Remote Technology for Accountants: Addressing the Cybersecurity Blackhole

In today’s digital age, remote technology has revolutionized how accountants work. In fact, a simple LinkedIn search shows over 17,000+ remote accountant jobs currently available in the US alone.  

With the flexibility to operate from virtually anywhere, plus the ongoing staffing shortage, accountants are now working remotely from wherever they are based. This has brought better work life balance, increased productivity in some cases. However, this shift has also introduced significant cybersecurity concerns.  

The introduction of the FTC Safeguards Rule has made cybersecurity an even bigger concern with legislative mandate around how accounting firms must protect client’s data.  

The Rise of Remote Technology in Accounting 

Remote technology, and the increase in remote working in general, has changed the game for accountants. This has particularly been done thanks to the increase in Cloud software now readily available with software such as QuickBooks Online, or Ignition.  

No longer confined to a specific location, accountants can now collaborate with clients and other colleagues from wherever they are working – so long as they have a stable internet connection. This remote-work trend has had a few improvements including; 

1. Increased Flexibility: Accountants can work from home, a coffee shop, or even while traveling, allowing for a better work-life balance, not to mention allowing them more flexibility to meet clients in person at their site, instead of at the accountancy office. 
2. Enhanced Collaboration: Teams can easily share documents, update records in real-time, and provide timely financial advice especially as Cloud technology allows for simultaneous editing and updating in real-time. 
3. Cost Efficiency: Firms save on overhead costs by not having a physical location for staff, and they can take advantage of lower-cost regions to staff and manage their firm.  

However, with these benefits come cybersecurity concerns, concerns your firm may not have even thought of yet, let alone know how to handle. 

Cybersecurity Challenges for Remote Accounting Firms 

The convenience of remote work comes with risk. Risk that can be mitigated, easily and cheaply, making remote work still a very viable option for your business. Here are some of the key concerns around cybersecurity and remote work: 

1. Data Breaches: Unauthorized access to sensitive financial data can lead to significant financial loss and reputational damage. Being remote, the chances are there is not the oversight or protocol in place to prevent this from occurring.  

2. Phishing Attacks: Remote workers are prime targets for phishing scams, where attackers trick individuals into revealing confidential information. Easier to do in a singly managed environment, but with the increase in cloud technology, the ability to be tricked is greatly increased. 

3. Insecure Networks: Using public Wi-Fi or unprotected networks can expose accountants to data interception and hacking. It really is best practice to ensure all staff are logging into known and protected Wi-Fi networks.  

4. Weak Passwords: Poor password practices increase the risk of unauthorized access to accounts and systems. With the rise of brute force bots and other password hacking systems, remote workers need to ensure they have strong 12+ character, number, and letter passwords to keep their accounts safe. Don’t forget to make each one unique to the application! 

5. Outdated Software: Failing to update software and security patches leaves systems vulnerable to exploitation. As new threats emerge companies work to patch their systems, you need to ensure all remote staff keep their software up to date the latest patch  

Introducing Practice Protect 

Given the landscape of cybersecurity threats, it’s crucial for accounting firms to adopt measures to ensure their firm and their client data is protected. Practice Protect stands out as the only solution designed specifically for the unique needs and workflows of accountants. Here’s how it addresses the key cybersecurity concerns: 

1. Secure Access Control

Practice Protect ensures that only authorized personnel can access sensitive data. It employs multi-factor authentication (MFA), which requires users to provide two or more verification factors to gain access. This significantly reduces the risk of unauthorized access, even if login credentials are compromised. 

2. Data Encryption

To safeguard data during transmission and storage, Practice Protect uses advanced encryption techniques. This ensures that even if data is intercepted, it remains unreadable to unauthorized individuals. In fact, the data is so encrypted even Practice Protect themselves couldn’t look up the data, that is how secure your information is. 

3. Phishing Protection

Practice Protect can include anti-phishing tools which helps identify and block phishing attempts in your inbox. In addition to this, they provide on demand video training, which is about educating users about common phishing tactics and implementing real-time threat detection, it minimizes the risk of falling victim to these scams. 

4. Regular Security Updates

Practice Protect continuously updates its security features to stay ahead of emerging threats. When you add Device Security to your subscription, you also receive automated updates to ensure that all systems are equipped with the latest security patches and improvements. 

The Benefits of Using Practice Protect 

Adopting Practice Protect offers numerous advantages for accounting firms and individual accountants including: 

• Peace of Mind: With robust security measures in place, accountants can focus on their clients and growing their firm, without constantly worrying about cyber threats. 

• Compliance: Practice Protect helps firms comply with industry regulations and standards, ensuring that client data is handled with the utmost care. They also complete and maintain all documentation under the FTC Safeguards Rule on your behalf.  

• Reputation Management: By preventing data breaches and other cyber incidents, firms can maintain their reputation and client trust. In fact, Practice Protect provides a Client Trust Pack which you can use and provide to your clients so they can see the steps you take to secure their data.  

• Operational Efficiency: Streamlined security processes allow for smoother operations and reduced downtime caused by security incidents. Not to mention simpler workflow in accessing and managing your firm applications 

• Fully Managed for You: Unlike many companies that require an internal IT person to manage your cybersecurity, Practice Protect does all the heavy lifting with 24/5 support when you need it.  

Secure Your Accounting Practice 

The shift to remote work has transformed the accounting profession, offering numerous benefits but also a new cybersecurity challenge. By leveraging a solution like Practice Protect, accountants can enjoy the flexibility and efficiency of remote technology while ensuring their and their clients’ data remains secure. 

Ready to elevate your remote accounting practice with top-notch cybersecurity? Explore Practice Protect today and safeguard your sensitive financial information from potential threats.