Recast Episode: This episode was originally published on November 17, 2016, but it’s a favorite among our Growing Your Firm Podcast community, so we’re bringing it back. Comment below to tell us if you’ve been listening to the podcast since the original airing of this episode

Podcast

Summary

• The #1 Vulnerability in Your Firm
• Top Ways Your Firm can be Attacked
• Steps Your Team can Take to Protect Your Firm
• The Power of the Right Passwords

Connect with Ken

• Visit the CYBIR website
• Connect with Ken on LinkedIn

Meet Ken Pyle

Ken Pyle, a 15-year vet in Information Technology (IT) and Partner at CYBIR, formally known as  DFDR Consulting, can show you exactly how to protect your accounting firm from cyber attacks. A topic touched on for the first time on the podcast, as IT continues to develop and grow, tech isn’t the only thing that gets more sophisticated — cyber attacks do as well. Ken works daily to protect accounting firms like yours. In this episode of the Growing Your Firm Podcast, David Cristello and Ken Pyle cyber-chat about: 

• The #1 vulnerability in your firm
• The top ways your firm can be attacked
• Steps your team can take to protect your firm
• The power of the right passwords 

The #1 Vulnerability in Your Firm

Ken has seen it all when it comes to viruses and attacks on accounting firms. CYBIR, formally known as DFDR Consulting, is a cyber security and digital forensics IT firm. Many accounting firms hire Ken’s firm as an “outsourced” IT team. However, it’s critical and many firms aren’t nearly as concerned about cyber security as they should be. 

CYBIR offers digital forensics, which dissects when a problem occurs or data is compromised and works to fix it. However, even with this extra layer, it’s important to remember that “the #1 vulnerability with a firm no matter the size is the user-base.” The actual people working with the data in the firm and your client’s information are the biggest threat to your firm. Obviously, you can’t hire robots, but you can put in best practices and strategies to combat cyber attacks.

The Top Ways Your Firm Can be Attacked

Cyber attacks are very similar in nature but different in outcomes. 

1. Phishing: You might’ve seen phishing in the past. Most commonly, it is done through emails. You’ll get a message from what looks like a real company (or even from what looks like a well-known company but slightly disguised). The message will ask a user to click a link and enter information. When the link is clicked, malware picks up your keystrokes and uses them to try to steal information and money from you. 
2. Crypto Attacks: Similar in nature, you will most likely get an email from the attacker. The attacker will ask for you to download a Dropbox, Google Drive folder, etc. After your download, malware infects your whole hard drive. The only way to get back in is by paying the hackers. 

Ken sees doctor’s offices, law offices, and accounting firms getting hit hardest. Namely, because with crypto attacks, the hackers can demand large amounts of money (Ken once heard of the ransom being $100,000) as these types of companies have the money. Another reason for attackers to be drawn to these businesses is because they typically have client social security numbers, bank info, and more. 

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The first step to take is teaching your team warning bells to look out for while going about their business. 

• Don’t click on email links EVEN IF YOU KNOW THE PERSON. If you’re even 1% unsure about an email, give a call to your teammate. 
• Use a portal for client documents rather than attaching emails. Anything you can keep out of email, the better. 
• Double-check your emails are encrypted every time. This requires additional security layering, but extra protection. 
• Don’t send passwords through email. Sending two emails for confidential information doesn’t stop hackers, if they have access to your email, they will see both emails. 

A major issue Ken sees, again and again, is the lackadaisical attitude towards employees having access to too many areas of the firm’s cyber landscape. It’s not uncommon to give priority security access to a team member for a quick project and the access never gets revoked. Remember, your own team is the biggest threat to your security. For you or your CTO, allowing and revoking passes can take some administrative time, but you can’t allow team members to have too much free reign in their capabilities. 

The Power of the Right Passwords

In the past, you could get away with simple passwords. Now, intrusive algorithms can crack short passwords in a matter of minutes. Ken, himself, could crack any 10 digit password in a matter of hours. 10 digits is already a lengthy password, and most don’t even have an eight-digit password. 

Keeping passwords on your central hard drive can lead to issues. If you don’t want anyone to see something very private, it’s best not to even put it on your work computer (including your passwords). 

