February 10, 2023

Establish corporate trust in a digital world


Accelerated adoption of digital technology in the accountancy sector is escalating concerns for clients and stakeholders about their data privacy. Accountancy firms are increasingly focused on how they can build corporate trust as digital could present a solution rather than a problem. Privacy and security should not just be seen as a risk management issue but as a potential source of competitive advantage that may be a central component of brand-building and corporate reputation.

In this article, we will explore some simple ways you can build corporate trust and improve your reputation when it comes to data privacy and security.

Make privacy a central part of your strategy

According to Gartner, by 2025, 30% of enterprises will have adopted a data security platform, because of increasing demand for higher levels of data security. 

Accountants need to start making privacy more central to how they create and deliver products and services. From high-visibility data breaches to increased regulation data privacy is constantly in the news. You need to be able to present a central plan and strategy to your clients so you can quell any concerns they have over sharing their data with you.

Examine the risk of remote workers

Remote work exploded in the wake of the pandemic and while it is excellent for productivity and may make many of your team’s lives easier with increased flexibility, it also has the potential to put sensitive company data at risk.

According to Gartner, most security failures within businesses come from the company’s own employees. When your employees are working from home, you have additional considerations to think about. 

  • Communicate cybersecurity guidance to everyone on your accounting team. Remind your employees that rules regarding proper email protocols and accessing company data must be followed when they are at home.
  • Create a remote work policy that includes measures to protect your company data. Then make sure that all your employees have access to these policies and continue to distribute them to ensure they are followed. 
  • Phishing and malware attacks have been increasing. Give your employees proper training in how to spot phishing emails and ensure that all company devices such as laptops and phones have the proper security protections that will help mitigate the risk of malware.  
  • It is not only your team you need to think about. Also confirm that all of your vendors have adequate work-from-home policies and high data privacy and security standards.

Complete due diligence on your cloud services

Your accountancy firm has likely adopted some cloud technology in the past. years. It’s great, right? Being able to access all of your information on the go helps you increase your productivity and also cut costs. 

However, as with implementing any new process in your business, you need to do your due diligence. 

For example, you need to know if the cloud provider is partnered with a third-party service. They may be working with another provider and in this case, you will need to investigate the data and security processes and policies for both.

Looking For More Accounting News and Advice?

If you’re interested in finding out more about the current trends within the accounting industry, be sure to take a look at what the INAA can do for you. You can discover the benefits of INAA membership here, or apply for your membership on our join us page

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