Case study of an email hack

Time and time again, email has proven to be the most popular means by which hackers target accounting firms.

3 out of 4 companies are receiving an increased number of email-based threats, according to a study conducted throughout 2021.

Email-based threats can range from simple phishing attempts to sophisticated ransomware attacks that can cause serious downtime to firms. On average, the cost of a cyber attack on a business is $108,000.

Email Security Case Study

Here’s a hack at an accounting firm that we witnessed recently.

This has been shared with the consent of the firm, with all identifying details redacted. 

  • Hackers gained access to the firm owner’s email
  • The hackers then sent emails to the accounts department asking for an international payment to be processed
  • Not suspecting anything was wrong, the payment as put through and the firm was out by $55,000 by the time they realized what had happened

Takeaways from this Case Study

What could be learned from this particular hack? We break down the most important parts:

  • Email protection is important. How are your email systems protected? Practice Protect includes email protection in our security offering. See how Practice Protect secures email systems for accounting firms here.
  • Team training is also necessary to mitigate risks of breach. We recommend that firms have an internal process to confirm payments like the example above via a second method of communication.Firm owners and practice managers like yourself also need to impress upon staff that they need to do their part in securing their firm as well.

Making sure your firm’s email systems goes a long way towards securing your firm. 

Book a demo with our team today to learn how Practice Protect lets accounting firms secure their email systems.

Categorised in: Blog

This post was written by Practice Protect