As a trusted UK-based Managed IT Services and Cybersecurity provider, ITbuilder understands the critical importance of protecting sensitive client data, especially for accountancy firms. The recent surge in cyber threats targeting professional services, highlighted by industry reports and news articles, underscores a stark reality: accountants are prime targets for cybercriminals. This blog explores why client data is at risk, the consequences of weak security postures, and how a proactive, expert-led approach to cybersecurity can safeguard your firm’s reputation, operations, and compliance.
CASE STUDIES | ACCOUNTANCY SERVICES | LATEST NEWS
Recent reports, including coverage from Accountancy Today, reveal that cybercrime is no longer a concern reserved for tech giants or multinationals. Accountancy firms of all sizes are now squarely in the crosshairs of cybercriminals 🎯. With access to vast amounts of sensitive client data - such as tax returns, financial statements, and payroll records - accountants are seen as “low-hanging fruit” for attackers, particularly when lacking robust defences [LINK]
According to the Information Commissioner’s Office (ICO), approximately 100 UK accountancy firms report cyber-related data breaches every quarter 📉. This figure likely understates the true scale, as many incidents go undetected or unreported. The consequences of a breach extend far beyond data loss: prolonged business disruption, reputational damage, regulatory scrutiny, and potential litigation are all real risks.[LINK]
Cybercriminals employ a range of tactics to exploit vulnerabilities in accountancy firms:
🎣 Sophisticated Phishing Attacks: Modern phishing campaigns use spoofed emails, urgent scenarios, and even AI-generated communications to trick staff into revealing credentials or transferring funds.
🛑 Ransomware: Malicious software encrypts critical data, demanding payment for its release, often with no guarantee of recovery
🌐 Weakly Secured Remote Access: With hybrid and remote work now the norm, poorly protected remote access points are a common entry point for attackers
🙈 Insider Threats and Human Error: Employees may inadvertently expose data or fall victim to social engineering, while malicious insiders can intentionally compromise systems.
📬 Email Account Takeover (BEC Attacks): Increasingly common and especially dangerous for accountants handling payments and payroll.
📂 Unsecured Client Portals: Many firms use basic or misconfigured file-sharing tools. Recommend secure alternatives such as SharePoint with MFA.
These threats aren’t limited to accountants. Recruitment agencies and other professional services firms face similar risks, especially as they handle sensitive personal and financial information.
The average cost of a UK SME data breach now exceeds £100,000, including fines, downtime, and lost business.[LINK]
A weak security posture leaves firms exposed to:
💷 Financial Loss: Cyberattacks can result in direct financial theft, ransom payments, and costly remediation efforts.
💔 Reputational Harm: Clients expect their data to be handled securely. A breach can erode trust and damage your firm’s reputation for years
📜 Regulatory Consequences: UK GDPR and other regulations impose strict requirements for data protection. Non-compliance can lead to hefty fines and legal action. [LINK]
⏳ Operational Disruption: Downtime caused by cyber incidents can halt business operations, impacting productivity and client service.
To mitigate these risks, accountancy firms must adopt a multi-layered approach to cybersecurity, underpinned by industry best practices and compliance frameworks:
✅ Cyber Essentials: The UK government-backed scheme provides a baseline of protection against common cyber threats. Certification demonstrates your commitment to security and is increasingly required for government contracts and larger client engagements. Cyber Essentials is increasingly a requirement for firms involved in public sector audits or government-affiliated financial reviews. [LINK]
📘 ISO 27001: This international standard for information security management systems (ISMS) offers a comprehensive framework for identifying, assessing, and mitigating risks. ISO 27001 is particularly valuable for firms handling sensitive data and seeking to demonstrate robust security to clients and regulators.
🛠️ NIST Cybersecurity Framework: While originally developed for US critical infrastructure, the NIST framework is widely adopted by UK SMEs for its structured approach to risk management and incident response.
Key technical controls include:
🔥 Firewalls and Secure Configuration: Protect your network from unauthorised access and ensure devices are configured securely.
👤 User Access Control: Limit access to sensitive data based on the principle of least privilege.
🦠 Malware Protection: Deploy and maintain advanced antivirus and anti-malware solutions.
🔄 Patch Management: Keep software and systems up to date to close vulnerabilities.
🎓 Employee Training: Regular security awareness training helps staff recognise and respond to threats.
At ITbuilder, we take a consultative, hands-on approach 🧑💻 to cybersecurity, tailored to the needs of UK SMEs - especially those in accountancy, recruitment, and professional services. Our managed IT support and cybersecurity services are designed to provide robust protection, compliance, and peace of mind.
👉 Book a Free 30-minute Cyber Risk Review now - no jargon, just actionable insight tailored to accountancy firms.
🖥️ Endpoint Protection: Blocks threats before they reach your systems.
🔐 Microsoft 365 Management: Secures your cloud environment.
☁️ Cloud Infrastructure Security: Keeps your data encrypted, accessible, and monitored.
🤝 Co-Managed IT Services: Adds expertise without replacing your team.
🕵️ Managed Detection and Response (MDR): 24/7 threat monitoring and fast incident response.
👉 Book a Free 30-minute Cyber Risk Review now - no jargon, just actionable insight tailored to accountancy firms.
🧑💼 A mid-sized accountancy firm approached ITbuilder following a near-miss phishing attack. Our team conducted a comprehensive security audit, implemented advanced email filtering, and delivered ongoing staff training. Within just a few months, the firm achieved Cyber Essentials certification and saw a sharp decline in suspicious email activity. Their clients now have greater confidence in how their data is handled, and the business is better positioned to meet compliance standards and secure new opportunities.
Hear directly from WTT Consulting about the difference ITbuilder made to their business.
👉 Watch the short testimonial video below to learn how we helped them go from uncertainty to confidence.
What sets ITbuilder apart is our client-focused, consultative approach. We take the time to understand your business goals, challenges, and environment, delivering tailored solutions that evolve with your needs.
Our expertise spans managed IT support, cybersecurity, compliance, and cloud infrastructure, all underpinned by a commitment to proactive management and continuous improvement.
Cybersecurity is not a one-time project but an ongoing commitment. For accountancy firms and other professional services, the stakes have never been higher. By partnering with ITbuilder, you can:
💪 Strengthen your security posture with robust technical controls and expert guidance.
📄 Achieve and maintain compliance with Cyber Essentials, ISO 27001, and other relevant standards.
🧑🤝🧑 Protect your reputation and client trust by demonstrating a proactive approach to data security.
💼 Benefit from predictable costs, improved uptime, and peace of mind with our managed and co-managed IT services.
Don’t wait for a breach. Contact ITbuilder today for managed IT support, cybersecurity, and compliance services.
👉 Book a Free 30-minute Cyber Risk Review now - no jargon, just actionable insight tailored to accountancy firms.
✅ Get board-level cyber coaching, we run a one-hour workshop that translates - NCSC’s 10 Steps into plain English for all professionals. [Book here: LINK]
CASE STUDIES | ACCOUNTANCY SERVICES | LATEST NEWS