As a certified public accountant, or CPA, it is your duty to handle a client's bookkeeping, analyze their financial information and ensure that taxes are paid on time. This is a tough job. And the last thing you need as a CPA is an interloper rifling through your data.
As you can see, this is serious business. However, every now and then we like to play a game called "Would You Rather" to demonstrate the consequences businesses could face. So, without further ado, here is "Would You Rather for CPAs."
Would You Rather Experience a Data Breach or Ransomware Attack?
Oh, boy. A tough question right out of the gate. According to Security Magazine, the average cost of data breach recovery for a SMB is between $36,000 and $50,000! That's a hefty chunk of change for anybody and potentially crippling for a small business.
Of course, a ransomware attack is no walk in the park either. Essentially a hacker locks your device(s) from the inside using an encryption code and will only return access once you pay a lump sum; usually a few thousand dollars in Bitcoin. But even if you pay the extortion fee, there's no guarantee the hacker will uphold their end of the deal.
Would You Rather Lose Your Data or Your Client's Data?
As mentioned above, CPAs are entrusted with a great deal of clients' personal and financial information. If this falls into the wrong hands those clients could face fraudulent charges, damages to their credit or full-blown identity theft.
Then again, if your information is stolen you'd likely face the same consequences.
Would You Rather Suffer Litigation Alone or with Help from Your Insurance Provider?
It shouldn't surprise you to learn that clients will sometime sue for mishandling of data; especially when that data is exploited by a cybercriminal.
Fortunately, CPAs won't have to suffer this alone - not so long as they are protected by third-party cyber coverage. This form of cyber insurance covers the policyholder from claims brought on by third parties and can help with legal fees, settlements, privacy liability and credit monitoring for the client.
Would You Rather Be a Leader in Cybersecurity or a Victim?
In May, the Center for Audit Quality (CAQ) released a whitepaper asserting that CPAs and auditing firms were potential leaders in the fight against cybersecurity risks. CAQ reasoned that since certified accountants held the core values of independence, skepticism, objectivity and multidisciplinary expertise, they likely have the experience (and clout) necessary to help clients heighten their own defense protocols.
Now, being a leader in the fight for cybersecurity sounds much better than being a victim of a cyber crook. Then again, we rarely get this choice.
Would You Rather Invest a Little Money on Cyber Insurance or Spend Big Bucks Recouping Your Business?
You've already seen the cost of going it alone. Do yourself a favor and protect your business from the financial ravages of hacker attacks and data breach. Visit CyberPolicy for your free cyber insurance quote today!