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Safeguarding your data in 2024: Cybersecurity Threats and Protecting your Business

With technology being such a large part of our lives, construction accountants find themselves against an array of cybersecurity attacks that threaten the stability of their organisations. With approximately 2.39 million cases of cyber-crime in the past 12 months as digital transformation becomes integral to the future of the construction industry, accountants must remain vigilant and implement measures to stay ahead and keep data protect in 2024.

One of the most prominent threats faced by construction company accountants is “phishing” attacks. Cybercriminals often disguise themselves as legitimate entities to trick users into revealing confidential information or downloading malicious attachments. To combat this, it is recommended to undergo regular training to recognise phishing attempts. Also where appropriate businesses should adopt advanced email filtering systems that can identify and block suspicious emails.

Another common threat is “ransomware”. Ransomware poses another significant risk that even large mainstream institutions such as the BBC and NHS are susceptible to. In these attacks malicious software encrypts crucial data, rendering it inaccessible until a ransom is paid. The average cost for medium and large businesses is approximately £5,000. These attacks can bring your business to a halt, and is why having an off-site backup of your data is vital.

Accountants should prioritise using reputable cloud service providers that employ robust security measures, such as encryption and multi-factor authentication. Regularly updating software and implementing access controls can further strengthen cloud security.

We recommend our construction accounting software Evolution Mx because of this ongoing support, updates for life and access to our secure, dedicated cloud hosting service.

With regular backups and a dedicated support team, Evolution Mx is not only a comprehensive solution to your accounting and management needs, but also a secure way to operate with a “safety net” to help you if you come under attack from cyber criminals.

The digitalisation of financial processes in construction has opened new opportunities to maximise profitability, but also opens new avenues for cyber threats. Accountants play a pivotal role in safeguarding their organisations by staying informed about emerging threats, undergoing regular training, and implementing robust cybersecurity measures to protect sensitive financial data.

If you are concerned about the security of you accounting software or would like to know more about how you can protect your business with Mx, you can reach out for a software demonstration here.

Data from the (Government) Cyber Security Breaches Survey 2023