Cybersecurity for Accounting Firms in Canada

The internet opened companies to more business opportunities in “cyberspace.” In the last two decades, organizations have attained organic growth and better engage with customers through the internet. It has also opened up companies to unlimited opportunities, even in emerging markets.

However, sharing critical information, products, and money in cyberspace comes with some risks. Business systems, especially those related to accounting, are under the constant threat of attack.

According to a CNN report, the Canadian government was forced to shut down a majority of its web portals after noticing over 300,000 botnet attacks. Even the Canadian revenue agency’s portal was directly targeted.

Such incidences cast a light on the importance of following the best practices in cybersecurity to protect your company’s crucial data and accounting systems from such attacks. This in itself presents a challenge, so here are a few concerns that you can address to ensure you get it right.

Cybersecurity For Accounting Firms

Which Organizations Face Cybersecurity Threats to Their Accounting Systems?

Cybersecurity for accounting firms in Canada is essential to prove to clients that you are competent and engaged in their best interests. However, such provisions are also crucial for accounting departments in various organizations.

Such organizations include:

  1. State corporations
  2. PLCs (Public Limited Companies)
  3. Private companies
  4. Charity organizations (Not-For-Profit)

What Cybersecurity Tools and Resources Can Help Accounting Practitioners?

CPA Canada is the nation’s premier accountant training and competency authority. As a member, you get access to loads of resources and tools to help you understand and address cybersecurity challenges within your organization.

Here are some of the resources you should consider looking into:

Risk Mitigation in Assessing Your OrganizationDisclosure Practices

This program talks about the considerations you should take in addressing cybersecurity for accounting firms in Canada. Topics covered under this program include:

  1. An Introduction to sufficient frameworks for reporting cybersecurity threats focuses on developing System and Organization Controls (SOC) for cybersecurity.
  2. It provides questions that will help accounting professionals of all levels craft effective risk mitigation programs with a strong basis on AICPA’s guidelines.
  3. You also learn all the fundamentals of the CSA and SEC concerning disclosing IT security risk.

Guidelines for Best Practices in Disclosure Practices

Every accounting firm in Canada needs to report incidences and observed cybersecurity risks to help every industry respond to such challenges. This document will provide you with updated guidelines from Canada’s security regulators to help our organization create a sustainable model for reporting cybersecurity breaches and concerns.

Best Practices In Cybersecurity for Accounting Firms in Canada

Mobile platforms, hybrid cloud computing services, and BYOD policies are essential in keeping up with customer demands. However, they also open accounting firms to many inherent cybersecurity threats.

This guideline helps such organizations follow the best practices in ensuring they remain compliant with cybersecurity standards as expected by Canadian regulatory authorities.

A Quick Start Guide to Managing IT Security Risk

This overview provides a definitive guide to the top IT security threats accounting departments face in Canada. The information is up-to-date, and you can protect your organization from critical breaches by following all the practical steps laid down on this guide.

Case Studies

Effective cybersecurity for accounting firms in Canada calls for understanding the threat horizon. This report provides updated case studies that show how companies report data breaches.

Webinars oCybersecurity Reporting Trends and Practices

Malware attacks and data breaches are continually evolving in methodology and the scale of malice. Therefore, understanding how other companies respond and report such incidences can help your organization craft effective ways to prevent or mitigate the risk.

Who In Your Organization Can Benefit From Resources For Cybersecurity?

  • Boardroom staff: CPA Canada has the “on the radar,” a detailed bulleting that gives managers and directors a more in-depth insight into all cybersecurity concerns affecting various departments within their organizations.
  • Auditors and other practitioners can benefit from CPA Canada’s guide to SOC for cybersecurity. It helps accounting practitioners use the best tools, controls, and programs to report IT security-related risks.

To Sum It Up

So, it’s safe to say that every organization faces several cybersecurity threats to their accounting systems. And, the best way companies in every industry to deal with such dangers is coming up with effective ways for reporting how they responded to such threats.

Cybersecurity for accounting firms in Canada can have an impact on their level of compliance. Fortunately, Compunet InfoTech has been at the forefront of helping accounting firms in Vancouver address cybersecurity, compliance, and other IT related services since 1989.

Click here to get started or call us at (604) 986-8170 and schedule a consultation.