Helping CPAs Stay Compliant and Secure 

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During the chaos of tax season, CPA firms find themselves under the pressure to manage workloads, meet deadlines, and safeguard their sensitive client data. Cybercriminals are aware of this and take advantage of the busy season. Accounting firms are prime targets for attack because of the vast amounts of confidential data they hold, anything from social security numbers to sensitive financial credentials. 

Recently, experts have reported an increase in not just phishing, but AI powered phishing attempts, ransomware attacks, and vulnerabilities in the cloud systems you trust and rely on. Each of these points pose their own serious risks to CPA firms on top of the pressure of ensuring they're compliant with all regulations. Firms need to take proactive steps to secure their systems, protect their clients, and ensure regulatory alignment to maintain robust cybersecurity. 

AI-Powered Phishing

Phishing remains the most effective cyber-attack used against businesses across all industries, but today's phishing campaigns aren't as easily spotted as they once were thanks to the adoption of AI. With these improvements, gone are the easy red flags of misspellings or poor grammar. These new phishing emails are highly personalized and alarmingly convincing. 

AI powered phishing has the ability to convincingly mimic real clients, partners, or even executives of your firm. These messages often include accurate accounting terminology and invoice details, making them difficult to distinguish from legitimate requests. Some can even utilize deepfake audio or video to add pressure or urgency.

An excellent foundation to protect your business includes implementing:

  • Multifactor Authentication (MFA) across all accounts
  • Conducting phishing awareness training for staff
  • Advanced email filtering and domain protection tools. 
Ransomware and Costly Downtime

Ransomware remains one of the most damaging threats to CPA firms, especially during tax season, when downtime can have serious effects and devastate productivity. Attackers often exploit outdated software, unsecured remote access, or malicious attachments to lock files and demand payment. 

The latest in ransomware can also steal data before encryption, allowing criminals to threaten public exposure if firms refuse to pay. 

To help protect your firm:

  • Use Endpoint Detection and Response (EDR) solutions for real time threat monitoring
  • Maintain secure, offline backups of critical files
  • Keep all systems and software updated and patched regularly
Cloud Vulnerabilities

Many CPA firms now rely on cloud-based platforms like QuickBooks Online, Xero, or Microsoft 365. Many make the assumption that these platforms are automatically secure, but that is not the case. Without proper access controls, poor habits such as sharing passwords, or unsecure data storage, major vulnerabilities can be created. 

Attackers are sure to stay in the know and scan for exposed cloud databases or weak credentials to infiltrate systems. Then there are supply chain attacks, where hackers breach the software of your vendors or service providers, putting your firm at risk. 

Protect your firm:

  • Perform regular cloud security audits
  • Apply least-privileged access policies for users
  • Vet and monitor third-party vendors for cybersecurity compliance
Compliance and Cyber Resilience

Compliance regulations may seem like unnecessary red tape, but they help to ensure the protection of your firm and client data. Regulations such as the FTC Safeguard Rule and BOI reporting standards are designed to ensure that financial data is secure and monitored for the best protection. Falling behind on compliance can result in costly penalties, and even without a breach occurring, this can affect your business reputation and client trust. 

Unfortunately, staying ahead of compliance regulations goes beyond simply checking off some boxes. First off is ensuring you, as a business owner, are aware of any change or updates to compliance, then onto determining how you will meet these new goals, in a proper amount of time. This will usually include implementing policies, regular user training, and ensuring your technology is providing the robust cybersecurity you and your clients expect. 

Partnership for Proactive Protection

CPA firms can't afford to wait for an incident to take action on their cybersecurity. Proactivity is a business necessity, but never more so than right before your busiest time of year. 

AdvanTech helps accounting firms protect sensitive data, maintain compliance, and minimize downtime with:

  • Endpoint Monitoring and Threat Response
  • Cloud Security and Data Backup Management
  • AI Policy Development and integrate safeguards
  • Compliance driven cybersecurity strategies tailored for financial professionals

Reach out today to determine your cybersecurity readiness and how our services can keep your firm protected and productive.