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Episode 64

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Published on:

25th Sep 2023

Expert Cybersecurity Tips for Accountants

Phishing emails are common nowadays. How aware are you of these threats? Do you know the magnitude of what these hackers can do? This episode of the podcast Strategy in the Virtual Controller dives into the story of Andrew Lassise, IT for tax professionals & bookkeepers at Rush Tech / Tech 4 Accountants.

Andrew provides insight into common cyber threats such as phishing attempts and ransomware. He also shares a story about a man whose life savings were taken away right in front of him due to his lack of security measures. Through this conversation, we learn the importance of being aware of what is being clicked on and enabling two-factor authentication on all accounts. We also gained advice on developing workflow systems for verifying invoices with vendors over the phone; implementing strong cybersecurity protocols, training, and audit trails; and being cautious when dealing with online files that may contain malicious software. Finally, we discuss the importance of verifying wiring instructions and other details before sending payments to suppliers, as well as developing a cybersecurity awareness policy for employees to review annually.


[00:00 - 16:07] How Cybersecurity Threats Evolve Today

• Andrew's background story of how he ended up working in the accountant vertical

• Bad actors scrape information from social media to send phishing emails

• Phishing emails often ask for help with filing taxes or offer a zip file with returns

• If opened, malware is installed, which encrypts data and demands payment for its return


[16:08 - 25:06] Protect Yourself from Malware and Ransomware

• Cybersecurity threats have evolved over the last few years, becoming more targeted and calculated

• Examples of cyberattacks include bypassing two-factor authentication and wiring out life savings

• For those with a company portal, questions should be asked regarding their security measures

• A layered approach should be taken for protection against malware and ransomware


[25:07 - 47:57] Cybersecurity Training: The Key to Avoiding Fraudulent Wire Instructions

• Always call to confirm the wire instructions

• Look out for changes in the volume of purchases, payment details, and sudden increases in payments

• Be aware of apps that require personal information and be cautious when engaging with things on social media

• Hackers don't always manually try to gain access but can use information from breaches or social media posts


[47:58 - 50:03] Closing Segment

• Connet with Andrew and book a complimentary IT audit for your accounting firm

• Andrew's closing advice: develop cybersecurity awareness policies and training



Tweetable Quotes


“The front line of defense on everything is your people. So in that specific example of somebody that's working in AP, I think it's going to come down to something workflow related to have some sort of check-in balance because there isn't a communication in that exact scenario.” - Andrew Lassise


“Getting that awareness, I think, is really the best first step. And it's also doesn't cost anything.” – Andrew Lassise


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Thank you for listening. Please like and share this episode with a friend!


Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

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About the Podcast

Strategy and the Virtual Controller
Helping accounts and bookkeepers build the firm they want, their way
Your hosts Penny Breslin and Damien Greathead have more than 30 years of combined experience in the accounting industry. This podcast is to share their experiences of working in, and consulting to accounting and bookkeeping firms of all sizes, helping them grow.

Nothing discussed will be rocket science, instead they'll be discussing 'how' firms have successfully, and not so successfully, pursued growth. Penny and Damien will be sharing their insights on how firms can be successful by focusing on their people (clients included), their technology, and their processes and systems.

Ultimately how successful an accounting business will be depends largely on how the owners manage change, which alongside taxes appears to be the only constant.

We do want to acknowledge David Maister's great read Strategy and the Fat Smoker: Doing what's obvious but not easy as the inspiration for our title. Buy it on Amazon - https://amzn.to/3dhcUFC

Subscribe today for an upbeat and practical conversation about what's working and what's not in accounting businesses around the world.

About your hosts

Penny Breslin

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Penny Breslin is the founder of MoneyPenny, a consulting firm specializing in helping accounting firms and other businesses embrace the power of technology to simplify their operations and increase their profit margins.

Drawing on her years of experience and her knowledge of what it takes to run a successful business, Penny oversees the development of back office processes for her client firms. From the initial evaluation of the firm’s workflow, to technology selection, and assisting in the on-boarding of the firm’s clients, Penny works with her clients to maximize the benefits of a paperless and cloud-based firm.

Damien Greathead

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Damien has been working in the accounting industry for more than 15 years. In addition to getting his hands dirty preparing tax returns and doing bookkeeping, but the bulk of his experience comes from consulting to both accounting firms and the technology companies that serve the industry.

He set up 2020 Group USA which was a membership group for small and medium sized accounting firms and then went on to set up Receipt Bank (now Dext) in North America.

He regularly speaks to industry bodies on technology, marketing and change management.