You think cybercrime won't affect you, and so do other accounting firms - but it could! Read two real examples of organisations which suffered at the hands of cybercrime (as provided by Cyber Shield underwriters, Nova Underwriting):
Case study 1: Ransomware attack
A small accounting firm (10 staff member) endured a ransomware attack. An invoice attachment in an email was opened which contained a Cryptolocker virus. The office computers froze and a message appeared on screen demanding $8,000, which would increase by a further $1,200 per day until it was paid.
Including the payment of the ransom, IT forensics, business interruption costs and PR costs, the total cost to the business was $83,660.
Case study 2: Loss of sensitive data
An advisor suffered from a burglary. A number of devices, which contained the personal information of clients and personnel, were stolen. Despite the information being encrypted, the criminals could still gain access to the information. Several clients became victims of identity theft and as a result sued the firm for damages.
The advisor incurred significant costs totalling $140,000.