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The steps you need to take to protect yourself from cyber fraud

Written on Sep 13, 2018

By Jessica Salerno, OSCPA senior content manager

Mike_MoranTrue crime series are fascinating because they seem so removed from everyday reality. But a different type of crime is now relatively common for many people and businesses.

“Cybercrime has many facets,” said Mike Moran, president of Affiliated Resource Group.

Cybercrime, or cyber fraud, ranges from stolen credentials to a destructive virus uploaded to your computer, or even stolen health care information. On the latest episode of our podcast, “The State of Business with The Ohio Society of CPAs,” Moran spoke about the perils of these technology crimes and what you, and your company, can do to stay protected.

Equifax, Home Depot and WannaCry all loom in the back of our heads as terrible incidents of neglected security, Moran said. But these types of fraud can happen to any company and any person, no matter how big or small. That’s why staff education on best practices for online security can be one of the best defenses against an attack.

“User awareness training is so important to see the risks and the threats that are out there and help users get prepared,” Moran said.

One of the best ways CPAs and accounting professionals can protect themselves is to adopt timely policies and procedures, he said. Consider the rules for passwords reuse, wire transfers, Wi-Fi access, antivirus software and more. He cautioned against using a “set it and forget it” mentality, warning that today’s pace of business change merits your IT procedures changing as well. What worked three years ago might not make sense anymore, and this also might mean regular investment in updated software.

“Some of these things will cost the organization additional funding,” Moran said. “But when you have an attack or become the victim of ransomware, the better your backup systems are and more complete they are, the faster you’ll recover and the less productivity you’re going to lose.”

Unfortunately even the best protection can’t prevent all attacks.

“Organizations of all sizes really need to take that step and look at the assessment from a leadership perspective,” Moran said. “What are we trying to protect? When was the last time we did a review of our systems?”

Listen to the podcast episode here and check out our other episodes on salary negotiation, the audit of the future and more!

Learn more!

Mike Moran will help you understanding and mitigate the risk of cyber fraud at events coming soon in Akron and Dayton!

Akron Fall CPE Conference

Sept. 18 | Cuyahoga Falls

Dayton Fall CPE Conference

Nov. 16 | Dayton