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How To Protect Your Accounting Firm From a Cyber Attack

Facts you need to know on cyber attacks

By Nick Matarazzo A data breach can wreak havoc on your business and its reputation. Not to mention the fines incurred and countless hours you will spend reviewing your computers and the source of the threat. Research suggests that 90% of cyber attacks stem from a phishing or social engineering attack. Educate your employees about […]

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Consent Armageddon is coming

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Guest blogger Paul Paray of the Paray Law Group has permitted us to repost a very informative article regarding the consent of clients about the use of data and the changing legal environment that is governing this. ————————————————- On November 19, 2018, the UK’s Register reported how even though the Washington Post was in technical violation of the GDPR, […]

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California Privacy Laws (GDPR II)

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By Rickard Jorgensen, FCII, ARM, ACIArb This past July we posted an article about the Europe’s Global Data Protection Regulation (GDPR) took effect in May 2018:  Go here. The law informed businesses in Europe, or with European activities, of the rules regarding the collection, storage, and usage of personally identifiable information of consumers. The law […]

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Are new statutory claims covered by your cyber policy?

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by Rickard Jorgensen, FCII, ARM, ACIArb. In June 2018, California passed the most stringent data privacy law in the United States. Companies with business in California will likely have to request fundamental changes to their insurance programs to protect against the risks created by the statute. The California Consumer Privacy Act of 2018 ["CCPA"] forces […]

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SOCIAL ENGINEERING/WIRE TRANSFER FRAUD – A NEW TWIST ON AN OLD SCAM.

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by Rickard Jorgensen FCII, ARM, ACIArb. As we discussed in prior postings, social engineering is a major problem for CPAs. Go to:  here for risk management advice and here for coverage details Social engineering is a deception to manipulate individuals into carrying out a particular act, such as transferring money, handing over confidential information or […]

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A new variation on Comfort letters – Third Party Verification Letter requests from Investment Professionals

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by Rickard Jorgensen, FCII, ARM, ACIArb Comfort letters issued to lenders and mortgage companies have been a quite common practice for Tax Professionals.  Such letters are used to verify income for the purchase of a home or other asset.  The provision of comfort letters is relatively simple and merely require a review of tax return […]

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Cybercrime Uses Social Engineering Techniques to Steal Employee Credentials and Commit Payroll Diversion

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By Rickard Jorgensen, FCII, ARM, ACIArb Recent developments clearly shows the urgent need for security awareness training. The FBI warned September 18, 2018 about new criminal campaigns that target the online payroll accounts of employees in a variety of industries. METHODOLOGIES “Cybercriminals target employees through phishing emails designed to capture an employee’s login credentials. Once […]

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Using the engagement letter to reduce cyber liability exposure

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By Nick Matarazzo In this digital age, accountants are being forced to deal with all sorts of cyber threats. A well-worded engagement letter can help guard you against a cyber-related liability claim from your client and minimize your overall firm liability. Even if you are careful about your clients’ data, you may still be held […]

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Early Notice to insurers and claims mitigation has many benefits

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by Rickard Jorgensen, FCII, ARM, ACIArb. From a purely risk management perspective, bringing your insurer into the claims process is extremely prudent and can save you a lot of money.  The following outlines reasons why you should contact your malpractice insurer or insurance agent:  Reporting a potential claim enables your malpractice insurer to work on […]

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Up in Smoke II – What’s happening in Banking?

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by Rickard Jorgensen, FCII, ARM, ACIArb Although not directly connected to the practice of accounting it is useful to know what is happening in other industries. In this case in particular, we are talking about the highly controversial cannabis business. Big Tobacco and the brewing industry are watching with great interest developments at the Department […]

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