Atop the daily stresses of “busy season” within the public accounting sector, imagine a scenario in which your laptop gets hacked, your company systems are inaccessible, or your client data have been stolen, with critical filing and client deadlines meanwhile quickly approaching. 

In today’s interconnected, digitally enabled world, all businesses face a landscape of growing cybersecurity threats, with no industry or company size immune. For accounting professionals working in public accounting firms, many of which are small- or medium-sized businesses, safeguarding sensitive financial, personal, and client data is paramount. This is particularly true in light of the business model of obtaining and interacting with highly sensitive data and the potential reputational impact with existing and future clients.

The summer issue of NewsAccount explores the cybersecurity risks specific to CPA firms and offers practical solutions to improve your posture in this area.

I recommend an approach that begins with the business and moves onto issues around people and technology. Among the steps – covered in depth in the full article – are:

1. Establish and maintain a risk register.
2. Inventory your systems, data, and contracts.
3. Employ and reinforce pragmatic cybersecurity hygiene.

Cybersecurity is an ongoing process that's everyone’s responsibility. Regular risk assessments, continuous monitoring, and proactive measures are essential to safeguarding sensitive firm and client data. By following the article’s guidelines, accounting professionals can better protect their firms’ data and help lessen the chance of a data-related interruption to doing business. 

Read the full story, “Private Equity Investment Comes to Colorado Accounting Firms,” in the summer 2024 issue of NewsAccount, newly available in an all-digital format. 

Mike Ellerhorst, founder and CEO of NTM Advisory, recently presented "The Pragmatic CISO" on behalf of the COCPA Technology Users Group (TUG). To learn more about or to join TUG, contact Stacy Svendsen.