Data security in tax and advisory services
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Data security in tax and advisory services: Best practices in the digital age
he digital age has improved efficiency and data-driven insights in tax and advisory services, but it has also brought serious data security challenges. However, this has also introduced significant challenges in data security. With cybercrime projected to cost the global economy $10.5 trillion annually by 2025, growing at a rate of 15% year over year (as per Cybersecurity Ventures), organizations handling sensitive financial data must prioritize strong security frameworks to protect themselves and their clients.
The Rising Cost of Data Breaches
The financial impact of data breaches is substantial. In 2023, the average cost of a data breach reached $4.45 million, a 2.3% increase from $4.35 million in 2022 (according to the IBM Cost of a Data Breach Report 2023). For firms in tax and advisory services, breaches can lead to regulatory penalties, reputational damage, and loss of client confidence. The sector is a frequent target for cybercriminals due to the sensitive nature of financial and tax...
Full article:
https://etedge-insights.com/technology/data-security-in-tax-and-advisory-services-best-practices-in-the-digital-age/