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Cyber-security technology company, Practice Protect, ups the ante in fight against fraud with greater focus on email in response to advancing email hacker capability.
With quickly evolving hacker technology insisting on a greater focus on protecting email communications, Australian Bookkeepers Network (ABN) Bookkeeper’s Radio program recently spoke with the Head of Growth at Practice Protect, Jon Melloy, for advice on the critical steps to follow for peace of mind against fraud.
In a recent report by the Australian Cyber Security Centre (ACSC) on cybercrime trends, the average email scam cost revealed is $66,000, and the finance sector is the most vulnerable.
Supporting the discussion on Bookkeepers Radio was an e-book prepared by Practice Protect for ABN members to download that has already seen huge traffic since its launch of the program.
ABN members are encouraged to download the ‘Cyber Security Ebook ’ and watch the Bookkeeper Radio Webinar on Identity Theft.
Not a member? Learn more here.
Jon says that all industries related to fraud prevention, from government to insurers to software providers like Practice Protect, have their eyes firmly on email because that’s where hackers are wreaking the most havoc.
“The reason we’ve put such an onus on email is because it’s the most targeted application,” said Jon. “The reason is quite simple: because everyone has one, and the amount of data that sits within them is crazy.
Email accounts are a honey pot for hackers.
“We will have all in the past been required to send some personal sensitive information, and more often than not, email boxes build up years’ worth of data,” continued Jon. “So, for hackers, it’s a juicy target to hit.
“If someone gets access to your email, then it’s essentially online identity theft,” said Jon. “They can impersonate you. Business online compromise is the most damaging one that we’re seeing.
“And it's only getting easier for hackers to do this, with AI ensuring language is no longer a barrier to impersonate with near-perfect accuracy.
“We’re seeing the most common scams where a hacker might get access to one of your client’s email accounts and then email you to approve a transfer or send a payment to a fraudulent account.
Three major considerations to help protect your email account.
With over 23,000 Practice Protect customers using security software and support, Jon explains that there is a unifying approach that can help keep bookkeepers out of hot water.
“There are a few different levels to enhancing security around emails,” said Jon. “Firstly, making sure you’re securing access to that email account and improving how you and your staff log in, which includes setting up additional rules and policies.
“Then it’s about receiving emails, making sure you can scan for malicious emails that come in, blocking emails from domains known as malicious, and trying to reduce the amount of junk coming into your inbox.
“It’s essential to also go into email storage and ensure everything is encrypted securely.
“Then it’s about the overall management of it,” continued Jon. “Smaller bookkeepers might not have had an IT firm on call for years, and they’re managing their email systems themselves.
“Take Microsoft 365, for example, which is a very difficult system to manage yourself. The system has some awesome security elements, but often, they’re set up by default, and the security capability is not being utilised.
“We’ll often see multiple back doors left open because it hasn’t been configured by a Microsoft expert, which is where Practice Protect can also help,” said Jon.
Everyone in the bookkeeping industry should take this seriously.
“No business is too small to be attacked, so the one thing you can’t do is do nothing.
“Cyber security can feel overwhelming, but it is about putting in place simple steps with some guidance from security professionals.”
To be at the forefront of bookkeeping industry news and advice from the top industry specialists, stay tuned to the monthly ABN Bookkeeper’s Radio, available to members.
