accountants and business advisers
05 Aug 2020
The following is a rundown of what happened during the month of May 2020. We welcome your comments, insights and questions.
Tom’s Takeaway: This report serves as a reminder that a strong process of consistently identifying and applying software patches is a key component of your cybersecurity program. I encourage you to take this listing provided by DHS and the FBI and ensure your IT Department or IT Managed Service Provider has installed these fixes.
Tom’s Takeaway: Law firms are key targets for cybercriminals because of the extent of sensitive information they possess. If your law firm needs assistance in understanding and managing its cyber risk, please feel free to contact us.
Tom’s Takeaway: When we think about privacy regulations, we naturally associate them with big corporations and their conduct and don’t think of it in terms of our own personal actions. Albeit that the bulleted item may be an extreme example, I believe this ruling is significant because it emphasizes that we ‒ as individuals ‒ have a responsibility (no different than a business) to value, protect, and handle the personal information we obtain with care and consideration.
In a separate and unrelated study, fraud prevention company, Bolster, reported that it detected 250,000 websites devoted to COVID-19 scams.
Tom’s Takeway: Whenever looking at articles regarding published losses, always keep mind, this is what has been reported and is known. The reality is, the true losses and the extent of the scams are more than likely far greater.
Tom’s Takeaway: While many large corporations have embraced the need to ensure adequate funds on developing a cybersecurity program, many small to medium businesses, especially municipalities, have yet to make the necessary investments. While no system will ever be 100% secure, the extent of companies and other organizations that fall prey to cybercriminals as a result of easily preventable measures (such as a safe backup) remains disappointingly high. If you have not already done so, I encourage you to shift your view of cybersecurity as a business expense to that of an investment ‒ an investment in the future sustainability and profitability of your business. If you need assistance in how to best manage that cybersecurity investment in the future of your business, please contact us.
Source: PKF O'Connor Davies
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