The best password guide:

Ken recommends getting used to the idea of a 15 digit password (yes, 15). A 15 digit password is the threshold for algorithms to have the most difficulty breaking in. A trick to remember a password this long is to make it a phrase you would know. Rather than try and remember a log of random letters and numbers, simply put together a sentence only you would know. Computers have trouble untangling a group of words together, but for a human, it’s simple. An example, “mycarisblackwithfourdoors” sounds like an easy password, but for a hacker, this is difficult to crack. 

Don’t include personal information that is easy to find (especially birthdates or zip codes). Your password is your first line of defense against hackers, make it strong. 

Your policies: HR and the IT team need to be in constant communication, especially with hiring and firing. Wells Fargo had 5,500 employees committing fraud due to the lack of policies and checkpoints in place. Especially, when it came to which employees could be granted access to certain areas. Disgruntled employees are the most likely batch to cause security breaches on your team. Many times, you may not know an employee is disgruntled until it is too late. You must monitor and have policies behind certain actions. 

Most CPA firms don’t have enough manpower on the IT side, and policies fall through the cracks because the IT team can’t keep up with everything. The IT team should be given full power over the securities of the firm and can take action as needed. Ken sees too many firms not giving their IT team enough power and then the team is blamed when a breach occurs. 

In this technological age, you need to bolster your IT side. One bad click could cause your client’s data to be publicly known. This could lead to a domino effect where your firm is exposed to massive penalties and repercussions. 

Protect your accounting firm from cyber attacks. 

Listen to the full podcast for a more in-depth explanation of the importance of cyber security in your firm! You can also find Ken speaking at many tech and accounting conferences, spreading the word about protecting your company.

This is an updated version of the podcast originally published on November 30, 2017.

Podcast

Summary

• Getting the Right Kind of Leads
• The #1 Thing Accounting Firms Put Off That They Desperately Shouldn’t
• The Blurred Line Between Business & Personal Online Accounts
• 3 Amazing Tips to Build an Accounting Firm Brand that Stands Out

Connect with Karen

• Visit https://wearepf.com/
• Follow Karen on Twitter
• Connect with Karen on LinkedIn

Meet Karen Reyburn

Karen Reyburn, the founder of Profitable Firm, sees so many firms frustrated by how leads come in the door. She takes it upon herself to explain that they must first understand the importance of a unique accounting firm brand before worrying about leads. Unfortunately, most accountants get this backward and that’s why we asked Karen on the show.

In this episode of the Growing Your Firm Podcast, the founder and CEO of Jetpack Workflow, David Cristello, sits down with Karen to discuss the key to getting the right leads, one thing accounting firms put off that they shouldn’t, the blurred line between business and personal online accounts, and three tips to building an accounting firm brand that stands out.

Getting the Right Kind of Leads

Karen works with accounting firms all over the world on their marketing, and she does it in a unique way. She ONLY works with accounting firms. By niching down, she’s able to help accounting firms grow. 

Her main focus when working with them is to improve their digital marketing, which allows her to really dig into what brings in new clients to this space. 

For most accounting firms, Karen says, they only stress about ROI when it comes to marketing, mostly because they heard it could be profitable. However, there is no magic bullet for finding new leads online.

Firms need to step back and look at the foundational stuff first: 

• Website
• Brand
• Social media
• Etc. 

When these factors line up, great leads will come. In this “new age”, it’s not enough to simply post your ad in the church bulletin. You need the right creative pieces to keep them engaged and prepped to purchase. Once these pieces are in place, you will find more, quality leads. 

Karen sees too many firms looking for shortcuts. They’ll say things like “well if I do this one strategy on Twitter, I’ll net X amount of clients.” It just doesn’t work like that anymore, firms need to find a new mindset, one that starts with building a world-class brand. 

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You must understand the power of a brand and how it affects the way customers interact with your business. That’s why the #1 thing accounting firms put off is the branding conversation. For most firms, their brand is “we get the job done fast”, “we are friendly and professional”, etc. But those are common sense taglines. As a business should you already be quick, friendly, and professional?

Here’s the secret…it’s not about your services. Most people already know what an accountant does, so there’s no need to tell them what you do. Try telling them what they don’t know. In fact, that’s what they are searching for. Show them your personality and the characteristics that make you different. It’s an advanced tactic to follow, but it’s to show that your brand goes way beyond simple logos and websites. 

