How the Accounting Industry Can Outsmart Cyberattackers

Cybersecurity threats have greatly advanced in recent years, targeting essential components of the finance sector for either economic gain, corporate espionage or intellectual property theft. Lack of adequate security measures make breaches easy for hackers to carry out, with only 5 percent of companies’ folders being properly protected. Files and records contained in these folders are part of what define the finance sector, with accounting producing a large portion of such information. 

Undoubtedly, the accounting industry is irreplaceable, serving as a compliance-enforcer and necessary layer of security for the world’s business powerhouses, making it an automatically attractive target for hackers and other cybercriminals. The accounting industry has largely embraced the digital revolution, with certain firms advancing further than others by implementing automated technology or investing in forensic accounting – both of which strengthen their security posture. 

However, this warm welcome of tech, requires a certain level of savviness that goes far beyond installing anti-virus software or periodically conducting a company-wide phishing test. Along with sophisticated IT training and vulnerability scanning, accounting firms must consider the importance of secure file transfer because of the inherent dependence on collaboration with outside entities. With cybersecurity attacks increasing by 300% since remote work became the norm, firms cannot risk relying on insecure communication channels when handling sensitive client information.

Changes in the Accounting Industry

The accounting industry has experienced incremental growth over the past few years, with hopes for a smooth, steady recovery post-virus. In conjunction with growth is an inherent demand for convenient, compliant, customer-oriented service, which requires greater technological dependence and overall integration. 

Forensic accounting is one example of a more niche service that will likely experience growth, most likely due to the massive spike in cybersecurity threats over the past five years. This industry shift requires a seamless transition into a more finessed security platform that centralizes the key components of a robust security strategy without requiring the constant management of disparate solutions or incompatible software. Accounting firms aren’t all one and the same – many are smaller to mid-sized operations relying on outdated IT practices and legacy patchwork that leaves them vulnerable to attack. By implementing an approach with built-in, advanced security tools, overcoming this challenge for accounting firms of all sizes becomes a far less daunting task.

Multi-factor Authentication

Usernames and passwords are highly coveted by hackers and can easily be stolen if not protected adequately. More than 300 million fraudulent sign-in attempts occur on a daily basis according to Microsoft, making login security a non-negotiable piece of any managed file transfer (MFT) platform – a long-standing tool for the accounting space that shuffles files to their intended groups and individuals. 

Multi-factor authentication (MFA) is an essential component of an effective security infrastructure. This additional layer of protection provided by MFA blocks 99.9% of account hacks, proving to be a highly effective security method. What can give any firm or accountant an advantage, however, is the built-in nature of their MFA. 
How GlobalSCAPE Can Help

There are many ways to protect your data from a cyberattack, but with the right managed file transfer (MFT) platform, you can do that and much more. Globalscape’s Enhanced File Transfer (EFT) can help the accounting space take precautions to protect against threats of an attack by enabling some of the features below:

  • MFA: The two-factor authentication options available (RADIUS, RSA SecurID, CAC, and SMS) provide an added security layer of security.
  • Secure file sharing: GlobalSCAPE EFT provides a safe way to transmit files to users, both in and outside of its corporate network.
  • Compliance: Our security modules can help you maintain compliance through continuous monitoring and alerting on non-compliance. 

Cybersecurity threats continue to linger regardless of industry, however due to its digital reliance and transformation, accounting firms must remain on the cutting edge of such developments to protect their innately sensitive data.