He also reveals the biggest mistakes firms are making when it comes to maintaining their practice’s cyber security, and how hiring a professional hacker revealed just how vulnerable even mid-market firms are to data being compromised.
"There's a lot of this really basic stuff that people just don't see - things like, my password is stuck on my work station wall. People just don't value the importance of this issue. And, it's understandable, accountants are very busy. I reckon I've got about 200 passwords," Mr Smith said.
"You need to help your staff understand what to do, we need to make sure that education is there, but most of the time it's not. There is no disaster recovery plan in place."