The Accounting Policy & Practice Report ® provides financial accounting policy makers, advisors, and practitioners with the latest news, expert insights, and guidance on emerging, evolving,...
Financial services providers could be particular targets for cyberattacks, a digital-systems analyst warned.
Richard Horne, a partner for cybersecurity at PricewaterhouseCoopers LLP, said that defense companies and nuclear power plants also could be marked for efforts aimed at breaching their electronic security systems.
“Cybersecurity has an impact on corporate value,” he told the Meet the Experts conference Nov. 20. Companies and agencies need to understand and manage their exposures to hackers.
Companies must grasp the dangers they could face if hackers compromise financial-reporting data, Horne said, including whether their financial data could be corrupted and how resilient their financial-data systems are in the wake of attacks.
The risk of a breach at an accounting firm or other financial services supplier could be lateral as well, with intruders seek to gain access to data on clients as well as information on the provider itself.
Horne said a destructive attack might cause substantial financial-reporting problems as data is wiped out or corrupted, noting that Notpetya by Russian hackers delayed some Ukrainian companies’ in publishing their financial statements.
“Often attacks focus more on people and processes than on technology,” Horne said, “as attackers are looking to exploit the greatest weaknesses.”
This means hackers might zero in on obtaining passwords and other means of access to systems, which can occur when an employee uses the same user name and password across multiple accounts, or when employees fail to reset their passwords on a regular basis.
Financial-services and other companies need to erect safeguards against cyberattacks, he said, by:
To contact the editor responsible for this story: S. Ali Sartipzadeh at firstname.lastname@example.orgTo contact the reporter on this story: David R. Jones in London at http://email@example.com
Copyright © 2017 Tax Management Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)