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More than one in 10 Aussie businesses have experienced a data breach, says the bank, with the details accounting firms collect making them a prime target.
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NAB warns accounting firms their data is at risk
29 May 2023
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10 minute read
NAB is warning accounting firms they could be the next target of cyber criminals due to the sensitive data and personal information they collect from their clients.
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The warning comes after the bank’s Business Insights report found more than one in 10 Australian businesses, 11 per cent, have been subjected to a data breach or cyber crime in the past 12 months with average losses of approximately $19,400.
NAB executive of business banking – metro and specialised, Julie Rynski, said firms must be on their toes and have strict cyber security strategies to ward off potential breaches.
“Accounting firms are responsible for a substantial amount of data and personal information – both their own and that of their customers. Keeping this business and consumer data safe is a significant task with scams and cyber attacks becoming increasingly common,” said Ms Rynski.
“Business owners and their employees are only human, and we know that scams often happen when people are rushing, tired or distracted.”
“We want to help people highlight the moments when split-second decisions are made, which, as our research shows, can have devastating financial and emotional consequences.”
The bank’s investigation also found over the past 12 months, 14 per cent of cyber attacks were on companies operating in the business service sector with malware, ransomware and phishing scams the most common types.
To assist accountants, businesses and individuals, the NAB has launched an education and awareness campaign to help Australians see through scams.
“Prevention is the best defence against cyber crime,” said Ms Rynski.
“Educating yourself and the people around you – friends, family and colleagues – to see through scams is critical, particularly in today’s digital world.”
“No one wants their money or their data – or their customers’ money or data – to end up in the hands of criminals.”
The bank also provided several tips for businesses to implement to avoid being caught out by scams:
- Know a scam when you see one – the NAB said scams come in several forms but have common features such as asking the victim to update personal details, banking details or passwords.
- Protect your data – predominantly through phishing emails scammers would try to get the victim to click a link or give them access to their device, the NAB said businesses should ensure their operating systems and software were up to date.
- Have a backup – the bank said businesses risked losing their data if their system was compromised and that backing up data regularly could help prevent losses.
- Use multi–factor authentication – it said businesses should use two or more points of authentication for crucial software and services to make it more difficult for cyber criminals to access accounts or data even if they had managed to obtain a password.
- Have the conversation – the NAB said the growing presence of cyber crime meant businesses needed to ensure their employees understood the risks and how to combat them and recommended tools provided by the Australian Cyber Security Centre and Scam Watch.
- Stay informed – the bank said business owners, managers and workers needed to ensure they were aware of possible scams and cyber breaches that could occur within their business.
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