Accountancy Practice Data Breaches
Virtually every business collects and stores personal information on both employees and clients. But accountants may have more sensitive data in their computers and file cabinets than just about any other service provider, making the protection of that data critical to the survival of their business.
A loss or compromise of client data may expose your practice to:
Claims for damages. A client or a third party can bring direct claims to cover costs associated with any damage caused by the breach, and cross-claims in the form of individual or class action lawsuits for indemnification against the firm for damages as a result of the data exposure.
Compliance costs. According to Ponemon’s 2017 Cost of Data Breach study, the average cost of a compromised record is $141. Some of this is to comply with ICO notification laws along with forensic investigation, and credit monitoring services.
Reputation damage. Accountants depend on absolute trust from their clients. A perception of unprofessionalism can result in clients heading for the exit and an immediate loss of revenue. It can take years to restore client confidence and rebuild a reputation.
Trust Fiducia to Plan, Prepare, Protect
We advocate best practice in Cyber mitigation is the application of 5 overlapping best practices across IT, Processes, Regulatory, Insurance and People Education.
At TrustFiducia, we provide our clients with access to our eLearning platform where employers and employees can benefit from online access to the latest threats and mitigation best practices.
We offer readiness assessments and advice on changes to your organisation to mitigate exposures across the five areas and also provide clients with access to regular monthly webinars giving participants the chance to interact with industry experts in the field during Q&A sessions.
Finally we offer a comprehensive Insurance offering, underwritten by Chubb, that gives you peace of mind that if you are a victim of a Cyber Breach, you'll have all the support you require to get you back online with minimal disruption or loss.
This cost effective insurance can be bought online within minutes giving you full access to the suite of support resources through-out.