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Accounting firms failing to address cyber risks, consultant warns

While accounting firms are aware of some of the technological risks that could impact their business, the majority of them have not taken steps to improve their firm’s security, says a business consultant.

Accounting firms failing to address cyber risks, consultant warns
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Planet Consulting principal consultant Rob Pillans said technology has given rise to a whole new set of risks for accountants to be aware of.

While these risks affect the business community at large, accounting firms he said could be targeting by hackers in particular because of the confidential information they hold on businesses and individuals.

“With firms now using a whole range of different online cloud based tools, how that information is stored and managed is very important,” said Mr Pillans.

“I think we’re going to see issues from time to time on that front where people are not managing that sort of thing well.”

A lot of firms are aware of these risks he said but don’t actively do much to protect their firm.

While accounting firms he said should probably talk to experts about how they can improve their cyber security they can start with some more basic steps such as improving their passwords.

“People in business are generally quite lazy when it comes to managing their passwords and have very simple passwords and have the same password for lots of different things,” he said.

A good place for accounting firms to start is to just double check that they’re using more complicated passwords and different passwords for different things.

“[Otherwise], if one gets stolen it will give access to everything else.”

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