Protecting Your Bottom Line: Cyber Threats Targeting Accounting & Financial Firms
Accounting and financial firms have become prime targets for cybercriminals. Why? Because they store and process a goldmine of sensitive data—social security numbers, tax records, bank details, payroll information, and more. Cybercriminals know breaching an accounting or financial firm could mean instant access to highly valuable, confidential information.
At Jackson Technologies, we understand the unique cybersecurity challenges faced by financial professionals. Let’s dive into the most common cyberattacks targeting accounting and financial firms—and, most importantly, how to prevent them.
Top Cyber Threats Facing Accounting & Financial Firms
- Phishing Attacks
Cybercriminals use deceptive emails, texts, or phone calls to trick employees into revealing credentials or transferring funds.
- Real-world example: A phishing email disguised as a message from the IRS leads a staff member to a fake login page, capturing their credentials.
- Prevention tips:
- Conduct regular phishing simulations and training.
- Use advanced email filters to flag suspicious messages.
- Enable multi-factor authentication (MFA) on all accounts.
- Ransomware Attacks
Malicious software encrypts your firm’s files and demands payment (usually in cryptocurrency) for the decryption key.
- Why it’s dangerous: Losing access to tax files and client financial data during peak season can cripple operations.
- Prevention tips:
- Keep all systems and software up to date.
- Implement daily automated backups stored offline or in the cloud.
- Use endpoint protection with real-time threat monitoring.
- Data Breaches
Attackers exploit system vulnerabilities or human error to access confidential financial and personal data.
- Consequences: Legal liabilities, reputational damage, and potential fines under privacy laws like GLBA or GDPR.
- Prevention tips:
- Conduct regular vulnerability scans and penetration tests.
- Apply the principle of least privilege—only give access to data as needed.
- Encrypt data at rest and in transit.
- Business Email Compromise (BEC)
Hackers impersonate executives or vendors to request fake wire transfers or steal client information.
- Typical scenario: A fake “CEO” email requests urgent payment to a new vendor account.
- Prevention tips:
- Set up verification processes for all financial transactions.
- Use email authentication protocols (SPF, DKIM, DMARC).
- Educate staff on identifying signs of spoofed emails.
- Insider Threats
Disgruntled or careless employees can accidentally or intentionally leak or misuse sensitive data.
- Risk factors: Unrestricted access to databases, lack of monitoring.
- Prevention tips:
- Monitor user activity with audit logs and alerts.
- Implement user access reviews and offboarding protocols.
- Create a strong cybersecurity policy with clear consequences.
Proactive Measures to Strengthen Your Cyber Defenses
In addition to preventing specific attack types, accounting and financial firms should adopt a proactive, layered security strategy:
- ✅ Regular Security Audits
Identify and fix weaknesses in your IT infrastructure before attackers do. - ✅ Cyber Insurance Compliance
Ensure your cybersecurity measures align with your cyber insurance policy’s conditions. - ✅ Disaster Recovery Planning
Develop and test a recovery plan to ensure business continuity after a cyberattack. - ✅ Partner with a Trusted MSP
Jackson Technologies provides specialized cybersecurity solutions tailored for financial firms. From 24/7 monitoring to secure cloud backups, we help you stay compliant and secure year-round.
Final Thoughts
Cyberattacks on accounting and financial firms are not just possible—they’re inevitable if left unguarded. Your clients trust you with their most private financial data. Protect that trust by taking action today.
Take action with Jackson—your cybersecurity satisfaction!
Let us help secure your financial firm with tailored cybersecurity solutions.
Schedule your FREE 1-on-1 Cybersecurity Strategy Session with Paul Jackson now.