David’s tips: The product is not just what you deliver. It is the “start to finish” interaction with your business. Every detail, email, or blog post is tied to your brand and should express it.

Recently, Karen has seen an uptick in accountants setting up meetings at her office to learn this stuff. Meaning the idea of a “brand as a necessity” is starting to go mainstream. Others are getting it. It’s time for you to jump on board too. 

The Blurred Line Between Business and Personal Online Accounts

A common question Karen hears is “should I separate my personal online activities from my business?” 

Karen says the blurred line that was relevant a few years ago has all but vanished. People no longer care if you are mixing business with personal. They want to know who you are, and sharing both helps them get their answer. 

This tactic helps build genuine, trusted, consistent relationships, which is what clients are after. It helps build an ideal brand.

3 Amazing Tips to Build an Accounting Firm Brand that Stands Out

1. Karen says the first thing you should do to build an effective accounting firm brand is work on your “About Us” page. It may sound like a waste of time, but what if I told you the most popular page on your site (outside of your home page) is your “About” page? 

David’s tip: The important part of your “About” page is to be human. That’s what new leads are looking for, someone who is human and matches their ideals. More and more, people want to know how YOU are different.

2. Another tip to building a great accounting firm brand, don’t be shy about stealing. Brands are creative. Real creatives ‘borrow’ from other creatives. Firms with the best results from Karen’s consultations all have this mindset shift. They want to act like a business owner, not an accountant. 

The first step is knowing you don’t have all of the answers, then you can learn from others. You can see what is working for them and then emulate it, not copy. 

As a second part to this point, you shouldn’t be shy about letting others “steal” from you. Go to where your ideal client is and give away information. It sounds counterintuitive but when you give away your best information, some people will take it and do it themselves, but the smart ones will hire you to do it. 

3. Get a niche. It’s important to distinguish yourself from the competition, and it’s getting harder and harder for accounting firms to do this. There’s high competition in finance. The easiest, fastest way to capture market share is to carve out a niche. Then provide training to that core group.
To learn more from Karen about uncovering your firm’s brand, listen to the full podcast above and/or send Karen a Tweet @KarenLReyburn!

Recast Episode: This episode was originally published on December 14, 2017, but it’s a favorite among our Growing Your Firm Podcast community, so we’re bringing it back. Comment below to tell us if you’ve been listening to the podcast since the original airing of this episode

Podcast

Summary

• How to Find Your “Hedgehog”
• Two Critical Areas to Study in Your Accounting Firm Before Adding Another Application
• The Blunt Truth About How Secure Your Firm Really Is
• One Quick Trick That Could Stop Accounting Firm Hackers For Good

Get Connected with Byron

• Visit Network Alliance
• Connect with Byron on LinkedIn
• Read Byron’s book suggestion: Good to Great book
• Email Byron: dpatrick@networkalliance.com
• Call Byron at 703-715-4948

About Byron Patrick

Byron Patrick, Managing Director of Network Alliance, knows how to stop accounting firm hackers from breaching your information (and your clients).

Unfortunately, most accounting firms feel they’re invincible and don’t take the necessary precautions. That’s why we brought Byron onto the podcast.

On this episode of the Growing Your Firm Podcast, David Cristello and Byron Patrick delve into tech and:

• How to find your “hedgehog” as mentioned in Good to Great by Jim Collins.
• The two critical areas to study in your firm before adding another application.
• One quick trick that could stop accounting firm hackers for good.

How to Find Your “Hedgehog”

Byron Patrick, Managing Director at Network Alliance, started out as an accountant. He wanted to be an auditor until another area caught his eye…

Byron believes in Jim Collins’ idea of the “hedgehog.”

If you can find something that:

• You are good at
• You are passionate about
• You can make money with

You’ll have a successful, enjoyable career. Byron realized he gravitated towards accounting tech. Rather than being in the thick of the numbers, he’d rather look at the back end systems (much like we do here at Jetpack).

That’s how he stumbled upon Network Alliance. This company helps accounting firms as their ‘outsourced IT department.’ Rather than spending time focusing on security and hackers, you’re free to grow your business and client relationships. A win-win.

Byron also deeply believes in finding that core niche you can help. That’s also what Network Alliance does. Since they only focus on accounting firms like yours, they’re able to specialize and become experts in this space.

