Certified Public Accountants (CPAs), as custodians of sensitive financial data, face unique and escalating cyber risk challenges, such as:

• CPAs deal with highly sensitive financial records, tax information, and personal identifying details, making them attractive targets for cybercriminals.
• Cyberattacks, such as sophisticated phishing, ransomware, insider threats, and AI-driven exploitation, have become increasingly common and complex.
• CPAs are subject to various data protection laws and regulations, making compliance a challenge.
• The shift to remote or hybrid work creates new vulnerabilities, as home networks, personal devices, and public Wi-Fi can be exploited by attackers.
• Many CPA firms may lack adequate security measures, such as proper encryption, consistent security training, and robust third-party vendor management, leaving them vulnerable to attacks. 

CPAs can counter these threats by:

• Streamlining cyber insurance quoting to provide clients data-driven insights into any potential cyber loss exposure. This helps CPAs understand their risk profile and choose appropriate cyber insurance coverage.
• Accessing historical cyber loss data to understand specific company and peer-group risk profiles. This allows CPAs to assess their vulnerability, compare their security posture to peers, and inform their risk management strategies.
• Seeking training and educational materials on cyber risk, cyber insurance, and related topics. This helps CPAs and their clients stay informed about emerging threats and best practices.
• Building a comprehensive cyber solution platform to include the above recommendations, along with establishing policies and procedures, conducting phishing tests, and maintaining access to cyber experts, helping CPAs minimize their exposures. 

Through increased awareness and taking tangible steps, CPAs can better protect sensitive client data, build client trust, and thrive in an increasingly digital and threat-prone environment.  Contact the professionals at Evergreen Insurance for more information.

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Evergreen Insurance provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.