Bookkeeping Business Risks: Navigating Cyber Security Risks

54% of small businesses consider it is almost certain they’ll face a cybersecurity incident.

54% of us see it coming and we wait like sitting ducks – that’s not good enough

It’s not good enough – because it affects our everyday lives – our information waiting its turn to be used against us.

When did we become so desensitised to the risks that affect us?

Imagine approaching driving a car in the same way—knowing the risks but deciding to forego the seatbelt.

It’s absurd.

Yet, that’s exactly how many of us approach cybersecurity: aware of the dangers but largely unprepared.

Characteristics of Cyber Security Survey Respondents

The reality is confronting.

Over half of us acknowledge the looming threat of cyber incidents, yet there’s a gap between recognition and action.

Considering that half of small businesses spend less than $500 a year on cybersecurity measures, this statistic reflects our collective approach to digital safety.

Let’s consider a tangible risk in a business: a cracked window

If a window cracks – you’d replace it.

Why? Because:

  • It could get worse.
  • It could break in someone’s face.
  • Your reputation as a good employer could be damaged.
  • Your staff could get hurt.
  • Your clients could get hurt.
  • Your reputation as someone who cares could get hurt.
  • It could cost you a small fortune, in damages, clean-up, and insurance premium increases…

Did you cause the window to crack?

Probably not. But you know it’s not a good thing.

Now let’s look at the reasons to address the cyber security risks in your business:
  • The risk will get worse.
  • It could leak personal or sensitive information about staff.
  • A staff member could get hurt.
  • Your reputation as a good employer could be damaged.
  • It could leak personal or sensitive information about clients.
  • Clients could get hurt.
  • Your reputation as someone who cares about your clients could be damaged.
  • It could cost you revenue.
  • It will cost you time.
  • It could cost you a fine.
  • It could cost you a client. Or two. Or more…

Bookkeeping Business Risks

For those in professions dealing with sensitive information, like bookkeepers, advisers, conveyancers, finance and insurance brokers, the stakes are even higher.

The potential consequences of a cyber breach extend far beyond temporary disruptions—they can lead to long-term reputational damage, financial loss, erosion of client trust, and even loss of licence to operate.

So, where do we go from here?

The first step is moving beyond mere awareness to adopting a proactive stance on cybersecurity.

This means looking at your business to identify where the risks are, and where they come from.

Consider your processes and systems:

  • Do you have 2FA enabled where possible?
  • Are you storing your passwords securely?
  • Do your system providers have a shared responsibility policy?
  • Have you revoked previous employee access?

As business owners, we need to look for solutions that are not just about adding more tasks to our already busy days, or more costs to our long list of expenses, but integrating seamlessly into our workflow, enhancing both efficiency and security.

This is where thoughtful consideration comes into play.

Good practice to reduce bookkeeping business risks

For bookkeepers seeking to fortify their practice against cyber threats, a platform like Gatheroo can be a game-changer.

Though not a solution for overall cybersecurity challenges, Gatheroo offers a glimpse into how we can manage sensitive data more securely and efficiently.

By centralising document collection and management, Gatheroo reduces the clutter and vulnerabilities that come with traditional email communications, offering a streamlined, secure alternative.

Many moving parts require smart solutions to reduce bookkeeping business risks

But adopting new tools like Gatheroo is just part of the equation.

It’s about changing our mindset towards cybersecurity—seeing it not as an optional extra but as an integral part of our digital existence. Just as we wouldn’t consider driving without a seatbelt, we shouldn’t navigate the digital world without the right protections in place.

Duty of care to clients

Whether a business holds a licencing, fiduciary or moral duty of care to their clients, cybersecurity needs to be fully addressed. And that means more than holding cybersecurity insurance.

In facing the cybersecurity challenges ahead, action is not just advisable; it’s imperative.

As we adjust to this reality, solutions like Gatheroo offer a safer way to manage our digital workflows and they represent a step towards redefining our approach to online security.

The question isn’t if we can afford to adopt such measures but whether we can afford not to.

The journey towards better cybersecurity is ongoing, and while the statistics may seem daunting, they also serve as a call to action.
By choosing tools that enhance our efficiency and secure our operations, we’re not just protecting ourselves; we’re paving the way for a more secure, prosperous future for our businesses and our clients.

Let’s not be part of the statistic; let’s be the ones who rise above it.

Try Gatheroo now.

 

Read the full Cyber Security Survey report here.

Laetitia has worked in the Financial Industry for over 20 years. Her drive to understand the risks inherent in a business, together with finding practical ways to mitigate the risks deemed too great, lead to the creation of Gatheroo.

By applying her knowledge gained from major banks in Australian and the UK, SMEs across the globe have benefited by discussing and applying low hanging solutions to potentially large issues.

"I love working with professional service providers to help them grow and prosper by identifying and minimising risks, boosting productivity, and fostering an environment where both individuals and teams thrive"