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Cyber breech consequences intolerable

ABN Director, Peter Thorp, insists bookkeepers cannot afford to dismiss cyber security risks with the increased likelihood and consequences mounting, our industry is a target.

With mounting industry concerns related to cyber security from the likes of the ATO, ASIC, the AFP and more, the Australian Bookkeepers Network (ABN) has upped their focus on the issue to reveal major consequences for the industry should members not take these concerns seriously.

ABN Director, Peter Thorp, has confirmed the ABN’s heightened attention to the issue is intended to help the industry realise the gravity of the risks now being faced and how to protect themselves.

“We’ve been part of so many more discussions with government on cyber security which is now a major issue for our industry,” said Pete.  

“Any resistance among bookkeepers to prioritising cyber security measures is foolhardy and I encourage our industry to act now to get their cyber security and staff training in order.”

The ABN explains some of the major consequences of cyber breeches for bookkeepers, highlighting the reason why the industry can’t afford to wait any longer to fix this issue.

• Stricter ATO rules have bookkeepers and clients in breech temporarily “blacklisted” – If a breech occurs, the ATO can restrict a bookkeeper’s OSFA access to their affected clients’ to limit the ability of cyber criminals to commit fraud. They do this by allowing access to ATO online services within a very small window, which hampers your and your client’s ability to deal with the ATO in a streamlined manner.
• Trust is at risk for the individual bookkeeper – The idea of having to tell your clients their data has leaked makes any business owner squirm. There is a huge reputational risk at stake, not to mention the financial fallout. The idea is intolerable. “It is easy to see how such a breach of trust could literally end a bookkeeper’s business”.
• Trust in industry could be at risk – So far, the bookkeeping industry has yet to see significant publicity from a major cyber breech. We’ve worked hard to establish industry credibility with regulations and training. It’s important to avoid being tarnished by cyber-breech fallout like that felt by the medical industry and banking industry. Trust in a profession and a participant in it is hard earned and easily lost, and there are plenty of examples of it in the press. Let’s not join them.

The ABN encourages members to read more from our ABN aligned cyber security experts like Practice Protect, Accountancy Insurance & Connected Platforms

To access more resources from ABN, become a member today.