The Importance of Managed Service Providers for Accounting Firms

Accounting firms have access to data that contains great value to hackers – bank account information, social security numbers, email addresses, home addresses, tax documents, e-signatures, and more. Clients come to accounting firms confident that they can trust the firm with their personal information. It’s up to the accounting firm to take the appropriate steps to keep that data safe.

A data breach may cost you more than you think

A data breach will result in decreased client trust, lost productivity, downtime, and possible lost revenue. Additionally, accounting firms may be liable to share in the cost of the breach including legal fees, reputational damage, and a share of the losses suffered by the client. A recent study completed by the Ponemon Institute found that the average cost of a data breach in 2017 was $3.62 million. As a small, medium, or even a large firm, can you really afford that?

What can an MSP do for your accounting firm?

For most, keeping data safe means hiring a trusted managed service provider (MSP). An MSP can act as your firm’s first line of defense – detecting and preventing attacks and security breaches from happening. Additionally, by backing up your data with an MSP, you can have peace of mind knowing that company and client information is safe and secure. Other security benefits an MSP can offer your accounting firm include:

• Equipment and software upgrades that fix areas of vulnerability
• Employee education on best practices that can avoid breaches
• A password policy
• Anti-virus software
• A server and workstation patch policy
• Comprehensive risk management and disaster recovery plan

Want to learn more?

On May 22, 2018, Heather Maver, technology consultant at Warwick Communications Inc., along with Michael Johnson, data division manager and chief problem solver at Warwick will be presenting at the Northeast Ohio Spring CPE Conference to provide resources for CPAs trying to get a handle on cybersecurity and prevent costly data breaches. During their session, “Prevent Costly Downtime Due to Cyber Attacks and Critical Data Loss,” learn necessary steps to protect your data, develop strategies to retrieve data quickly, and review best practices to prevent hackers.