According to CEO of the Institute of Financial Accountants (IFA), John Edwards, companies are facing a new set of challenges around cyber security, now that hybrid working has become the new norm. He says, "with more organisations adopting a hybrid working model, managing employees' security habits is a bigger challenge than ever." This has become a growing concern as a result of cyber criminals taking advantage of the pandemic, which has often meant a reduced level of security with staff working regularly from home.
In fact, in KPMG's more recent CEO Pulse Survey, cyber security as an issue has become even more significant than regulatory, tax and supply chain concerns. And according to figures from the UK Department for Digital, Culture, Media and Sport (DCMS) two in five businesses and more than a quarter of charities have in recent times reported having cybersecurity breaches or attacks.
Accountancy firms need to preserve confidentiality. It's a core part of their professional duty so professional firms, such as accountants are often seen as good targets by cyber criminals as they can hold a huge amount of sensitive and confidential data. Cyber breaches can have catastrophic consequences for firms, and with the hybrid working model, it’s imperative that firms protect themselves from cyber fraud whether employees are working in the office, or from home.
So firms, whatever their size, really need to focus on cyber security, which is actually different to IT support, and ensure that their security needs are being met. Damian Wasey, chief commercial officer at cybersecurity support firm, Mitigo says, "any business that holds either their own or their clients' confidential data that is involved in financial transactions, or relies on technology systems and platforms to operate on a daily basis, provides cyber criminals with an opportunity for payment diversions, data theft, and ransom demands."
Cyber attacks can have wide reaching consequences if a business is attacked. It is often reputational damage which can have the most significant impact, as a loss of trust from clients can be disastrous if widespread. So accountancy firms need to avoid complacency and tackle this issue head on; and really consider the new hybrid model of working when doing so.
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