Why Accounting Firms Need Dedicated Cyber Security
Since 2020, cyber attacks on accounting firms have increased by 300%. Accountancy forms have always been targets for cyber criminals due to their access to confidential information. In recent years, this vulnerability of accountancy forms has increased due to the rise in remote working (and employees using personal devices and unsecured public WiFi networks) and cloud services (data stored in the cloud is more vulnerable to attacks if not adequately protected).
Now, it is more important than ever for accountancy firms to focus on cyber security training for their staff and invest in upgrading their cyber security protocols.
At Obsidian Networks, we provide robust, compliant cyber security solutions tailored to the unique needs of the accountancy sector. Our services not only safeguard your client data but also support your compliance with GDPR, HMRC, FCA and FRC requirements, giving you complete peace of mind.
Benefits of Dedicated Cyber Security for Accountancy Firms
Dedicated cyber security services for accountants ensure:
- Regulatory compliance with GDPR, HMRC, FCA and FRC and other industry standards, reducing the risk of fines, penalties and reputational damage.
- Protect sensitive client data, and keep financial and personal information secure from cyber criminals, safeguarding your clients’ trust
- Minimise downtime and data loss. Quickly recover from unexpected incidents with reliable backup and recovery solutions, keeping your operations running smoothly.
- Cloud security to safeguard data stored in cloud platforms with advanced monitoring and access controls.
- Detect weaknesses in your network before attackers can exploit them, with comprehensive network scans, detailed reports and actionable recommendations.
- Proactive monitoring of all systems to prevent breaches and detect attacks in real-time
By investing in Obsidian Networks’ cyber security services, you safeguard your clients, your reputation, and your firm’s long-term success. Our expert team can identify vulnerabilities before cyber criminals do and implement proactive solutions to strengthen your accounting firm’s overall security and protect your business.
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How Our Managed Cyber Security Services Can Help Accountancy Firms
Cyber security needs to be a key priority for the finance industry, and every accounting firm should be investing in cyber security services to protect their sensitive financial data, remain compliant with regulations and maintain their reputation. In the “The Year Ahead: 2024 in Accounting” report, 57% of accounting firms cited cybersecurity risks as the top technology challenge facing their firm. It’s clear that a comprehensive cybersecurity strategy is the best way to ensure your firm is safe from attacks and breaches.
Whether you’re a growing accountancy firm or a well-established practice, your business depends on technology to manage client data, financial records and day-to-day operations. At Obsidian Networks, we understand the unique cyber security challenges facing accounting firms – strict regulatory requirements, highly sensitive client information and the need for uninterrupted access to critical systems.
Every accounting firm requires these three things of its cyber security partner:
- Reliable protection against cyber threats with proactive monitoring and rapid incident response to prevent breaches and minimise harm.
- Minimal disruption to operations through robust backup, recovery, and threat detection systems, ensuring your firm can continue working securely at all times.
- Technology and security that works for your firm with optimised policies, encryption, and secure cloud access tailored to your workflows and regulatory compliance requirements.
At Obsidian Networks, our goal is simple – to provide a comprehensive cyber security solution that’s fully tailored to the needs of the accountancy sector, so you can focus on providing high-quality services to your clients and growing your practice.
Our Cyber Security Services for Accounting Firms
At Obsidian Networks, we offer a range of cyber security services to help your accountancy firm resist malicious attacks. From 24/7 security monitoring to detect threats in real-time to comprehensive penetration testing to ensure any vulnerabilities are mitigated, our cyber security services for accountants keep your firm secure from cyber threats.
Cyber Security Monitoring
We offer proactive 24/7 security monitoring to ensure that all your clients’ confidential information is fully protected. Our experienced team monitors for all types of threats, such as malware, phishing, insider threats, code injection attacks, and DNS tunnelling, to ensure your firm is safe from data breaches and cyber attacks.
Learn more about how we approach security monitoring.
Internal & External Penetration Testing
Penetration testing allows us to assess any vulnerabilities in your networks which could be exploited by hackers. Investing in both internal and external penetration testing allows us to simulate attacks from outside your organisation (from hacktivists, nation states or cyber criminals) and inside your organisation (from those with authorised access, which can be malicious or accidental).
Learn more about our penetration testing.
Backup and Recovery
Accountancy firms handle high volumes of sensitive client data that needs to be protected to ensure regulatory compliance. At Obsidian Networks, we offer automated hourly, daily, weekly, or monthly backups, and encrypted off-site backups to ensure you’re covered in the event of an attack.
Learn more about our backup and recovery services.
View All Our Cyber Security Services.
