octobernovember2022 - 20

FEATURE
2022 Digital Security and
Cybercrime Update
IN 2021, CYBERCRIME cost U.S. businesses almost $7 billion, yet
today, only 50% of U.S. businesses report having a cybersecurity
plan in place.
ThoughtLab, a leadership and
economic research firm recently conducted
a cybersecurity benchmarking
study. The study, Cybersecurity Solutions
for a Riskier World analyzed
cybersecurity strategies, with 1,200
large organizations in 16 countries
participating in the study.
According to the study, material
breaches rose 20.5% from 2020 to 2021,
with cybersecurity budgets rising as
a direct result of those breaches. But
increased budgets do not necessarily
equate with preparedness, with 29% of
CEOs and 40% of chief security officers
admitting that their organizations
remain unprepared for a large-scale
cyberattack. Their reasons varied:
* 44% cited supply chain issues
* 41% cited the fast pace of dig ital
innovation
* 28% cited inadequate cybersecurity
budgets and lack of executive support
* 24% cited a shortage of talent versed
in cybersecurity
How do these facts impact your
firm? Keep in mind that in some states,
CPA firms are held liable for any data
breaches that impact their client's
personal data. But even if you're not
legally responsible, a cybercrime committed
against your firm will directly
impact your current client list as well
as those looking to contract with your
firm for services.
Though cybercrime threats vary,
today, ransomware and phishing are
considered the two top threats to businesses
nationwide. If you're not exactly
sure what ransomware and phishing
are and the impact they can have on
your business, read on.
RANSOMWARE AND
MALWARE
Ransomware is a type of malware that
is used most often, infiltrating your
computer system and encrypting the
files so that you're unable to access the
system unless a ransom is paid. If the
ransom is paid, the company receives
an encryption key that will allow them
to access their files once again.
In many cases, businesses have
resorted to paying ransom to gain
access to their files. Unfortunately,
paying the ransom is no guarantee
that the hackers will give you access
to your files.
20 OCTOBER/NOVEMBER 2022 ■ www.CPAPracticeAdvisor.com
By Mary Girsch-Bock
PHISHING
In years past, phishing attempts were
clumsy and fairly easy to detect. That's
not the case today, with counterfeit
communications difficult to identify.
Today, there are over 150 million
phishing emails sent daily.
Phishing typically lures victims
in by email, with the request made
to look like communication from a
trusted institution such as a bank or
government agency. A link is always
included in the initial contact email
or text, which takes you not to the
site indicated, but to the hacker's site,
where your personal information can
be easily compromised. Because of
the level of sophistication available to
hackers, it can be difficult to determine
the legitimacy of an email or text.
One way to check for the legitimacy
of a link is to place your mouse
over the link itself. This will display
the hyperlink and allow you to see
exactly where the link will take you.
Of course, the best way to prevent
phishing is to not click on any link
sent to you until you've verified it. It's
also important to never respond to an
email or text that requests personal
information or asks for a password.
Whether your firm is small or you
have offices around the world, you're
vulnerable to cyberattacks. Taking the
proper precautions will help keep your
firm and your client data safe. ■
Mary Girsch-Bock began her career
as an accountant and later made
the switch to writing full time,
concentrating on software reviews.
A former QuickBooks beta tester,
Girsch-Bock currently specializes
in business and technology with a
focus on small businesses. Her work has appeared
in The Motley Fool, The Blueprint, Property
Manager.com and she currently writes a
monthly business and technology-related blog
for PLANERGY, a Procure-to-Pay platform
designed for mid-market organizations.
http://www.Manager.com http://www.CPAPracticeAdvisor.com
octobernovember2022

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