7 Steps to Successfully Protecting Confidential Information —J of A Reviewed by Momizat on . CPA Firms Emphasize Privacy Efforts as Pressure Mounts From Regulatory Requirements, Professional Standards, and Client Expectations  CPA firms and other busine CPA Firms Emphasize Privacy Efforts as Pressure Mounts From Regulatory Requirements, Professional Standards, and Client Expectations  CPA firms and other busine Rating:
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7 Steps to Successfully Protecting Confidential Information —J of A

CPA Firms Emphasize Privacy Efforts as Pressure Mounts From Regulatory Requirements, Professional Standards, and Client Expectations 

CPA firms and other businesses that maintain confidential client data are vulnerable to external and internal threats, including inadvertently leaking data and being targeted by hackers, reports the Journal of Accountancy.  Seven steps can help businesses assess which data need protecting, upgrade defenses, and draft and practice an incident-response plan. The following steps can help firms mitigate the risk of a reputation-damaging data breach:

  • Identify and classify the types of information the firm maintains. 
  • Assess your current controls and the threats facing high-risk data. 
  • Upgrade protection strategies as needed.
  • Review the impact of vendors and third-party service providers. 
  • Know the requirements of applicable data privacy protection laws and regulations. 
  • Destroy sensitive or confidential data when it is no longer needed. 
  • Develop, implement, and test an incident-response plan.

Read the whole piece here

Protecting Confidential Information is Critical 

The National Association of Certified Valuators and Analysts (NACVA) supports the users of business and intangible asset valuation services and financial forensic services, including damages determinations of all kinds and fraud detection and prevention, by training and certifying financial professionals in these disciplines.

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