iscover Is Your Accounting Practice at Risk of a Cyber Breach?
RegulationAs an accountant, your practice handles large amounts of sensitive client information every day. You have a legal duty of care to ensure this data is protected, including from cyber breaches. Otherwise, you risk breaching your clients’ trust, reputational damage and penalties.
If privacy processes, engagement terms or internal systems do not keep pace with how the practice actually operates, client data can be exposed and the business put at risk.
These problems rarely come from one major mistake. More often, they stem from:
- Unclear responsibilities;
- Inconsistent record-keeping; or
- Weak security practices.
Left unchecked, small gaps can turn into data breaches, complaints or regulatory scrutiny. As your practice grows and holds more client data, having strong privacy and data-management practices in place becomes essential to meet legal obligations and maintain client trust.
5 Ways Your Practice Can Improve Data Privacy
- Explain clearly how client data is collected and used
Engagement terms should state what personal information you collect, why you collect it and how it will be handled. - Implement strong privacy and data security measures
Use policies, access controls and staff training to protect sensitive financial and personal information from misuse or breaches. - Assign clear responsibility for data protection internally
Partners and staff should understand who oversees privacy compliance and how information must be handled across the practice. - Maintain secure and accurate client records
Consistent file management and retention practices help safeguard personal data and demonstrate compliance if issues arise. - Use client information lawfully in communications
Marketing and client communications must not misuse or disclose personal information and should respect privacy obligations.
Free Webinar: The Most Common Legal Mistakes Accounting Practices Make
To help accounting professionals manage their data privacy and cyber risks, LegalVision is hosting a free webinar on the most common legal mistakes accounting practices make and the practical steps to reduce exposure.
Join LegalVision on Thursday, 26 February at 11 am AEDT when Ushna Bashir (Senior Lawyer) will explain:
- Why clear engagement terms play a critical role in managing client relationships and limiting disputes;
- How privacy obligations apply to accounting practices and practical ways to reduce data security risk;
- The importance of structure agreements in preventing partner and shareholder disputes;
- Best practices for file and document management to help defend potential negligence claims; and
- How to ensure marketing and promotional materials comply with the Australian Consumer Law.
This session is designed to provide clear, practical guidance for accounting practices looking to strengthen their legal foundations and reduce avoidable risk.
Following the webinar, there will be a live Q&A. If you cannot make it, you can still register, and LegalVision will send you a copy of the recording. You are also eligible to receive a free legal consultation.
About LegalVision
LegalVision is a commercial law firm that provides unlimited legal support to accounting firms through a fixed-fee membership. We help accountants manage all commercial and corporate matters, including employment law, commercial contracts, intellectual property, mergers & acquisitions, and business disputes, with fast, practical advice, using custom-built tech to deliver predictable pricing and on-demand access to specialist lawyers across Australia, New Zealand, and the UK. Visit legalvision.com.au or call 1300 544 755 to contact our team.
