Cyber Insurance for CPAs
In our increasingly digital world, businesses are at heightened risk for the cyber attacks that have become commonplace. CPA firms are at an especially high risk because of the sensitive nature of the records they keep. While it’s highly important to prevent cyber attacks, it’s equally as important to be insured in the case that one does occur.
In 2016, the average cost of a data breach in the financial services sector was over 12 million dollars. Further, financial services was the number 1 most targeted industry by hackers. Protecting your business with cyber insurance protects you by mitigating the negative effects resulting from attacks.
From 2016 to now, cyber attacks have grown tremendously. Since 2014, the amount of data breaches on CPA firms has increased by more than 80%. This means that CPA firms are more likely to deal with hundreds of thousands of dollars in damages.
What’s At Risk
In 2016, the Ponemon Institute reported that “the possibility of an organization having a cyber breach over the next 24 months is 24%.” Since then, ransomware attacks have only increased. Since 2013, ransomware has become the most favored form of attack against CPA firms because hackers can encrypt files then demand a ransom for their release.
As a CPA Firm, the sensitive information of your clients, including their financial info and social security numbers, are highly valuable to hackers. While most of the time it is easy to just pay the ransom and move on, there are countless hours of lost work while this process takes place. Every work hour that is lost is worth thousands of dollars which adds up over the days and weeks it takes to get these issues resolved. Protecting with cyber insurance gives essential manpower to back your firm as the effects of these attacks are taken care of.
Before one of these attacks take place, it is also important to make sure your business has the infrastructure to protect itself. It is always better to be one step ahead of an attack with protections like repeatedly updating passwords and training your employees to avoid phishing schemes. Additionally, malware detection with a multi-step approach will help prevent attacks.
What Mitchell & Mitchell Does For You
Here at Mitchell & Mitchell, we have provided peace of mind to CPAs and accountants for over 50 years. We pay close attention to your needs with hardworking and seasoned professionals. A CPA who uses our services wrote:
“I feel very comfortable insuring my business with Mitchell & Mitchell. I have been with the company for two years and my experience is only positive. I highly recommend [them] to other businesses and especially to my fellow CPA colleagues.”
When you call us, we’ll talk through your specific needs so that we can craft a plan that works best for you. We know the CPA business and are equipped to get your firm covered with the best insurance at your company’s level!
How to Learn More about Cyber Insurance for CPAs
To learn more about how we can help you protect against cyber attacks, please visit us here. A member of our team will walk you through our plans and find one that best protects your firm!