting software is a complex, ongoing challenge that requires a proactive approach. By understanding the importance of cyber security, accounting firms can protect their valuable financial data and maintain trust with their clients.