IT Support for Accountants
To complement our tailored cyber security services, we also offer dedicated IT support solutions for accountancy firms and financial services providers.. We can provide:
Cyber Essentials for Accounting Firms
Completing the NCSC’s Cyber Essentials Scheme, provided through the IASME Consortium, is the best way to demonstrate your firm’s commitment to cyber security and reassure trustees. A Cyber Essentials certification covers the basic technical controls that will help protect your accounting firm against the most common cyber attacks and threats, keeping your firm’s reputation and data safe. This government-backed scheme helps demonstrate your organisation’s commitment to cybersecurity to your clients and stakeholders.
At Obsidian Networks, our Cyber Essentials assessors are IASME-certified. We have years of experience in certifying businesses and organisations from a wide range of industries, including the financial services sector.
Cloud Services for Accounting Firms
From enabling remote working to task automation, cloud-based technology can be hugely beneficial to accounting firms of all sizes. Cloud services are easily scalable and can grow with you as your firm expands. The 2024 CPAFMA Technology Survey found that 65% of survey respondents are utilising an external cloud provider, showing how widespread cloud services have become in the accounting industry.
However, cloud services can make your financial data more vulnerable to attack if they are not properly secured.
At Obsidian Networks, our cloud service is flexible, secure and scalable as your business grows. It’s the perfect solution for accounting firms to keep their data secure, improve their communication and better meet the needs of their clients.
Our accounting cloud services include:
- Hosted services
- Web hosting services
- Email services.
Why Choose Us?
At Obsidian Networks, we’ve been providing reliable cyber security services since 2004. We have worked with a range of sectors and industries, from charities to universities. You can rely on our friendly and professional team to protect your accounting form and ensure your cyber security protocols are as effective as they can be.
Get in touch with a member of our helpful team today to learn more about improving your firm’s cybersecurity measures. Alternatively, fill out the form below, and we will be in touch as soon as possible.
Cyber Security for Accountancy Firms FAQs
How Does Cyber Security Support GDPR, FCA, ICAEW and HMRC Compliance for Accountants?
Cyber security underpins compliance with all major regulations that affect accountancy firms:
- GDPR – Strong data protection measures, such as encryption, secure backup and access controls, ensure sensitive client information is processed lawfully and kept safe from breaches. This reduces the risk of fines and reputational damage.
- FCA – Accountancy firms that provide services that are considered regulated under Financial Services and Markets Act 2000 (FSMA) likely need to comply with FCA rules. Demonstrating robust cyber security controls shows that client assets, records, and communications are protected and that the firm can maintain operational resilience.
- ICAEW – As a professional body, ICAEW expects accountancy firms to uphold high standards of confidentiality, integrity, and risk management. Cyber security policies, monitoring, and staff training help achieve these obligations.
- HMRC – Accountants must also comply with Money Laundering Regulations which are enforced by supervisors like HMRC. Cyber security safeguards, such as secure authentication, data monitoring and protection against unauthorised access, support compliance and reduce the risk of fraud.
What Types of Cyber Threats Do Accountancy Practices Face Most Often?
Due to the high value of financial data they handle, accountancy firms most frequently face ransomware, phishing and other social engineering attacks, and malware. Accountants hold a wealth of personal data, financial records and tax details about their clients, making them a common target for attacks involving identity theft or with the aim of financial gain.
Investing in cyber security monitoring from an experienced team like Obsidian Network is essential to protect your practice from threats. Undertaking the Cyber Essentials Certification is an additional step that demonstrates to your clients and stakeholders that you’re taking your cyber security seriously and that you’re keeping sensitive data safe.
How Can Accountants Protect Sensitive Client Financial Data from Cyber Attacks?
Accountants should undertake a layered approach to cyber security, combining technology, processes and staff training, to ensure the sensitive financial information is safeguarded from breaches and attacks:
- All sensitive data should be encrypted both in storage and when transferred
- Multi-Factor Authentication (MFA) should be used to provide an additional layer of security.
- Secure cloud platforms or encrypted portals should be used for exchanging financial documents.
- Regular, secure, off-site backups should be used to protect against data loss.
- Antivirus, firewall and software patches should be kept up to date.
- There should be a clear cyber security policy in place for responding to data breaches and attacks.
- Employees should be educated on the warning signs of phishing attacks and other forms of social engineering.
Let's Get Started!
Strategy Meeting
At this strategy meeting, we will gain an understanding of your IT systems and show you how these could lead you to a Ransomware breach which may result in significant downtime and data loss.
IT System Proposal
We will send you an IT Support and Cybersecurity proposal detailing how we can protect you and your business.
Let’s get started!
Once you are happy to sign up with us, one of our dedicated account managers will walk you through our digital on-boarding process.
Strategy Meeting
At this strategy meeting, we will gain an understanding of your IT systems and show you how these could lead you to a Ransomware breach which may result in significant downtime and data loss.
IT System Proposal
We will send you an IT Support and Cybersecurity proposal detailing how we can protect you and your business.
Let’s get started!
Once you are happy to sign up with us, one of our dedicated account managers will walk you through our digital on-boarding process.