The flood of recent headlines of about hacking and data breaches make it clear that cybercrime is on the rise.
The massive data breach at Yahoo despite previous red flags is just one example of failure to adequately recognize and protect against the increasing threat.
It’s a threat that is not limited to technology companies or government agencies - it spans all sectors. And as we’ve seen with past hackings of retailers, financial information is a key target.
In fact, surveys of the accounting and finance industries find employees are increasingly concerned about the threat of cybercrime to their business.
Unfortunately while in many cases there is increased attention being paid to the issue, these same surveys find that there are often contradictions between the theory of cybersecurity best practices and the realities of day-to-day practices.
Companies need to stop jeopardizing client information with poor security practices, making excuses because of the time and monetary costs of updating policies and technology.
It’s essential that they instead honor the trust placed in them and prioritize the safety of their clients information.
Association of Chartered Certified Accountants