Jono Williams, sales manager at EasyBiz Technologies, explains that while there have been increased instances of cyber attacks as global industries embrace the online shift, there are technologies on the market that reduce the risk of personal information breaches.
Since the advent of the internet, the need for cybersecurity has grown, especially as sophisticated cyber attacks have resulted in the theft of personal data from millions of internet users worldwide. According to Accenture’s 2019 Cyberthreat Landscape in South Africa report, South Africans suffered as many as 577 malware attacks per hour and had the third-highest number of cybercrime victims of any country. And, with the emergence of COVID-19-related remote operations policies as industries move online, the threat of cyber attacks is greater than ever before.
Cyber attacks are now commonplace. Notably, in 2013 and 2014, as many as three billion Yahoo user accounts were hacked in what has become known as one of the largest data breach attacks in history. Adding to this and closer to home, consumer credit reporting company, Experian, fell victim to a data breach in August 2020, which exposed the personal information of as many as 24-million South Africans and 793 749 business entities.
The accounting sector in particular is at great risk, owing predominantly to the tremendous value of personal information it holds, and the immense financial gain for would-be attackers should they be successful in their hacking efforts. This threat is further exacerbated by the rising shift of accountants to online solutions as a means to increase efficiency.
However, by partnering with a solutions provider that is committed to safeguarding this sensitive information, accountants can make use of stringent and world-class security technology to mitigate any potential risk.
Accountants looking for online solutions must ensure that the application offered by the provider has strong hosting capabilities, coupled with industry-recognised and leading security components.
In instances where breaches may be suspected, the reality is that the threat is often closer to home than one may expect. Global cyber education company, Cybint, suggests that 90% of cybersecurity breaches are due to human error. This could be as a result of internal factors, including employees leaving passwords unattended or in full view at their workstations. It is therefore imperative that employees are aware of the implications of their actions to both the security of their organisations as well as their clients.
Moving online allows accountants to not only learn new valuable skills, but to simplify the accounting processes. The digital revolution is here and the online shift inevitable. By partnering with world-renowned and trusted solutions providers, accountants will mitigate breaches and ensure greater online success.