New technology, new risks
Accountancy, like pretty much every other sector, is seeing extensive digital transformation, particularly with the arrival of cloud technology and AI in the profession, making it vulnerable to cyberattacks. Only 34% of businesses have adopted a cybersecurity strategy which they believe will protect them in case of future attacks, according to a survey from global accountancy firm RSM International, while 21% have no strategy at all. Gregor Strobl, Co-Head of Risk Advisory Services, RSM Germany, comments: “Accountants are beginning to understand that IT-systems are a vital part of accounting, financial reporting and business operations. That those systems are connected is a big advantage for businesses, the accountants and senior management when it comes to data collection and streamlining the processes.” He suggests adopting measures such as assessing how customer service chatbots are protected against breaches or recruiting internal or external cybersecurity expert, and using white-hat hackers to identify areas of risk and determine which tools would be best to ensure data protection.