Accounting professionals have always been an attractive target for cybercrime. The confidential information needed to perform tax, payroll or any other number of services is precious to the criminals. The COVID‐19 pandemic has necessitated new ways to work. Amongst the most significant of those is working from home and the use of personal computers and networks. Both are like unlocked gates for the cybercriminal.
As a primer, cybercrime can take many forms, including phishing (throwing out emails with infected links and attachments, waiting for someone to take the bait), spoofing (impersonating someone using a copied or slightly modified email address), ransomware (taking a network hostage until a ransom is paid) and wire fraud (impersonating or manipulating someone to steal or misdirect funds). Hackers have registered thousands of internet domain names incorporating the COVID‐19 and coronavirus terminology to try and trick us.
Many businesses have wisely incorporated security protocols into their offices to protect their networks. These could include firewalls and other protective software, two‐factor authentication for access, frequent password changes and secure methods for transfer of funds. The migration of these protective measures to a work‐at‐home environment can be problematic. Home‐based Wi‐Fi and personally owned computers simply do not have the more robust security found in an office. Combine that with human nature – isn’t there a tendency to be more “relaxed” when working at home – and the recipe for disaster greatly increases. Work‐ at‐home settings also allow easier ways to commit other types of computer crime, including employee fraud and dishonesty.
Make sure to join our webinar, "Cybercrime, Fraud & Increased Concern in the Age of COVID-19 - How the Risk for Accounting Professionals Has Multiplied," on June 10 at 2:00 p.m. Eastern Time. You can register here.
On June 10th, we will present a webinar addressing these concerns, including:
- the emerging trends in cybercrime during the age of COVID‐19
- the core dynamics that can increase the risk of cybercrime in your business
- identifying the potential weaknesses in your work‐at‐home protocols
- employee fraud, theft and dishonesty in yours and your clients workplaces
- how privacy, wire fraud and crime insurance might, and might not, cover your work‐at‐home activities
We look forward to speaking with you on June 10th. If you have a particular subject or question you'd like us to address, please email us at johnt@landy.com or ngraham@fmglaw.com. Thank you. Don't forget to register for the webinar here.
Nicole L. Graham, ESQ., Partner at Freeman, Mathis & Gary LLP
John Torvi, Vice President, Landy Insurance Agency