Cybersecurity & Fraud Prevention: Strengthening Your Accounting & Finance Team

The finance industry of today is accessible at the touch of a button. Cyber threats are everywhere, and they are always changing. For many companies, it can start to feel almost impossible to prepare for all threats, or to keep up to date with best practices in cybersecurity. Here are some ways you can strengthen your accounting and finance teams.

The thing about third-party agreements:

To reduce costs and comply with regulations, many companies rely on partnerships. Unfortunately, your business is only as strong as your weakest partner. If your partner is attacked, their vulnerabilities create serious problems for you. If you haven’t done so, review all of your third-party contracts with cybersecurity in mind. Who has the responsibility to protect data, what, if any, regulations must be followed to remain in compliance, and who shoulders the blame if something goes wrong? If you do nothing, you risk a third-party attack that could affect your bottom line and your reputation. Also, do not overlook cloud vendors. Over half of IT professionals admit that cloud storage decreases their company’s ability to keep sensitive information safe. Implement strategies with your IT teams now to decrease this risk in the future.

Be preventive:

One of the biggest vulnerabilities for accounting and finance companies is the proper management of software. Many cyberattacks use vulnerable or “unpatched” software to enter networks and access sensitive data. The reason for this is that employees, contractors, or vendors have access to your organization’s network and could inadvertently or maliciously compromise security. Implementing thorough software maintenance, otherwise known as a “scheduled patch” management process, is essential to finding and addressing potential vulnerabilities before they happen.

Train your teams on password safety: 

In order to keep data secure, teams need to understand the importance of password protection, encryption keys, and PIN safety. You should be training your teams regularly in best practices. Passwords and PINs have proven vulnerable to cyber risks such as phishing and brute-force attacks. Fingerprint and face recognition biometrics provide a more secure and user-friendly alternative. Multifactor authentication adds an extra layer of protection by combining two or more authentication elements, such as an added phone line to text a code to, an extra email verification, an authenticator app, or a fingerprint. Begin implementing these processes and steps now so that your teams are used to using them.

Encryption keys:

If you have teams working remotely and need to access the network outside of the office setting, then you should be giving them encryption keys to take home with them. These specialized keys change verification codes every couple of hours and the code is needed to enter a network system remotely. This protects your data and it protects your teams.

Are you searching for financial professionals to join your team?

PrideStaff Financial has consistently won awards for exceptional client satisfaction. Our highly skilled staffing consultants can offer steps to keep your data protected. Contact us today to learn more.