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Cybercrime – Are you immune to data breach?


A lot of businesses manage almost all of their transactions through digital platforms and considering the sheer volume of data exchanged every minute, Data Security should be the top priority to safeguard the financial data from cybercrime. With the outbreak of the Coronavirus pandemic, from schools to enterprises every organization is now digital and the usage of internet and online platforms is at its peak. Many challenging cyber threats and data breaches are currently encountered by the firms.

There is always news buzzing about hackers targeting the businesses with the goal of data theft, pocketing valuable information and selling that data to the highest bidder to make massive profits. Cyber criminals are shifting their focus to target the smaller businesses to steal sensitive

accounting data. In recognition that SME’s cannot afford to a big cyber security budget, on the other hand they hold huge volumes of unprotected significant financial data, they are at a greater risk of Cyberattack. Large companies also handle enormous amounts of data, predominantly they transfer customer and employee data to their outsourced companies using software programs, leaving behind a huge threat of data breach.

The ever-increasing need of working from home, flexibility of work from any device and a mandatory requirement to access all the data on the go is the origin of additional vulnerabilities related to data security. Cyber threats can pop up in any disguise, be it in the form of malware, ransomware, viruses or rootkits. There are a few fundamental steps companies can take to be secured from Data Breach without any major investment:

1. Protecting your sensitive data with simple IT tools: Installing an antivirus software to consistently scan for potential threats and prevent from downloading harmful software’s is the simplest and most inexpensive way to protect against Cybercrime. Planting a firewall will additionally help control the access to and from potentially malicious IP addresses.

2. Assess the layers of security from time – to –time: Security Assessments should be performed at all layers of security regularly where data is transmitted and this will ensure that data transfer is happening only in a secure network. These periodical inspections can identify potential data leaks either through outdated software or inadequate control of data access through employees.

3. Create a cyber-conscious culture: One of the most important reasons of data breach is phishing through company emails and employee email accounts. Organizations should include simple and clean machine policies to address email security. Encryption of all the company devices from desktops to mobile phones and encrypting employee personal gadgets to access data, this can avoid potential data theft.

4. Cyber-security risk awareness: After all the data security policies are planned and implemented, it is essential to communicate and create awareness of cyber security all across the organization. Embedding the cyber-conscious culture through regular employee training can help achieve the desired data security at every level of the company.

Cyber criminals are particularly targeting accounting, taxing and financial data of the clients and they want to collect personal and financial details such as bank account information, card details, online banking passwords and much more data. We at Spectrum shield sensitive client data and maintain maximum security at every level to protect your confidential information. We appreciate that you are entrusting us with your information and we have taken rigorous security measures to gain immunity against data breach. If you are looking for a trustworthy accounting team please contact us for more information on https://www.spectrumaccounts.com/contact.


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Balaram Vuchidi

Managing Director
+971 50 9866 466
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