Nowadays, there is a rampant threat to cybersecurity across all industries. But cyber threats are becoming more prevalent in finance as hackers find it easiest to make money by executing a well-planned financial crime online. Thus, accounting firms should take cybersecurity seriously.
A cybersecurity breach can have harmful effects on your clients. It can lead to profit loss and reputation damage. Additionally, businesses may end up incurring more costs for protection against future cyber attacks and may lose their clients’ trust in the long run.
To prevent cybercrimes from happening, Australia now has a mandatory notifiable data breach law (NDB), which requires firms to provide notice to affected individuals and the Office of the Australian Information Commissioner (OAIC) whenever eligible data breaches occur.
Companies are also required to comply with the European General Data Protection Regulation. This is especially true for businesses whose website collects personal information from customers. For example, if you ask for a name and email address to add people to your blog, or to send emails about products and services you offer, and you do not restrict people from European countries from signing up, then you must comply with the European General Data Protection Regulations.
There are many ways to prevent cyber attacks from happening. Find out from Effective PD’s Ensuring Cyber Security webinar. To subscribe, visit www.effectivepd.com.au. Effective PD offers an innovative way for busy accountants to be on top of their game with continuing professional development in a brief, flexible and easy way.
