Protect Your Information: Why Finance and Accounting Organizations Should Work With Cybersecurity
Well strategized cybersecurity initiatives protect businesses from most data breaches and make recovery much easier. One of the most frequently targeted business sectors cybersecurity measures can protect is the finance industry and, by extension, your finance and accounting organization. The numbers don’t lie.
A Congressional Research Service report shows 25 percent of malware attacks are directed at financial services companies, and these attacks are costly. As of 2019, the cost of cybercrime was over 18.5 million dollars per company in financial services. This is 40 percent higher than in other sectors.
We need to shift our perspective on our cybersecurity teams and understand the importance of embracing the partnership to keep our finance and accounting data safe.
Below is everything you need to know about working with cybersecurity teams when protecting your finance and accounting organization.
How Do Cybercriminals Attack
Before we explain the importance of working with your cybersecurity department, how do cybercriminals carry out these threats? Below are three examples of how cybercriminals can infiltrate your systems
- You receive a call from a customer targeted with potential identity theft, and they believe the source of the data was your company that hosts information about them. They believe this because some of the information used to steal their identity is specific to your collected information. The Information Security Team is advised, and an investigation is conducted that finds a significant amount of data was maliciously removed.
- You come into the office on Monday morning and find that all data relating to your customers is inaccessible. Your Information Security team tells you that it’s all encrypted and a notification requiring a ransom payment to unlock the files.
- Accounts Payable received an email from a vendor indicating the ACH information has changed. The email appears to be legitimate, the change is made, and several payments are sent. The vendor calls 30 days later and states that your account is past due. Information Security investigates and finds the vendor’s email was spoofed.
Why Cybersecurity and Finance and Accounting Should Work Together
Many finance and accounting departments don’t work with cybersecurity experts as much as they should. According to a poll conducted by Deloitte, 42.7 percent of respondents said they only work with cybersecurity teams as needed, not on a regular basis. With an increasing number of outlets for cybercriminals to launch attacks on your organization, you need to be consistently working with your company’s cybersecurity team.
It’s vital to have cybersecurity experts monitor systems to ensure sensitive information remains secure from cybercriminals. A way to build a stronger relationship with your cybersecurity department is to collaborate on a plan to protect systems vulnerable to cyber-attacks.
Along with developing a strategy to guard information, educate employees on common threats and how to address them with your cybersecurity team.
It’s equally important to work with your cybersecurity team to develop and test a recovery plan for each type of potential attack. This helps to ensure business continuity and customer trust as well as reducing time when an incident occurs.
Importance of Cybersecurity in Finance and Accounting
Cyber-attacks can pose a great risk to your organization. They can not only lead to you losing money but can also greatly impact your reputation.
A big reason for the uptick in cyber-attacks is the increased use of new technologies. With organizations using these new systems, cybercriminals have more options for where to attack. This includes cloud apps, fintech solutions, and more.
In recent years, we’re seeing cyber threats growing in volume and impact. For example, according to a recent Sophos study, 55 percent of financial organizations suffered from ransomware attacks in 2021 – a 62 percent increase from the previous year. Another 55 percent reported greater intensity from these attacks.
With more cyber threats, you need to develop a plan with your company’s cybersecurity team to protect your data.
In a world reliant on technology, it’s essential to partner with your organization’s cybersecurity team to protect your finance and accounting information. Implementing these measures prevents cybercriminals from accessing your organization’s sensitive information, saves you money, and ensures your reputation remains intact.
The first step to incorporating cybersecurity measures into your finance and accounting operations is finding experts to protect these systems. Most importantly, it helps if you have the right partner on your side– and that’s where Addison Group comes in.
We understand the challenges finance and accounting teams face. Addison Group has more than 20 years of experience filling roles with qualified candidates. We find candidates dedicated to improving your organizations finance and accounting function. Connect with us today!