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The Future of Accounting Technology: Delivering Innovative Cybersecurity Solutions


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Accountants are especially big targets for hackers, because they are privy to highly sensitive, and valuable, personal information. This presentation outlines how innovative cybersecurity solutions can help protect accountant's, and their client's, personal information from hackers.

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The Future of Accounting Technology: Delivering Innovative Cybersecurity Solutions

  1. 1. The Future of Accounting Technology Delivering Innovative Cybersecurity Solutions
  2. 2. Keeper Security, Inc. © 2017 - Confidential 2 Darren Guccione CEO & Co-Founder of Keeper Security CPA, MSA, BSIE It is inevitable that at some point in time, hackers will target your clients’ digital lives. Reusing simple, easy-to-remember passwords is a huge problem. In fact, more than 80% of cyber breaches occur due to weak passwords.
  3. 3. Keeper Security, Inc. © 2017 - Confidential 3 The Problem SOURCE: NBC News More than 4 billion data records were stolen globally in 2016. That’s approximately 3.2 billion more records than were exposed in 2013, the previous all-time high Businesses were the prime targets, with more than 55% of the reported breaches The U.S. (1,917 incidents) and the United Kingdom (204) accounted for more than half of all the reported breaches last year Most harmful thefts involve stealing Social Security numbers, date of birth and mother’s maiden name
  4. 4. Keeper Security, Inc. © 2017 - Confidential 4 Hackers are Getting Better and Smarter SOURCE: Identity Theft Resource Center In the past, lots of breaches were opportunistic, now they are targeted Social Security numbers were compromised last year 19M Accounting and bookkeeping businesses are specifically targeted for clients’ data
  5. 5. Keeper Security, Inc. © 2017 - Confidential 5 Hackers Target Tax Season SOURCE: IRS Advisory Council Public Report, IBM News, CNET Criminals attempted to steal $30 billion through identity theft tax refund fraud in 2013 with the IRS losing $5.8 billion in fraudulent refunds. An IBM Security Report found that between December 2016 and February 2017, tax-themed spam emails looking to phish accounts skyrocketed by 6,000%. On the dark web, a thief can buy a stolen Social Security number, W-2 and W-9 forms, driver’s license number, name, address and payment card information. This info is called “fullz” because it’s the full information a thief needs to file taxes on your behalf and steal your tax refund. Fullz can cost as low as $15/record with bulk purchases.
  6. 6. Keeper Security, Inc. © 2017 - Confidential 6 Most Common Causes of Data Breaches for Accounting Practices SOURCE: Verizon’s 2017 Data Breach Investigations Report, Journal of Accountancy Lost or Stolen Device Improper Disposal of Data Errant Email Messages HackingFraud Stolen Password (80% of cause)
  7. 7. Keeper Security, Inc. © 2017 - Confidential 7 Lawsuits Penalties with state and federal regulators Reputational damage Network damage to firm and its clients Exposure CPA Firms Face in the Event of a Data Breach
  8. 8. Keeper Security, Inc. © 2017 - Confidential 8 Data Breach Cost Breakdown Average Breach Cost US Businesses $7 Million SOURCE: Insureon, Business Insider Remediation Loss of customers Business disruption Regulatory fines Legal costs Public relations Breached client records Direct financial loss Notification costs Credit card reissues, identity theft repair, and monitoring
  9. 9. Keeper Security, Inc. © 2017 - Confidential 9 The Very Real Threat We Face The 2017 State of SMB Cybersecurity Report key findings SOURCE: State of SMB Cybersecurity Report of SMBs that have a password policy do not strictly enforce it 65% of SMBs have no visibility into employee password practices and hygiene 52% of SMBs have been breached in the past 12 months 61%
  10. 10. Keeper Security, Inc. © 2017 - Confidential 10 The 3 Types of Cybersecurity SOURCE: GIAC Certifications Prevention Security Policies Access Control Procedures Awareness Programs Detection Intrusion Detection Systems (IDS) Response Responses to any incidents should be planned well in advance Response plans should be written and ratified by appropriate levels of management Relationships with law enforcement prosecutorial agencies and the news media Incident must be contained, the damage assessed, and the system cleared and recovered Post incident analysis and report
  11. 11. Keeper Security, Inc. © 2017 - Confidential 11 Customer Case Study Mark Betts Vice President, ASAP Accounting & Payroll, Inc. Servicing Telluride, Denver and Durango 24 employees Bookkeeping for 100+ clients Secures financials, PII, bank account assets and addresses for 40 states Big Challenges, Simple Solutions Sharing login ID’s with clients to be efficient and secure Need to ensure employees use strong passwords SMBs are a target for hackers Wire fraud is a big target Need secure access and repository for files Need secure access to “view-only” online accounts for bookkeeping Must have full end-to-end encryption and all files encrypted at rest Challenges
  12. 12. Keeper Security, Inc. © 2017 - Confidential 12 Eliminate the need to remember clients’ passwords Share logins internally and externally Control access to sensitive files Provide more than standard IT support Disclose info that could cause clients harm Create a proactive approach to security Boost employee efficiency Switch from Help Desk IT support to a new approach Onboard and offboard employees Introduce two-factor authentication (2FA) Big Challenges, Simple Solutions How ASAP Accounting & Payroll, Inc. Utilizes Keeper to Combat These Challenges
  13. 13. Keeper Security, Inc. © 2017 - Confidential 13 Adopt a password manager Educate your employees on the top ways accounting firms get hacked and how to identify a phishing scam Use a portal for client documents rather than attaching emails Form internal controls for employees to allow or revoke access to sensitive documents 3 4 1 2 SOURCE: Jetpack Workflow Immediate Recommendations for Accounting Firms
  14. 14. Thank You! For questions or more information, please contact me at