Byron blended his passions for tech and accounting to now guide Network Alliance. A perfect fit you might say.

Obviously, most of his time he’s fielding questions about technology and security, including when to start using new applications.

Two Critical Areas to Study in Your Accounting Firm Before Adding Another Application

For some firm owners, finding new applications is enjoyable. For others, it’s a huge headache. There’s a growing pressure to be super techie in your firm when you don’t need to be.

Even though Byron works in technology, he doesn’t feel a swarm of applications are necessary all the time. 

Before you add another tool, you must study two critical areas of your firm. 

#1 What are the major challenges facing your firm?

#2 What are the major opportunities available to your firm?

These two areas — challenges and opportunities — should be priority #1 when deciding to throw a wrench into your daily processes. Byron sees too many firms chasing ‘shiny objects’ with new applications and technologies. Doing this only distracts your team from the important challenges and opportunities at hand.

Don’t chase a fad or do something just because you saw another firm do it. 

For example, one of Byron’s client’s mentioned ‘they saw a new application working for another firm, and thought it could work for theirs as well.’ This is the wrong way to approach new technology. You have to remember that every new technological piece added to the mix adds time. Employees need to be trained and caught up.

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It takes effort, time away from clients, getting employees onboard, changing processes…the list goes on. Are you ready for that? 

You should only take on these new tasks if there is a major challenge or opportunity at hand.

DAVID’S TIP: You must understand right off the bat how this new tool will help your firm succeed. Ask yourself: Is it actually going to help make us more profitable or treat our clients better? Or, is it just a shiny object we heard other firms doing? New tools, like Jetpack, require discipline. There are no magic fixes as much as we want technology to be one.

Find the bleeding spots and make sure the tech you choose is the right step at the right time.

The Blunt Truth About How Secure Your Firm Really Is:

Security sounds like a scary word. You read about security breaches all the time. “It will never happen to us,” owners say. We say this because security is broad and paralyzing to think about. We’re accountants not Silicon Valley coders.

Well, it doesn’t need to be this way.

Byron recommends partnering up with an outside IT consultant to look over your shoulder. Or, make sure your IT team is up-to-date and trained regularly. Client data hacks could torpedo a firm. That’s not meant to scare you, but warn you that there’s danger out there.

Your security is only as strong as your people.  In fact, 75% of all data breaches have some form of human error in them. That’s why: even if you’re not a techie firm who knows all about security and IT, it’s important to spend time discussing where there might be trouble spots. Spend time each quarter training your staff on these issues.

There’s actually one interesting way to keep your staff engaged with these threats…it’s a bit controversial too…

One Quick Trick That Could Stop Accounting Firm Hackers For Good:

A top way hackers break into your firm is through the most common channel used…your email.

This sounds obvious, but many of your team members may not understand the seriousness of the matter. Their inbox is a fragile place…a ticking time bomb.

That’s why Byron recommends regular security tests.

An example? This could save many from accounting firm hackers…

Send fake phishing emails to your team. See who clicks the links or downloads the files. Byron recommends doing this on a monthly basis, at the minimum. 

Doesn’t this just make team members scared?

Your goal is to simply stop phishing attacks. If your team members don’t click sketchy links more out of fear of repercussion than protecting your firm…it doesn’t matter. The goal is achieved.

DAVID’S TIP: Most attacks through your email probably happen during the April tax season rush. You’re tired, not paying full attention…do these tests regularly even during stressful times to keep your team on their toes.

These phishing emails come in many forms. Some even look legit. Byron has seen emails from CEOs at the firm that asked for PDFs of client’s W2s. It’s from the CEO and looks harmless. As it turns out, the CEO’s email account was hacked and now client data is leaked.

Set up secure portals and protocols for sending information like this.

Protect your firm.

Byron says you are free to chat with him at any time (even if you aren’t looking for a security company) to ask questions and learn. 

Byron is willing to help you protect your firm and grow it’s security. To learn more, listen to the full podcast above!

Related Articles:

1. The “New” Rules of Marketing for Accounting Professionals
2. The Steps to Protect Your Accounting Firm From Cyber Attacks
3. [Double Your Firm] One Trick to Double Employee’s Capacity
4. How to add 35% more revenue (interview with Jackie Meyer)
5. Steps to Protect Your Firm from Cyber Attacks (interview)