What is cybersecurity and what’s at stake?

Cybersecurity is the protection of computers, networks and information from theft, damage or unauthorized access. Cyber thieves, or ‘bad actors,’ infiltrate a business’ systems and gain access to customer data to steal their financial details (or even their identity) and commit fraud.Some common tools and techniques used by criminals include:Malware (malicious software) attacks
Malware threatens a business’ ability to operate. Types of malware include:

Worms — A standalone software takes control of business systems and equipment without the operator’s knowledge

Viruses — A piece of code spread by an infected host file replicates itself and corrupts a computer’s system or deletes data

Ransomware — A cyber thief blocks users’ access to files and demands a ransom to regain access

Information theft and fraud
Cyber thieves may also send scam emails to employees in hopes of gaining access to a person’s personal or financial data. Types of email scams include:

Phishing — This scam dupes employees into thinking an email is from a trusted source so they click on an infected link that downloads malware.

Whaling — A variation on phishing, which targets one big fish — often the CFO. The email might appear to come from the CEO or a regulator, looking like an urgent demand to pay a supplier or settle a fine.

Cyberattacks are bad business.
The implications of a data breach
can be long-lasting. A cyberattack on a business can:

Damage brand reputation

Erode customer and stakeholder loyalty
and trust

Slow productivity

Cause significant financial loss

A large-scale cyberattack can cause even greater harm: massive economic damage, geopolitical tensions and widespread loss of trust in industries.With so many potential threats, it’s vital that CPAs understand what cybersecurity is, the solutions available, and how to establish a strong security framework for mitigating risks and keeping information safe.

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