Managed security services can protect your firm and clients

Data breaches are on the rise. According to Statista, 353 million individuals were impacted by data breaches in 2023. Hence, with the increasing cyber threat spectrum, cybersecurity has been a focus for most organizations worldwide. 

This scenario is even more true for the accounting profession. Accounting firms deal with confidential client data, which they can't afford to compromise. Last year, accounting firm Sigrist, Cheek, Potter & Huyser had to give data breach notices to its clients informing them their data had been compromised. 

Given the financial and reputational repercussions, accounting firms must look for advanced solutions to stay ahead of cybercriminals. 

One such solution for preventing cyber threats is opting for managed security services from a third-party provider, which offer data protection by deploying a state-of-the-art infrastructure to monitor, mitigate and report data vulnerabilities.   

For an accounting firm, deploying and managing a robust on-premises cybersecurity system can take a large chunk of their budget. As the managed security services provider serves multiple clients, they have the tools and team to handle your cybersecurity needs efficiently. 

Let's see why your accounting firm should budget for managed security services in 2024.

1. Evolving threat landscape

The cyber threat landscape is becoming more advanced as data security standards, infrastructure and protocols become more advanced. Whatever data security safeguards you put in place, the attackers always seem to be one step ahead. With the evolution of AI and LLM (large language models), attackers can launch more focused, difficult-to-trace phishing attacks.  

By choosing a managed security services provider, you can stay one step ahead of these attackers because the provider is up-to-date with the latest data breach methods. Consequently, they implement the best security strategies, protocols, and architecture. 

2. Technical expertise

Deploying an on-premise security infrastructure is challenging. You need to hire highly skilled professionals specialized in data security. However, deploying such a team can be expensive for an accounting firm where data security is not a core business process. 

A managed security service provider has a team of professionals with years of expertise in data security. Hence, the security team takes care of any deployment, upgrade and scaling in the security infrastructure at the backend.  

3. Advanced infrastructure

The deployment of an advanced security infrastructure is a challenging affair in an on-premise infrastructure. It requires advanced equipment (firewall, etc.), software (antivirus, etc.), and a skilled team to manage it. As an accounting firm, it can take a lot of work for you to deploy an advanced security infrastructure.  

A managed security service provider deploys a state-of-the-art security architecture on the cloud. Moreover, the latest firewalls, antivirus, and antimalware are installed to counter any data breach. 

4. Reduced cost

If you plan to handle cybersecurity on the premises, you need to invest in both capital and operational processes. First, you must build a security infrastructure with the latest software and hardware. Once built, the cost of managing and upgrading them is cyclical. Also, you need to hire IT professionals specialized in cybersecurity.

An MSSP requires a monthly or annual fee, and they take care of the rest. Hence, it saves you a lot on expenses. 

5. 24/7/365 monitoring and threat detection

Cyberattacks can happen at any time. Without constant network monitoring, any of these attacks can breach your internal network without you noticing it. 

For instance, your employee might open a malicious website during the day, causing the system to be infected by ransomware. For an accounting firm, it becomes easier to monitor the incoming network traffic with the right tools.

A competent managed services provider offers round-the-clock networking monitoring and threat detection. Any suspicious traffic is detected and mitigated at the firewall level itself. Moreover, their system also detects any unusual traffic to avoid DDoS attacks.     

6. Ensuring compliance
 
Accounting firms must comply with various data compliance regulations, such as GDPR (General Data Protection Regulation), to avoid heavy penalties. 

For instance, not complying with GDPR can land you a fine of 2 million euros or 2% of the firm's annual turnover. Can you imagine finding yourself in this situation? 

However, with the changing technological landscape, dynamic regulatory parameters, and limited resources, ensuring compliance with the limited on-premise security setup becomes a headache.

The managed security service provider helps ensure your accounting firm's data compliance. The MSSPs, serving multiple clients, are already certified in various regulatory compliances, such as GDPR and PCI DSS. Moreover, they can customize the security services to your compliance requirements.       

7. Reputation
 
According to CNET, ransomware shuts down one out of every five small businesses it impacts. However, this has to do with the penalties and costs associated with a ransomware attack and with reputation. When a data breach occurs in an accounting firm, the present clients lose faith in the firm's ability to protect their confidential data.   

An MSSP helps you maintain your reputation by keeping data breaches at bay. It also gives clients a sense of reassurance that their data is safe from cyber threats. 

8. Downtime and ransom costs

When your organization becomes a victim of a data breach event, such as ransomware, the attackers ask for a ransom not to make the data public. In 2023, ransomware attacks cost businesses a whooping $1 Bn. 

This could lead to adverse circumstances for your accounting firm, as catastrophic as shutting down for business. Also, in a data breach, you must halt operations until the crisis is resolved. This can cause downtime of hours, days, or even weeks.

A managed security services provider prevents ransom and downtime costs by avoiding these data breach events. 

9. Focus on core processes

Handling data security in-house gives you a headache like no other. From enabling constant network monitoring to ensuring data compliance, you are also on the edge. This makes your focus shift from the core business processes. 

Opting for a managed security services provider gives you peace of mind. Since all your data security concerns are outsourced to a more skilled and advanced security setup (infrastructure and team), you can now concentrate more on serving your clients better and scaling up the accounting process.  

Selecting the right managed security services is vital

The first step is deciding to use managed security services to manage cybersecurity. The next step is choosing the best security services provider. Look for a provider that offers complete data protection at the endpoint and network level with 24/7/365 network monitoring, vulnerability assessment and policy management. 

Testing their services with a free trial or demo is a good option to check out their range of security services beforehand.