New tech can be harnessed to secure your data. Let’s find out how.
Accounting firms across the globe are always braced for the latest cyber attack that could compromise their client’s data and their firm’s reputation in turn. An article published by CPA Australia in 2022 highlighted the need for a heightened sense of awareness throughout the accounting industry including how your firm may be impacted by sophisticated data breaches. If your firm experiences any breach of your client’s data, you could be compromised not only financially, but litigation could be engaged under the Privacy Act.
Since 2022, new advancements in technology have risen to the challenge and secured pathways designed to keep yours and your client’s data safer than ever before. Advancetrack has stayed ahead of the curve, obtaining ISO certified security protocols. These protocols ensure their clients have the highest level of data security available and that they remain committed to the protection of their client’s data. Ensuring your firm is up to date with security protocols is one way to remain on guard.
Here we delve into four more to tighten your processes and keep your firm protected.
A simple yet effective mode of securing your data is to make sure the software you use, including anti-virus programs, are kept up to date with its latest version. A task as easy as turning on ‘auto-update’, although it may seem obvious, is one of the most recommended ways to ensure your firm reduces its risk. When your software is out of date, the chance of ransomware, malware and data breaches is scaled by up to 60% compared to software that has been updated.
Using multi-factor authentication is a tried and true way to combat data breaches but what’s new in the world of doubling your entry security? Biometric authentication has been introduced in recent years, harnessing fingerprint technology and facial recognition to make entry to your sensitive data as personalised as possible. AI is now used to analyse pathways and patterns that are unique to your firm, notifying you if anything deviates from those learned by the program. DID (Decentralised Identities) allows users to create their own personalised authentication rather than relying on a central app (for example, 2FA app or Google Authenticator).
Whenever you hear of a data breach, the first call to action is to change your password. How are you meant to keep track of every change and every app? New technology in the form of passkeys aims to solve that conundrum for you. Passkeys eliminate the need for passwords using pins or facial recognition to verify your identity. Studies have found that passkeys, while convenient, are also a valuable way to avoid phishing attempts and data breaches. Another way to secure your passwords is using ZKPs (Zero Knowledge Proofs). ZKPs are a cryptographic method of ensuring the user of the account knows their password without revealing the password itself. Designed to enhance your security and reduce the risk of revealing your password, ZKPs are a new form of technology to include within your arsenal.
When ensuring your firm has the highest level of data security available, perhaps the most important way to harness new technology would be to engage in courses to make sure your staff are aware and highly trained. The need for conscientious and careful employees remains pivotal when securing your data. There are many companies within Australia offering cyber-security training courses (both in-person and remote) that focus on; exposing your staff to phishing simulations, education on real-life scenarios and case studies, training on password security and authentication, and how to back up your data safely.
Your obligation to your firm’s reputation and client’s sensitive data will always remain a top priority when engaging with new technology. It's essential that you ensure who you partner with retains strong certification and prioritises security just as much as you do.
Just as the accounting industry is constantly evolving, so too is the nature and sophistication of cyber attacks, which poses the question - are your security protocols as up to date as they could be?
