Cybersecurity - a challenge for Accountants as well as their clients

The results of a recent survey by Barclaycard show that SMEs are more concerned about cybercrime than they are about Brexit, with 44% of businesses citing that cybercrime was a major risk compared to 34% who felt that the outcomes of Brexit were a concern. In response, small businesses have increased their spending over the last five years on cybersecurity professionals by 43% with spend on cybersecurity expertise set to increase 32% by next year. In contrast, demand for more ‘traditional’ experts in areas such as procurement and compliance is falling. 

For many SMEs the challenge is to adapt and remain competitive in an increasingly digital economy which means engaging with suppliers that not only offer competitively priced goods and services but who also provide access to a range of consultancy services in areas such as cybersecurity and emerging technology. And whilst there still remains a demand for the core services that ‘traditional’ business advisors offer, the challenge for professionals such as accountants is to ensure that their skill sets continue to evolve and adapt in response to the risks that are being faced by their clients. 

Many accountancy practices now recognise this and are well placed to advise on the steps a business should take to protect itself because cyber security isn't just about technology and computers: it involves people, information, systems, processes and culture too.