To make matters worse, one instance of a cyberattack has the potential to shut down small and medium-sized accounting firms for good. These firms don’t have the same capital that large firms have and taking one hit from a breach could spiral them into bankruptcy. In fact, the Department of Homeland Security’s small business tip card shows that nearly 59% of US small and medium-sized businesses do not have a contingency plan. And according to the 2017 Hiscox’s Cyber Preparedness Report, small businesses lose an average of $41,000 per cybersecurity incident.
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